Condo Vs Apartment: Everything You Need to Know
All your living style depends upon the type of house you live in. It would help if you did proper research about different places when you hunt for a new place to live in. From homes, townhouses, condos to apartments, you have many options. Though they may seem similar to you at first, there are several key differences among them. The right decision to rent vs. buy a home can impact your life. Let’s see condo vs apartment in detail.
There may be many of you who don’t know the difference between a condo and apartment. I am here with a guide that will teach you condo apartment differences to clear all your confusion. Continue reading to find out all the exciting facts about a condo versus an apartment. Decide which one of two- condo or apartment best fit you and your preferred lifestyle.
To begin with, let me first start with the explanation of both things.
Know What Is Condo
It is also a popular name for a condominium. The title defines a private residential unit that you can find in a building or community. This residential unit is rented out to tenants (where you will be a tenant). The residential Unit will be privately owned by the owner (you who becomes the property’s landlord). Since the condo owner is not going to change, the landlord has a real say about who is approved to rent their Unit. You can say that renting a condo is more of a personal process as there is no property management company or leasing office.
Know What Is Apartment
Apartments are different from condos since a property management company owns these rental units. If you are thinking of renting an apartment, you may go through a leasing office or property management company. No wonder apartments are located in a residential building or complex. Moreover, all these residential units are almost the same. From the owner to the guidelines that different tenants will have to follow for renting an apartment in the complex is the same.
You need to report to the property manager to rent the space. You can typically find your manager in the leasing office along with employed leasing agents.
Highlights for Condo Apartment Difference
If you’re trying to look at a condo or apartment from the space itself, you won’t be able to find the difference between a condo vs apartment. The differences between condo versus apartment are subtle. Have a quick sneak peek at the key that will help you establish whether you’ve got an apartment or a condo. Here is a shortlist of differences between apartment and condominium:
- The residential Unit’s ownership
- Fees for the space
- Rules and regulations to live in
- Amenities that it offers
- Maintenance of the place
You need to handle all of these elements differently. These elements decide between apartments and condos. Moreover, these elements will help you decide for sure what type of Unit you should be renting to live in and which among the two suits you best.
Find What’s the Difference Between a Condo and an Apartment?
I am sure from the above read; you must have somehow got an idea about condominium vs. apartment and the difference between apartment and condominium. You are all ready to explore the types more intensively. Here is a list of crucial condo and apartment differences:
Ownership of The Place:
You can consider both condos and apartments as considered shared properties. However, the property taxes of a condo are paid by the owner, or you can say landlords, while in comparison, apartment renters pay property taxes for an apartment.
You can purchase a condo just like a free-standing house and meet the owner. In comparison, if you choose to live in an apartment, you can’t meet the apartment owner but rather you can only talk to a property manager. A good hired management company takes care of all the day-to-day responsibilities of the different apartments in the building.
A condo owner is building equity. If you own a condo, it is you who is responsible for all interior maintenance and have to pay monthly homeowners association dues. In contrast, an apartment renter pays rent each month and doesn’t build equity. Moreover, if you own an apartment, you can rely on the owner to address all the apartment’s maintenance issues.
Fees That You Need To Pay
Fees differ between condos and apartments, and you must always ask if you’re uncertain about how much money to bring when you sign your lease. For condos, property owners decide on renting their condo, and HOA fees can vary. For apartments, you have to almost always pay a fixed amount for the extent of the lease. The apartment rate can be changed only at the renewal of the lease.
Rules and Regulation for Condo Versus Apartment
Here is a brief overview of the rules and regulations of the condo:
- Owners have the right to set their regulations, which can be unique for every tenant.
- Renters can make their unique requests.
- Check the house rules before signing a lease. For example, check on stipulations for paying fees (which help cover maintenance for common areas and the building exterior).
Quick overview of the rules and regulations of the apartment:
- Rules for an apartment are typically set out in your lease.
- It is only up to the property management company to enforce the rules set in an apartment lease.
- The same rules will apply to all the tenants of the apartments of the building.
- There are some basic responsibilities to fulfill by all the tenants. For example, it includes following your lease guidelines, paying rent on time, and maintaining noise levels that won’t cause a disturbance.
- You have to keep your apartment reasonably clean, especially around the entrances to the Unit.
Difference Between Apartment and Condominium Amenities
Though the difference between condo and apartment amenities are pretty much the same for the exterior of the living space, the amenities vary based on how condos and apartments were built inside the building when it was constructed. You may want to consider slight differences while choosing between condominiums vs. apartments. Have a quick sneak peek at what’s the difference between a condo and apartment amenities:
The features of the condos are sometimes more unique and upscale. For example, you can find condos well furnished with granite countertops, hardwood floors, and vaulted ceilings. Quality amenities create higher property value for the owners and attract more tenants to the market. You can find washers and dryers, high-end kitchen appliances, and hardwood floors. Moreover, the most common upgrades in the market are what that owner prioritizes.
You can find each condo is custom to what the owner wants. You may see some upgrades in your residential-unit while not in another condo of the same building if looking at multiple places in the same condo building.
Apartments in the complexes have pretty standard features that you will find across the community. You can choose options for standard or upgraded appliances. However, you need to look if the property owner is interested in investing within units. Moreover, you can find the following apartment amenities in the building:
- Free parking and laundry
- Pool and gym
- Community room available to rent for events
- Business office and park
- Playground and car wash
The more luxurious the condo or apartment with the wider the range of available niceties, the higher the monthly rental for the place. Choose the right fit between your budget and necessities.
All of the maintenance depends on who is managing the Unit. It may vary for condos and apartments. While you or the property owner are responsible for maintenance in the Unit in the condo, free maintenance is a perk of renting an apartment. For apartments, free services are offered. They let you submit work orders online and have 24-hour on-call emergency maintenance. You can even get issues fixed even when you’re not home.
Benefits of the Two
Are you wondering about the benefits of the Condo vs Apartment? If yes, here is an answer to your call.
Benefits of Choosing Condo:
- Condos are more affordable than apartments due to their lower prices.
- Many condos are in proximity to shopping, recreational areas and also have easy access to transportation.
Benefits of Choosing Apartment
- You have flexibility to relocate.
- It requires low or zero maintenance.
- These are often located in or near the city centers. You will find easy access to restaurants, shopping and more.
According to the number of searches on google, people are much more likely to search for apartments than condos. However, you must choose between the two depending upon your requirements and needs. Moreover, you must consider your budget while deciding between the two.
Even if condos and apartments can look very similar at first, the two are pretty different, with many housing units and shared amenities under a standard roof. The above article discusses condo vs apartment in detail. You can only make a better choice when you know the two intensively. Make sure that you understand the guide correctly to understand your pick best before signing a lease.
I hope you like this blog on condo vs apartment. Keep coming to Homedesignnow for more interesting tips and ideas on home improvement and decoration.
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