The Difference Between a Condo and an Apartment
Whether you are planting roots in a crowded metropolis or downsizing to a smaller space, an apartment is a great place to call a sweet home. But, the problem lies here: it is very easy to confuse an apartment with a condo and vice versa. Since both structures are significantly smaller than a detached house, it is easy to think that condos and apartments are synonymous. Although they may look similar, there are slight nuances that make the two different.
So, what is the difference between an apartment and a condo? Glad you asked a question to help navigate the sometimes complex world of real estate, we asked a few experts to analyze some of the key terms.
What Is a Condo?
The biggest difference between a condominium (and a condominium) and an apartment is its ownership. Typically, apartments are purchased while the apartments are rented.
Before deciding whether to buy a condo, it is important to calculate because, to be honest, costs can increase quickly. In addition to the large down payment, condominium owners are usually responsible for any repairs required to their unit and any repairs needed. Oh, and did we mention that most condo owners also have to pay for a Homeowners Association or HOA? In other words, the whole effort is not cheap.
Although buying a condo can be an initial shock, it may be to your advantage.
One of the advantages of owning a condo over renting is that you own the condo and it is an investment in which you will acquire shares. By renting, you only put money in the building owner’s pocket. Although the price of a condo can fluctuate, the amount you can rent only increases.
Unless you are looking for a real estate investor or a ballet house certificate holder, you will be living in an apartment for a long time. There are many benefits to a condo when it comes to long-term prepayment and commitment. Since you are the proud owner of your apartment, you can set the rules of the house.
Apartments usually have a pet policy and you may not be able to have a pet. Apartments usually have a pet policy and you may not be able to have a pet. The most common thing you can do in an apartment has painted the walls and hang a few photos or shelves.
Do you want to be a puppy parent? Follow it! Are you ready to replace that embossed wall with weird wallpaper? Make your design dreams come true. When you’re just in charge, you have the power to make a home that feels … well, you do.
Anything else you like about having a condo? Your neighbors are in a boat. While the condo owners’ association is usually responsible for preserving the exterior and common space of the building, Stass believes condo owners usually treat every nook and cranny as their own.
Although the condominium owner does not own the entire building, they still tend to treat common areas inside and outside as if they belonged to them. Landlords collect less garbage and leave almost all of the maintenance of the common area of the building to the landlord because they believe that is why they pay their rent.
And since your neighbors will be predictable in your apartment in the future, you may even know them on a deeper level.
You set the rules for your space
There is usually no need to deal with the landlord
You can get to know your neighbors
The HOA is responsible for repairs to the exterior and common parts of the building
Requires advance payment (sometimes expensive)
All maintenance costs of the unit are borne by the owner
Owners must pay HOA fees
What Is an Apartment?
Unlike condos, which are usually owned by a tenant, apartment dwellers rent a unit from the landlord. So, instead of being responsible for the down payment, HOA costs, and any necessary repairs, you just need to give your landlord a repayable security deposit and monthly rent.
Compared to the cost of a condo, renting an apartment may seem like a complete robbery. However, it comes in a different kind of price. Since tenants do not own the unit in which they live, they must follow the rules in their lease. When renting an apartment, it is important to read all the details first: some landlords may have very gentle instructions, while others have strict rules about almost everything – exactly whether you can wall Paint or not. But what if you decide to make changes to your rental unit? Most likely, the money needed to restore the unit to its original state will be removed from your security deposit after relocation.
Speaking of relocation, an apartment is a short-term commitment. At the end of the rental period, you can live elsewhere if you wish, and make a meaningless apartment for anyone who wants to try out a few neighborhoods before they have permanent roots. As mentioned, moving from one unit to another is not always as risk-free as it seems. In addition, every time your lease is extended, your landlord can increase the rent and make it harder to stay, even if you want to.
If you jump from apartment to apartment, this can be a red mark for property management companies when [filling out] a request. Many property management companies like to see stability.
Lower initial costs
The owners are responsible for repairing the common space
Meeting neighbors can be challenging
Tenants must abide by the tenancy and landlord rules
So, the million-dollar question: Do you have to live in an apartment or an apartment? Well, the answer is not as simple as it sounds. Both have advantages and disadvantages, so make a list to buy or rent. We always tell our clients to make a list of the pros and cons of each home they look at when they are restricting their homes.