We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. In British English, a flat is what an American would understand as an “apartment.”. Click Follow Search to get alerts on new listings. Review our privacy policy for more information. Bankrate, LLC NMLS ID# 1427381 | NMLS Consumer Access While condominiums and apartments might look exactly the same—a residence in a larger building—the key difference has to do with who owns the property. Condo owners, in contrast, are responsible for any repairs or maintenance inside their unit. Here's what condos are all about, and how they're different from other structures in which you can live. The offers that appear on this site are from companies that compensate us. You might also use the term “flat” as an American renter to specify that you’re looking for single-floor rentals. Leasehold means that you own the property but you do not own the building or the land that the building is built on. To add another layer of complication, the terms are used differently depending on the region. We are an independent, advertising-supported comparison service.

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Furthermore, these shared areas and amenities are enjoyed by all condo members without the need to maintain them on their own. BR Tech Services, Inc. NMLS ID #1743443 | NMLS Consumer Access. Every once in a while something big (e.g., a roof or an elevator) gives out, and there aren't enough reserve funds to cover it.

In that case, the condo owners will have to pay an extra fee for these additional expenses, typically tacked on to the usual monthly condo fees in small amounts until the assessment is paid off. Regardless, using the term “flat” in your hunt for this specific type of apartment might bring you more relevant results. Plus, as a homeowner, you’ll build equity over time and may have access to the tax benefits that come from owning property. British renters will likely refer to any single residence in a building with other such residences as a flat.

You might use the same rec room or roof deck, or bump into one another at the condo complex's swimming pool or gym. Instead, condo owners pay dues to a board (typically made up of elected condominium owners) who then handle the hiring of landscapers, pool cleaners, and other professionals for anything that must be maintained or fixed, from faulty elevators to gopher infestations in common areas.

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