During this time we know some model of the dwelling such as the horizontal and vertical house. There are several types of the vertical house like apartments, condos, and flats. So what is the difference between them?
For most people, those type of vertical house sounding just the same. They are located in multi-graded buildings. But do you know if there is some difference between apartments, flats, and condominiums?
The origin terms of apartments, flats, and condominiums
The origin term of the apartment is first used by the United States to mention a dwelling located in a multistory building.
According to the definition, this is a type of residence which occupies partial space of a building. Usually, one apartment building consists tens to hundreds of units.
The term flat used by the British state. They call occupancy in a multistory building with the term flat. It has the same shape and interior with the apartment, only different in the name.
The term condominium comes from Italy. The word condominium is a combination of the word “con” that means “together”, and the word “dominium” means “ownership”.
Regarding the definition, a condominium is a form of rights to use some part of a building. For example, residential units are privately owned, while the hallways, elevators, exterior, swimming pool, and a variety of other facilities are the property of the building which is all the occupants have rights to use it.
How to use the terms of apartments, flats, and condominiums
The use of the term apartments and flats are more directed to the physical form of the vertical housing. While the use of the term condominium is leading to the rights of the building.
But among the players of property business, the term apartment or a studio apartment usually refers to a vertical housing for rent. While the term condominium refers to apartment units owned by each person.
The market for apartments and condos
Condo owners do not have rights to the land, the roof of the dwelling, and the hallway of the building. However, they have full rights over the unit like selling it or lease to other parties. Otherwise, the owner of the apartment could not do so, because they are only tenants.
As a result, the condominium market and apartment have a different target. The condo is targeting the society that prioritizes the value of the investment because every unit can be rented or resold. While the apartment was being targeted by people who have limited funds or are just planning to settle in the area for some time.
The Social status of apartments, flats, and condominiums in some countries
The term flat is commonly used by the people of Uk, North America, and some countries in Southeast Asia. In Malaysia, the term flat is often underestimated because it refers to vertical dwellings for the lower-middle class. While the term apartment refers to a vertical dwelling for middle and upper class or elite.
That is the difference between apartment, flat, and condominium. I hope you found it useful.