A condominium house, or condo, is a privately owned unit within a larger building or community. Often confused with a flat, the difference between a flat and an apartment is simple. The flat is a British English term, whereas Apartment is an American English term.

 The owner of a condo has full ownership of their unit. However, they share ownership of common areas and amenities. These include hallways, swimming pools, gyms, and gardens, with other residents in the building or community. They are often found in urban settings but can also be located in suburban or rural areas. 

An apartment is a rental unit within a building that contains multiple similar units. Unlike its counterpart, they are typically owned by a single entity, such as a property management company or a landlord. 

Tenants lease their units and do not have ownership rights over the property. Hence, even if you have lived in them for years, you still won’t own the house you are living in. They vary widely in size, layout, and amenities, and they are available in a range of rental prices.

• Ownership: When you purchase a condominium, the rights to the property are transferred to your name. Additionally, you get a share of the common areas as well. Hence, you are free to modify and renovate your space to your liking - following property laws. 
  Meanwhile, apartments are rented for a fixed period which can be extended under certain circumstances. Thus, the tenants have no ownership rights to the house they live in. Any modifications or renovations are subject to the landlord’s - or the owner’s - approval. 

• Cost: Purchasing modern properties is not as simple a procedure as it used to be. When you buy a condo, you are paying for more than just the residence. Instead, the purchase price is added with the additional fees, such as the Homeowner’s Association (HOA) fee. 
  These cover maintenance costs of common areas and amenities. Though initially expensive, the property’s value may appreciate over time. Enabling owners to recoup their initial investment.
  On the other hand, renting an apartment is a pretty straightforward process. All you need is a security deposit followed by monthly rent payments. The amount can be exchanged at the expiry of a lease or when it is renewed. Other than that, there are no additional costs associated with it. However, tenants don’t build any equity in the property over time

• Maintenance: Since you obtain property rights when you purchase a condo, any repairs and maintenance take place at your discretion. Within your unit, you are responsible for what happens. HOA will be limited to taking care of common areas’ upkeep. These may result in additional costs as well as more responsibility. 
  Meanwhile, in its counterpart, the landlord or any other similar owner holds the responsibility of maintenance and repairs. This saves not only time but money as well as effort. If the owner fails to live up to his role, they can be sued for negligence.

• Communal Living: Condos are renowned for their close sense of belonging in a community. The primary reason behind this may be that every resident has equity of their house. 
  Hence, they view it as an extension of themselves which makes them more invested in their surroundings. That’s why, in such localities, socializing events or an active resident’s watch are common.
  In contrast, apartments often don’t share a sense of belonging. This holds particularly true for large complexes with hundreds of tenants. The reason behind it may be that people view them as temporary means of accommodation. Having said that, modern complexes are trying to create a sense of community as it elevates their appeal. 

Condominiums:

1. Equity: They provide an opportunity to own a home without having to worry about additional responsibilities. Having to constantly worry about yard work, fences, shoveling, etc. requires time and effort - both of which are scarce. 

2. Potential Appreciation: Many of them appreciate over time. Their appeal to modern urban dwellers continues to rise. This allows existing owners to sell their places at a reasonable price.

3. Communal Involvement: A tight-knit group, many condo communities arrange frequent events to build a strong community. They are aimed to engage new residents and keep older ones active fostering a sense of belonging.

4. Security: They are often well-guarded premises. This features a gated entrance and various surveillance systems to keep an eye on miscreants. This helps residents to sleep easily and agreed to pay slightly more.

Apartments:

1. Flexibility: Renting offers a more feasible agreement of residency. The contracts can be both short-term and long-term. This makes it particularly suitable for people who relocate frequently or are looking for temporary accommodation.

2. Lower Upfront Costs: Compared to its counterpart, the moving process is a simple one that requires little time. After paying a security deposit along with the first month’s rent, you are free to abide there. Hence, it is the more economically friendly option.

3. Minimal Hassle: Though residents have no equity, there is a silver lining. They are also free from any maintenance related costs or hassle. It is the sole responsibility of the property owner to fix anything that’s broken. That too promptly. 

4. No Market Risk: Renters are not impacted by the fluctuations in the real estate market. Since they have no equity, their investment is limited to the security deposit they made initially. An amount they are bound to recoup once they are done living there.

Condominiums:

1. HOA Fees: Monthly HOA fees adds to the ever increasing expenses in an urban dweller’s life. Furthermore, the amount may increase over time at various rates. Hence, it is advisable to understand what it entails to get a better understanding of things.

2. Rules & Regulations: The HOA sets up various rules that need to be respected and followed by each owner. Regardless of whether you agree with them or not, you need to abide by their regulations. This may deprive people of certain freedom to modify their own home.

3. Maintenance Responsibility: Since owners have sole equity, they are responsible for its upkeep. That’s why repair costs and time are the responsibility of the owner. Though the HOA handles common area repair at your expense, personal maintenance still needs attending to.

4. Market Vulnerability: The purchase of such units is seen more like an investment. As with any investment, there is risk associated with it. The value of your condo may be subject to market fluctuation which affects their resale value. Putting you at risk of losing money.

Apartments:

1. Lack Of Ownership: The dream of many people is to own the space they are occupying. However, renter’s hold no equity in their houses. Hence, they may feel less invested in turning it into a home. Moreover, they are at risk of losing a place to stay once the lease expires.

2. Potential Rent Increase: Long-term budgeting is difficult for short-term renters as the rent may increase once the lease is complete. This unpredictably makes future planning difficult.

3. Limited Control: Tenants don’t have the right to change the space they are living in. This leaves many renters frustrated and dissatisfied. This is especially irritating for people who prefer a customized residence.

4. Transient Community: There’s little to no sense of belonging in larger complexes. The lack of cohesiveness creates a poor social environment. A reason for this may be the frequency with which urban renters leave and enter apartments.

At the end of the day, the condo vs apartment debate is unlikely to stop. People will prefer one over the other for various reasons. Each carries its own unique traits and characteristics, which makes them ideal for some and wrong for others.