5 Key Differences Between Condos and Apartments

Where to live is one of the most interesting – and at times quite a daunting task you have to do. Throughout the vast listings that you have probably been scrolling on, you might have come across two terms: condos and apartments. At a glance they do seem similar – a few walls, a roof and a kitchen (hopefully a good one) but looking at them a bit more carefully reveals stark differences in features.

Be it for the first time or you are moving out to downsize or just trying to figure out a better way to live, I have got you sorted. For the better understanding and simplicity, we will go through the differences between the two types of housing and more importantly how to make the right decision without any fuss. Straight to point, no salt no sauce.

1. Ownership: Who gets to make the decisions?

Condos can be literally regarded as being a part of a building and they can be owned by multiple people and on the contrary all the apartments are owned by a single landlord or a company who gets to run the everything inside the building, be it the renting of the apartments or the construction.

Condos

Condos are similar to houses, as a person can own one and it’s their asset which means they can use it as a dwelling or for rental purposes or modify it to their liking, well with some restrictions. In the case of renting a condo, you don’t rent it from a company but from the owner directly.

Apartments

Apartments on the other hand tend to be more straightforward. A single company or landlord possesses the entire apartment including all the units within it. When renting an apartment, an individual does not refer to another individual but to an office that deals with apartments solely. It is similar to the case of having coffee from a franchise instead of a small cafe, but slightly less intimate.

Why It Matters

If you are one of those who prefer having a contact with your landlord directly and even bargaining at times, then a condo is for you. But if you are one of those who want to avoid waiting times and know exactly how things will work out when it comes to customer service and other protocols, then apartments rock.

2. Maintenance: Who Fixes the Damaged Equipment?

Things break. No matter if it’s a pipe, an AC unit, or any appliance, be ready for those to wear out. This would certainly depend on how the situation gets resolved.

Condos

When it comes to renting a condominiun, the in-units devices such as a microwave or a sink are the prorty of the owner of the unit when it comes to the repairs. Some owners become responsible quickly , while other owners may be have a month’s worth of delay when it comes to repairs. As for the intervention areas like the gym or the pool for instance, the proration of maintenance is paid in fees by the owner, and the fee is maintained by he Homeowners Association or HOA.

Apartments

In case a problem pops up, usually an apartment is offered with maintenance standby and all that one has to do is make a request and whoto fix the problem will reach out to you, otherwise it is added to the work order and is fixed on priority basis even in case it means in the middleof a snowstorm. Some even have 24/7 emergency services which is beneficial for people who find themselves without heated indoors because the then heater breaks down.

Why It Matters

It entirely depends on the schedule of the owner when it comes to the repair services needed for a condo, whereas, for an apartment there is no need for concern or getting worried as there is always someone available to provide assistance whenever needed.

3. Costs: What Should You Be Paying For?

There is a significant difference in the costs between owning condominums and owning an apartment.

Condos

Those that own a condominium have to pay the general costs such as landscaping, repairs, and maintenance of sites like the pool. These fees are also given to the HOA which may also be reversible to you by charging your rent in the process. Additionally, people who owner condominiums have to deal with extra costs like buying furniture or switching in between appliances.

Apartments

When it comes to apartments, the money side is usually quite straightforward. This is rent, this is a rental, the rentals would virtually always come with certain utilities present in certain cases or would be added in a small percentage. There are no HOA fees, no extra pennies that were not disclosed, only what you usually pay for like any deposits that would be made and sometimes an application fee.

Why It Matters

If you would rather not be driven insane with numbers and spending ranges, then you might find it quite relaxing to rent apartments. But, if spending a bit more than average is alright with you, more luxuries would be associated with the condos where you condo apartments would be reasonable.

4. Amenities: What Do You Get On Top Of The Apartment?

Let’s be honest here, who wouldn’t want a pool, a nice and warm sitting area, or even some gyms that would allow you to skip your gym and in-apartment use? Condos and apartments would have amenities, but they wouldn’t be the same.

Condos

It isn’t uncommon for condos to provide a lot of amenities and this would include things such as private spaces such as movie rooms, concierge staff, and roofed terraces. Most of the time, owners of these spaces tend to use the aides and this includes having smart assistants, appliances in general, and granite countertops.

Apartments

When it comes to apartments, they tend to be more practical. And by practical, I mean the basics such as shared offices, pools, and even gyms, but these tend to be used more widely. While they are all neat and provide convenience, and are even adequate, do not rest your hopes too high unless you are the person renting a luxuary apartment complex.

Why It Matters

Condos may seem like a step in the right direction if you’re someone who requires amenities. However, apartments would do the job if you need something simple.

5. Community: What’s the Vibe?

Let’s bring the focus to the neighbors and the surrounding area. The walls of your house may not be the most important and biggest factor, it is the people living in the area that can make the most serious impact.

Condos

Condominiums seem to draw a wide range of the same residents over the years. Many people own their units which often means that they are more dedicated to the area. If you appreciate the idea of knowing your neighbours and having a peaceful atmosphere with little disturbances, then condos might feel more welcoming to you.

Apartments

Apartments are calm as they are a little more temporary. More renting of single/body apartments means that more people are occupying or vacating which can create a fun and slightly messy environment. It works if you want to capitalize on new opportunities and build new relationships but it doesn’t feel as established as the community arounda condo does.

Why It Matters

If it is the community that you possess and you are the kind of person who popular among people, then yes, apartments are perfect for you. But, if you need tranquility and uniformity, then i believe you will settle well with condominiums.

FAQs: Let’s deal with your queries (and concerns)

1. Do you think apartments are generally cheaper than condos?

This is not always the case, they can be. Additionally, condos may have HOA dues or higher rents that are meant to subsidize their luxurious features. An apartment will on the average cost less, however, that will often depend on the value for money on the features available.

2. Who do I report a broken pipe to in a condo?

You would call the leasee’s representative, which is usually the landlord. So if he is a good landlord, great! If not, it might take longer for repairs to happen. In most apartments you do have a standby maintenance or a ready team to assist in such emergencies.

3. Are the amenities in a condo worth it?

Yes, for most of them. Condos are marketed as having more and better high-end features from an old school perspective, but new apartments are beginning to catch up.

4. Which is easier for a tourist to rent?

Apartments without a debate. They often come with shorter or even month to month rental agreements which are hard to find with a condo rental which is per the owner’s discretion.

5. Does a condominium have a lower sound level than an apartment?

Most of the time they are. Because there is less people coming in and out of the unit, the noise level is lower. Condo’s as a community provide for lesser turnover.

6. What about my plans to buy one day?

Apartments generally tend to depreciate over time, plus their baseline function is as a rental, thus no equity is built. On the other hand, a condo lives up to its description of an asset as it appreciates in value.

7. Which is more suitable for families?

Typically condos win in this regard as they seem to have more area as well as supportive neighborhoods. Apartments can also do the job but may not be the most suitable option especially when one has a tight budget.

8. Are apartments rental options more practical?

Apartments as seen have normal procedures so the paperwork involved is much faster and easier. On the other hand, renting a condo may see the owner get more engaged before an agreement is reached.

9. What’s the reason for HOA fees?
These are maintenance costs that are incurred on the common facilities in the building, HOAs in this case may include some features. They could be worth it so long as you are indeed getting the benefits, however, they are fees that add up especially as a monthly expense.

10. What if it is hard for me to make a decision to buy?

It’s Okay! Head on Take your time. You can tour a couple of properties and hold conversations with the owners or managers figuring out what you truly value the most with regards to rentals or properties for sale, whether space, cost, vibe, or even amenities. The right place will just feel right.

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