The terms "apartment" and "condo" are sometimes used interchangeably. However, these two things are entirely different and offer distinct pros and cons for tenets.
An apartment is a home a tenet can only rent, not buy. Typically, apartments are found in large complexes where sometimes over 100 different apartments are available for rent. With an apartment, a tenet typically signs a one year lease contract that obligates the tenet to pay rent to the complex for that duration of time. The benefit of an apartment is that there are not legal issues involved with living there. There is no need to get a home loan, and the tenet can move out and go somewhere else once the contract is up. That being said, apartments are great for those who cannot qualify for home loans, or who are only planning on living in that area for a short amount of time. Contrary, the downside to renting an apartment is that the tenet does not gain any equity while living there. With home loans, the mortgage payments gather equity, which can be used to buy another house in the future. With apartment payments, the money goes to the complex, and no property is owned at the end of the lease.
Condos are like apartments, except that they are owned. A person must take out a home loan to buy a condo. Many condo owners offer Fort Walton Beach tenet condo rentals so that the owner can charge a little more than the mortgage payment and make a little extra money. Condos are great investments for homebuyers because equity is earned with the mortgage payments. When the condo is paid off, the property is owned, allowing the owner to sell or rent the condo to make money.
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