If you’re searching for a new place to live in Lady Lake, Florida, you may be seeing that some units are called apartments while others are called condos. But, why? The units are all similar in terms of appearance and price, so why do they have two different labels? While some people may use the terms interchangeably, there is a real difference between condos and apartments—namely, ownership.
Condos are usually managed by a Homeowners’ Association (HOA), so each individual unit has a different owner. You can either buy a condo, the same way you would buy a house, or you can rent it from the owner of the unit. Apartments differ in that they have one owner, typically a corporation, that leases the units to individual tenants. Unlike condos, individual apartment units can’t be bought by tenants.
Different Rules
Because the ownership of apartments and condos differs, so do their rules. For instance, in an apartment, the property management company enforces the rules, and those same rules apply to all units.
With a condo, however, rules can be a little trickier, as there are guidelines set by the HOA for common areas outside of the unit, as well as rules enforced within each unit by the individual owners. Because the unit owners can regulate their own rules, they may have unique requests, so it’s important to understand those before signing a lease.
The Quarters Apartments
If you’re looking for a new place to hang your hat in Lady Lake, Florida, The Quarters Apartments is waiting to welcome you. Our apartments deliver comfortable luxury, thanks to features such as beautifully painted walls, walk-in closets, and top-of-the-line kitchen appliances. If you would like to learn more, give our leasing office a call today.
