Condo Vs Apartment: Which One Should You Go For? (Full Guide)
Buying or renting a house is one of the biggest confusions in the world for people. We often get caught up in the English spellings with the same pronunciation, however here the case is different, neither spelling nor the pronunciation is the same, still many renters and buyers get confused.
What are we talking about? Condos and Apartments. Do you know around 70% of the renters and buyers are looking for the answers on condo vs apartment? They both are similar yet different in many aspects. (Stemming from ownership to rules and cost of the rent.)
Here in this article, we have gathered all the possible information on apartment vs condo to help you get away with the confusion. Take the decision only after reading till the end. But before that let’s know what condos and apartments are! Once you know that, it will be easier to apprehend the situation and understand the factors.
What is Condo?
An abbreviated form of ‘Condominium,’ condo is a living space that is somehow similar to an apartment (in physical attributes). The condo is owned by an individual owner or a family. Condos are part of a building or a community just like apartments, but you can find detached condos as well.
As homeowners themselves manage the condo, you will find creative, stylish, and different interiors in each (as per landlord’s choice).
What is an Apartment?
An apartment is also a living space in a building or a community managed by the property owner. All the apartments in the building will have the same layout, rules, and rent for everyone.
All the tenants living in an apartment have to answer the manager or property leasing agents for rent payment and other necessary chores. If you’re looking for a great place to stay in Luxembourg, then click on short term apartments in luxembourg.
What is the Difference Between Condo and Apartment?
The similarity between the apartment and condominium is its outlook. They both look kind of similar from the outside but apart from that, everything is different. What are the essential factors to consider for comparison between condo and apt?
- Cost of rent
- Rules and regulations
Condo vs Apartment
Here we have listed the essential factors and mentioned the difference between apartment and condo. So consider them before coming to a conclusion. Let’s move ahead!
Nowadays, the buildings and communities provide everyone with an array of amenities. So what is the difference between a condo and an apartment in terms of amenities? What does each have to offer? Let’s read!
As said above, the owner of the condo is an individual, there are chances he/she might have lived there and made necessary changes for the personal touch. You may find granite countertops, hardwood floors, vaulted ceilings, high-end interiors, stainless steel kitchen appliances, and much more.
As for outdoor amenities, you will have access to all the amenities a building or a community has to offer like, gym, car parking, outdoor and indoor pool, garden, sports area, and much more.
Apartments are owned by a professional company, all the units in the building will have the same complex structure. You won’t get any upgraded indoor amenities, not even hardwood flooring or granite countertops. However, you will have access to all the amenities a building or community offers such as a parking area, gym, pool, park, etc. It will all depend on the quality of the community and the design accepted by the builder.
You can’t run away from the maintenance cost! Whether you rent a condo or apartment there will be a need for maintenance (small or large). Leaky faucets, running toilets, broken lights, etc. are such expenses that you can’t neglect. But do you have to pay for the maintenance problems? Let’s figure out!
In a condo, you or the landlord is responsible for taking care of such things. You will get maintenance service by HOA (Homeowners’ Association), but only if that is related to common shared building or amenities issues.
If you need to fix problems around the house, you will have to do it yourself or ask the owner to contact his maintenance provider. Remember you might have to wait longer to get it fixed. But be rest assured, there are very low chances of you facing such problems as most of the homeowners make sure everything is perfect before you move in.
As for living in an apartment, the biggest pro point is, you will be spared from all the maintenance costs. How? The professional company manages the entire building’s unit. So they are responsible for fixing all such problems.
You will get free maintenance service when needed, even 24/7 service is also available. Isn’t that amazing? All you have to do is post the requirement on the online portal of the community or building, and you will have the professional at the work.
The biggest differencing factor between both is ownership only. Okay! There are others as well but those are also related to this. You can call this the basic difference between a condo and an apartment.
The condo or condominium has an individual owner (landlord) or is managed by HOA. All the units in the condo have an individual owner. You can even buy a condo like a house, but if you are opting for the rental, then you will have a different owner than the house next door.
Mostly, the apartment is managed by a third owner other than the builder himself. You can’t buy a single unit in an apartment building. A realtor company may purchase the building on lease and provide rentals. So all the houses in the building or community will have the same owner.
Cost of Rent
When it comes to the cost of renting, both of them are quite similar. People often misunderstand that there will be a huge difference in the cost of the rent. If you manage to find a condo and apartment in the same area, you will see there’s not much difference.
However, if the condo is more upgraded and has extra amenities it may have a higher rent than the apartment. The rent is decided on the basis of the average rate running in the area. So what’s the difference? Let’s see!
When you opt for a condo you will most likely go for an upgraded one. When that’s the case, it is liable the rent will increase by some amount. We guess that’s totally fine, you will get what you pay for!
However, in addition to monthly rent, you will have to pay HOA fees. Moreover, if your landlord hasn’t checked on the maintenance, there are chances you will face some common problems and have to get it fixed. In short, you will have to pay from your pocket.
When you opt for an apartment, rent is the only thing you have to pay. Everything is included in it, with no extra HOA fees or maintenance costs from your wallet. Most apartment buildings or communities have 24/7 maintenance service providers available. Though you might have to pay for other utilities like gas, electricity, and the internet.
Rules and Regulations
This is something we all avoid. Like obviously who would like to live according to rules and regulations imposed by others. But if you want to have a peaceful rental year or months, it’s best to follow them so what are the rules and regulations that one has to follow when opting for anyone of them? Let’s discuss it!
HOA decides the guidelines for the community, it may be regarding the pet waste or how and where to put the trash for collection. It may include parking regulations as well. Wait, it doesn’t end here.
The community might allow having a pet but it’s not necessary your owner would like that! So talk to the owner regarding the same. Also, many house owners allow making permanent changes and many don’t, it’s better to clear out things beforehand.
You might find it pretty restrictive!
As for rules and regulations for renting an apartment, it will be the same for everyone living there. If the building or community regulations say you have to put trash in the front door that’s for everyone.
If they are allowing you to bring your furry friend with you but should be on a leash when outside. You will have to follow that! Rules and regulations in the apartment are lenient.
Basic Difference Between a Condo and an Apartment
In the above sections, you read everything about the condo vs apartment. You might have understood the exact difference between both. However, in this section, we have mentioned the basic difference.
The basic differences lie in the ownership! Apartments are the part of buildings with multiple rental units managed by the professional company, while Condo is also the same but it is owned by an individual.
When renting an apartment you will have to answer the company and other property managers, while for a condo you are liable to answer only the owner or landlord.
Choosing Between Condo and Apartment
Up till here, you read everything about condo vs apartment. Now it’s time to see, which one is for you? Keep reading! You will understand what we mean.
A Condo is Suitable for…
If you are looking for the entry point in homeownership, renting a condo may be the gateway for you. You will be able to redeem the tax benefits of homeownership in the future. But as for now, you will have the advantages of an upgraded place. Although, you will have to learn managing problems and rules to follow!
An Apartment is Suitable for….
This one is the best choice for the residents who don’t want to enter the house ownership thing too soon, or needs time to take on the responsibilities of handling things on your own. When the option for an apartment you don’t have to consider the extra costs other than rent, electricity, gas bills, and internet expenses.
Final Word on Condo Vs Apartment
This is the end! We hope you have already decided on which one to go for! Always remember, consider all the factors only after prioritizing your needs and future plans. Once you are sure about the preferences, it will be easy for you to make a decision.
When considering preference, make sure you are keeping in mind the standard of living factor as well. Happy hunting and renting!