If you were to choose between a condo and an apartment, which would it be? This is one puzzling question most people ask when moving to a new home. A condominium is usually a private building with several units owned by different people. Each person has control over his unit and can only make changes inside their home. Apartments, on the other hand, have a much different arrangement. Although they may look similar to condos in terms of layout, amenities, and design, most apartments are usually owned by one landlord. Most people living in apartments are generally tenants who have a common landlord. The landlord is usually a private company that rents out its space.
These two home options come with perks as well as flaws. You may want to consider the cost, especially if you want to avoid living above your income. Some people prefer condo living while others will choose an apartment. It all depends on your preference and what option will fit your needs without leaving the issue of budget. Here are some tips on condo and apartment living to help make your decision easier.
If you were to compare between a condo or apartment in terms of amenities, one could say they are pretty similar. The similarity is limited mostly to its layout and design. However, condos have more shared amenities than apartments. Some apartments come with common amenities like swimming pools, BBQ areas, or parks. Condos, however, have other amenities in addition to the pools like a fitness center, entertainment rooms, etc. You will be sharing these amenities with other residents in the building, whether you are in a condo or apartment. The common areas you share gives you a chance to interact with other residents and possibly build relationships.
Most people want to know which option is cheaper between condos and apartments. Apartments may cost almost the same, especially if you go for fully serviced apartments. The maintenance company is also the landlord, and it handles all the maintenance work. You would be paying the service charges along with your rent. However, in the case of condos, you bear the cost of maintenance of the condo unit. The management in charge of the building only covers the common areas shared with other residents. If you are renting a condo, you will need to agree with the landlord about who handles the maintenance costs. It may take a longer time to get the landlord to do any repairs. You would be paying almost the same amount as someone who lives in a condo if you are in an apartment.
Option To Buy Home
One of the benefits of condos is that the landlord can choose to sell the condo unit to the tenant. If the offer is on the table, the tenant can have an opportunity to own the unit, but this can’t happen with apartments. Apartments are usually for rent, and there is never an option to buy the place.
Condo Or Apartments, What Is Your Pick?
The cost of renting a condo is very similar to an apartment. However, with condos, you will be paying association fees which come in the form of monthly payments. If you live in an apartment, association fees and your utilities won’t be part of your rent. Most people prefer condos because of the amenities, but condos are not common in the rental market. This is because most homeowners associations (HOAs) may not agree to rent units. This makes the listings not as many as apartments in the property market.