Are you looking for a new home? While home hunting, you might come across many options such as apartments or condos. Many people think that they are one and the same, but there is a difference. If you plan to purchase a home in the near future, then you might want to know the difference between the same.
Overview of a Condo and Apartment
An apartment is a property owned by a property management company. You can take an apartment on rent. Apartments are generally housed inside a building or a complex. Condos on the other hand, are individually owned and can be rented out.
One main difference when it comes to condo vs apartment is that in a condo each of the units are owned by a person. The condo owner can live away from the condo site and rent out the condo to tenants. In the case of an apartment, the entire apartment building is owned either by a company or an individual. In many cases basic amenities are managed by the landlord.
Basic Difference between the Two
If you are still confused onto which might be a better option for you, then the below points may help you make the right decision:
- You can purchase a rented condo if the owner is willing to sell, but you cannot purchase an apartment
- The rules set by the owner in the case of apartments are the same for all tenants
- The rules set by the owner in condos might differ from owner to owner
- Many of the condos come with modern layouts and designs, this may not the case with apartments
- Maintenance of the apartment is the responsibility of the owner in the case of apartment
- Condo owners need to pay the maintenance fees
- The rent for the condos remains fixed until the owner decides to change it
- In the case of apartments, the rent will increase once the lease is over and the contract gets renewed
Talking about the amenities part, in a condo you might come across stylish décor and furniture. The condo will be well maintained and have an elegant touch to it. One of the reasons for this being so sophisticated would be improve the property value in the near future.
In addition to this some condos might also be equipped with a gym, pool, automatic garage parking and many more. In the case of an apartment, you might not find upgraded amenities, unless you live in a good neighborhood.
Choosing the Right Property
While renting a property, you might need to go through a lot of middlemen, wherein they will coordinate with you for rents, maintenance and even community services. Condos on the other hand consist of communication between you and the landlord.
Choosing between a condo and an apartment again varies from one person to another. There are a lot of things that you might need to take into consideration such as your budget, can you afford a luxurious lifestyle.