If youâ€™re in search of your dream house, you must understand the difference between condo and apartment.
Why is that?
It is essential to understand the difference because everyone needs a house with a perfect location, amenities and accommodations. However, both condo and apartment offer almost the same type of living.
But still, there are some things including advantages and disadvantages to making a difference between them. In this article, we are only going to talk about these things to give you clarity.
What is a Condo?
A condo is a single unit found in a residential structure or community. This single unit is owned by a person who becomes the property landlord. A condo can also be rented out. The owner has complete control over who they want to rent their property.
In this case, a tenant will have a one-on-one connection with the landlord. Thatâ€™s amazing!
The essential maintenance and insurance outside the unit is all under the control of the homeownerâ€™s association HOA. If youâ€™re one of those who want to keep your house upkeep to a minimum, a condo is going to be the best option.
Advantages and Disadvantages of a Condo
- Many of us die to have the freedom to do whatever we please in our house. But most of us are almost always restricted by some unavoidable rules or annoying neighbours. But you donâ€™t have that bone stuck in your throat when you live in a condominium. You own your place when you rent a condo and you can live at peace there, without having to worry about upsetting others or breaking the rules.
- Condos are usually situated in populated areas with nearby transportation and access to public places. If you rent or buy a condo, you will see there are many public spaces for entertainment in the locality. Places like shopping malls, clubs, or diners can be found there.
- Are you wandering around and looking to buy your first house? We suggest that condos will be the best option for you due to their affordability. You will have no problem buying one and settling in right away with the reduced stress of the expenses.
- When living in a condo, you would feel the safest with its tightened security system. There will always be one or more security guards posted at the front gate who will keep you safe while you sleep peacefully.
- There will be an additional HOA fee with the monthly rent. So the rent will always be a little higher. Also, as a condo owner, you are responsible to pay the monthly payment for the property alongside the HOA fees.
- There are no backyards or gardens attached to a condo that can be entirely owned by you. Also, there is a restricted parking lot that can be a hindrance to you.
What is an Apartment?
It is a rental property located in a residential building, complex or community depending on the circumstances. An apartment is owned by a property management company. The owners of every apartment are the same.
However, tenants have to follow the same rules for renting a unit in a residential building. The best thing about an apartment is that renting it provides lease flexibility.
If you do not have any plans of staying in one location for a long time, an apartment is one of the best options.
Advantages and Disadvantages of an Apartment
- If youâ€™re willing to relocate or migrate from here to there once in a while, renting an apartment must be the best option for you. An apartment does not require you to settle there forever. You will have the freedom to move on whenever you please.
- There is little to no maintenance fee you have to pay when you live in an apartment.
- There is no advantage of a pool or a fitness area in a residential apartment. So you will have to enrol yourself somewhere else when you need them.
- You cannot enjoy yourself if you live so close to your neighbours. Thin walls separate you from them as you live in the apartment.
What is the difference between condo and apartment?
|Condos include the HOA fees to be paid for the utilities and maintenance
|Apartments donâ€™t have such an additional fee to be paid
|Condos often come with the advantages of a shared swimming pool or a gym
|Amenities like a gym or pool typically depend on the building or the agreement
|Almost always owned, not rented
|Never owned, but only rented
|Condos are suitable for those looking for settling down without a worry
|Apartments are good for people seeking for a temporary settlement
|Tenants are not liable to do the lawn or other maintenance
|Only the tenants need to look after the maintenance
|Rules to Follow
|The HOA of the condo makes the rules that the residents ought to follow
|The owners of the apartments arrange a set of rules that the residents must not disobey
It all comes down to only one major difference, i.e., the ownership of the individual housing style. The ownership of the property of a condominium is different from that of an apartment. However, you can check out the table above to know the exact difference between condo and apartment.
Difference between Condo and Apartment:- Frequently Asked Questions
Â 1. What should be considered while buying a condo?
You need to consider the location, rent or fees, and also your lifestyle while buying a condominium.
2. Can apartments and condos be called the same?
Yes, but not entirely. But they greatly differ in the ownership of the property and other areas.
3. Which one is expensive: condos or apartments?
The HOA fee makes the Condos less affordable than the apartments.
Â Therefore, if you ever stumble upon a dilemma about whether to go for a condo or an apartment, consider the differences listed above. Youâ€™ll be amazed to find yourself settled cosily in either a condo or an apartment.