If you are like most people, you don’t know the difference between condos, apartments, lofts and penthouses in Brooklyn though you have likely heard all four terms before. In some cases, the differences are very minute, but in some instances, they are huge. It is important to know about all available home options so that you can make an informed decision about where you want to live.
Condo
With a condominium, you own the unit, which includes the inner four walls. You pay a fee so that someone else manages and maintains the building, and you will also have some say in the rules. However, you must follow the rules as stated in your agreement until and if they are changed.
You will have a particular area that is your own, but you’ll also have access to common areas, which can vary based on the area and building. Sometimes, these shared areas include pools, barbecue areas and libraries, among others.
Apartment
An apartment can either be rented or owned, though when most people talk about apartments, they are only considering the rented version. With the apartment building, only one person owns the building and has tenants. Sometimes, apartments can be considered luxury by what they offer in the way of countertops and landscaping.
Loft
A loft is usually considered to be an apartment and sometimes there is no difference at all. However, traditional lofts have high ceilings and very few walls within the living space. In some cases, there is only one wall to make the bathroom separate, and everything else is in one large open space. Usually, these options are in rehabbed industrial buildings and include exposed brick, exposed pipes and large windows.
Some lofts are condos with two floors, where the upper level isn’t a full floor and overlooks the first floor.
Penthouse
The typical definition of a penthouse is that it be the highest area of the building. Nothing can be higher than a penthouse apartment or condo. Brooklyn penthouses are notorious for having large windows that allow a panoramic view of the city. You will likely pay the most for a penthouse because it is the highest part of the building and is situated away from the rest of the tenants in the building and can include special amenities.
