Condo vs Apartment

I'm confused about condos. I can look up general information, but I'm kind of wondering about more personal experience to help me understand this decision.

The condo that my husband and I can afford is $1950 a month. That's including the HOA fees. The total cost for the condo is $230k so much cheaper than a house (and we don't want a house for other reasons).

But we could also just rent. There's plenty of normal apartments for that price ($1950) and cheaper. So I'm kind of wondering the pros and cons. Not asking for information on affordability, we know that part.

Here is basically all that I know, in this regard. Please correct me where I am wrong:

In a condo, the price is locked in but they can still raise HOA costs. But I don't forsee them raising so much for us that they become unlivable. It is starting at only $430.

In an apartment, they can raise the rent price and it could get too high for us, but we have more freedom to move to a cheaper place. But if everywhere becomes too expensive, we have nothing locked in.

In an apartment, we could get evicted, but in a condo we have more security to stay.

In a condo, the HOA can fail (?) or go bankrupt. That would cause issues for us (not sure what exactly though) and make the condo unsellable so we would be stuck. In an apartment, we can just leave if something goes bad with management.

In a condo, our money goes towards owning something so we can sell it and "make our money back", in a sense, like selling a house. But in renting an apartment that money is "gone".

• Posting for a roommate but they are with me to answer questions.

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source https://www.reddit.com/r/RealEstate/comments/1p9jpn2/condo_vs_apartment/