In the new world, regardless of the country, a lot of people are settling for condos rather than apartments, or even houses. What is the difference between an apartment and a condo? What makes a condo stand out than the rest anyway? And more importantly, where do you save money on all three? These are the typical questions you hear from people who are quite not sure about their financial status. Even if they can afford it, they are not sure about certain commitments needed in getting a property like maintenance, mortgage, etc.
As a graduate of Cal State majoring in social anthropology, and banking and finance, Quentin Battle, 32, will try to capture the general response of the people with the questions above:
• What is the difference between an apartment and a condo?
People categorize them into 3 groups: a luxurious condo, an ordinary condo, and an apartment. Regardless of the groups, all of them obviously have an asking price. Luxury comes with a big price tag, and sadly, most of them are only available if you pay in full. For ordinary condos, most but not all have a rent to own payment plan, which asks for a down payment, and from there on, you can choose which payment plan you are interested in, from as short as six months, to as long as 10 years, which gives some people the pleasure of being in control. Apartments on the other hand, require you to pay for a deposit which you could either get after the end of the contract.
• What makes a condo stand out than the rest anyway?
What the majority are unaware, they actually are saving money if they either bought a house, or a condo. If you are on a rent to own payment plan, you would know where your money is going, not to just some landlord with a crappy unit. Miami Beach condos also have amenities and facilities to aid you in pretty much anything, unlike apartments where you have to take a drive anytime you want something luxurious.
• Where do you save money?
The majority would immediately respond that they live in apartments to save up for something else, otherwise meaning it’s only temporary. Others would say that it makes better sense, as it would require less effort on their side. And others are just afraid that their current job can’t make it possible at the moment. But the truth is, houses are too expensive, condos are small, apartments are hard to maintain. If you’re looking at the long run, and financial capability, owning a condo is always a win in today’s world, especially if it located in the sizzling Miami Beach area.
Miami Beach Condos