At first glance, it seems there is no difference from an apartment and a condominium like the Grandeur Park Residence, except for the use of the term. However, there are actually little differences between apartments and condominiums. The term apartment from the United States refers to residential units that occupy a specific part of a building. By definition, the apartment is a type of dwelling which only takes a small room of a building. One apartment building may have dozens or hundreds of apartment units. In the United Kingdom and Commonwealth countries, the apartment is better known as flat.
Meanwhile, condominiums are known in the Italian legal system and are derived from the word con, which means together, and words that have meaning ownership Dominium. By definition, the condo is a form of housing tenure in which particular part of real estate is privately owned, such as bedroom apartment; while the use of access to facilities such as hallways, cooling systems, elevators and exterior are under the law associated with private ownership and controlled by the owners association that describes the ownership of the whole piece. Thus, the use of the term condominium refers to the right to build, while the term apartments more emphasis on the physical building.
Among property activists, the meaning of the distinction of condominiums and apartments are generally associated with a form of ownership. The term is used to indicate the apartment vertical housing for rent, while apartments owned condominiums are each occupant. Condo owners do not own the land, the roof or the street itself. However, they are entitled to do anything against their condo unit. Even condo owners can sell or rent out their units to other parties.
As a result, condominiums and apartments have different markets. Condos can also be an alternative investment because it can be sold or leased. Meanwhile, apartments tend to refer to the occupancy dwellings rose to the top (high-rise).
However, in its development, the apartments are now too many have had ownership status that sometimes the difference between condominiums and apartments are not so great. In addition, there is also a term serviced apartments and rental apartments. Serviced apartment is for rent apartments complete with maid service daily, while the rental apartment is rented apartment with no daily maid service or daily service.