In this article, I will share the primary difference between an apartment and a condo if you can’t decide what to go for. This article will help you understand the differences between these two, and make a good decision based on your personal taste.
As apartments and condos both have some advantages and disadvantages over each other with keeping in mind the location, amenities, and budget. So, in order to give you clarity on these two, I have listed the main differences for you.
Difference Between an Apartment and a Condo
So now explore the real difference that you must know before investing in any of them. But know that ultimately you will decide which one will suit you the best. I will just give you the difference and the comparisons, okay?
Table of Contents
1. Difference in Ownership
One of the differences between an apartment and a condo is Ownership. An apartment is a part of a residential society and is owned and managed by one single management.
An apartment is situated within a building with multiple units, owned by a single person, and then rented out to individual tenants. The power Ownership gives is the primary reason people buy apartment homes rather than a condo.
On the other hand, a condo has a unique owner called Landlord. He manages the property completely. He has control over the property, and the person, who will be rented out.
It’s similar to how other commercial and residential rental property works. A condo is purchased and operated individually by a company or the homeowner association. It depends on the assistance of a property management firm in the local area.
Now let’s understand the difference between an apartment and a condo as those differences are not enough to make the right decision whether to go for an apartment or a condo.
2. Rules of Apartment and Condo Living
In a condo living, the rules and regulations are set by the Society and the HOA. In some societies, you can’t have a pet in your house. But you can reinvent the design and decor of your space if you want. That is allowed in most of the condos. Plus, you also need to follow the guidelines provided by the owner.
There are also some rules in apartment living but, not that huge. Anyone can deal with them. If you like freedom and fewer restrictions over your daily life, you can go for an apartment. But it will cost you more than a condo.
3. Maintenance in Apartment and Condo
The maintenance difference between an apartment and a condo is huge. In apartment living, maintenance is almost free, which is provided by the Apartment Association in that area. You are not responsible for renovations as a renter. You can send in a service order through the online portal of the apartment community. It is easy and makes it more valuable if you don’t want any hassle.
But in a condo, the maintenance is the responsibility of you and the owner, as condo upkeep is completely dependent on the owner. It could create some extra bills for you. The landlord typically handles most of the problems, but in some cases, they don’t.
4. Rent in Apartment and Condo
On average, a condo is not going to cost you much in rent than an apartment. But if there is a condo and an apartment in the same locality, it will cost about the same. If one is more modernized and has more services than the other, it will be priced higher.
But in an apartment, your rent may increase due to the amenities they offer. So overall, you have to pay a little extra in apartments than in condos. But do not take that for granted.
5. Amenities in Apartment and Condo
In the apartment, there are many amenities that you can opt for, such as a swimming pool, tennis court, gym, and even a wellness center, which will depend on the locality and area of your apartment building and will cost you extra. But you can have those amenities.
But in a condo, there is no standard for amenities or utilities offered in a condo. Because it completely depends on the owner himself. The kind of amenities you can expect is directly related to the owner’s taste, not yours.
6. Units in Apartment and Condos
Many condos are adjacent to others, so owners often share a wall and live in it. If you live in a big building, your condo can be found, above or below someone else’s home. It can be a problem for you if you do not like that. But, they are easy to upgrade and can do whatever the owner wants for their improvement, which is limited in the apartment.
A single apartment building will often have a cutter design. All the beds will look similar with low up-gradable options. A building with units of all the same size can rotate through the layout options. It’s much like the homes in a community.
7. Which one is the Best for You
So tell me, what you are preferring a condo or an apartment, after knowing all the differences? I think for a budget-oriented you should go for a condo, and if money is not a problem for you, then go for an apartment.
In Condo, you must maintain a good relationship with your owner, as he will be your point of contact for almost anything and everything. While renting an apartment, you will deal with an agent, a society committee, and many more people. These people are the ones that will be helping you with everything within your apartment.
So after knowing the primary difference between an apartment and a condo in your local area, I assume you will make the best decision on where to go for an apartment or a condo. The choice is yours. Good luck.