If you are a home buyer searching for a dream home then it is essential that you understand the difference between condo and apartment. It is hard enough to zero down on the perfect location, amenities, budget, leave alone the type of accommodation. Though they both offer the same style of living, they do offer certain advantages/disadvantages over each other. So, to give you clarity on these two, we have jotted the differences for you.
What’s the Difference Between Condo and Apartment
Condo vs Apartments
The biggest difference between the two is the ownership. An apartment is a part of a residential society, a part of a big residential cluster. They are generally owned by one entity or single management.
Whereas every condo has a unique owner also known as a landlord. He/she is the one who completely manages the property. The owner thus has full control over to whom the property will be rented out - a more personal process with one-to-one communication. Pretty similar to how commercial, office spaces, shops etc. are managed.
Condos vs Apartments what is the difference
In terms of physical attributes, hardly any! The major difference comes from its ownership as stated up. You now understand that an apartment is located within a building that is owned by a single person, typically a corporation, and then rented out to individual tenants (filled with other apartments).
However, a condo is purchased by an entity and typically operated individually by either the owner, or it falls under the umbrella of the homeowner association (HOA) of the condo group, frequently depending on the assistance of a property management firm.
Now let’s discuss a few other points which separate the both:
Amenities in Condo
To begin with, there is no standard for amenities offered in a condo. Why? Because it completely depends on the owner. New amenities such as granite countertops, stainless steel appliances, and upgraded flooring can possibly be included, along with personal touches such as the color of the paint on the walls or the kitchen backsplash. It gives some diversity in the community between each condo. So the kind of amenities you can expect is directly related to the owner’s taste!
Amenities in Apartment
There is not going to be a rare, personal touch with the paint scheme of the kitchen or the option of flooring when it comes to an apartment. Unless some are more modernized than others, the units in an apartment building are similar. Though nowadays, even such a society is well equipped with facilities like a swimming pool, tennis court, gym and even a wellness center. It completely depends on the locality and area of your apartment building.
Let us analyze the next important factor in getting the property, i.e rent
Rent in Condo
Technically, a condo is not going to cost you much in rent than an apartment. If there is a condo and an apartment in the same area of the city, they are expected to cost about the same. However, it does rely on the nature of the rentals. If one is more modernized and has more services than the other, it will be priced accordingly.
Rent in Apartment
In an apartment, you would likely pay your monthly rent and any included utilities to the Management or the owner. Currently, on a monthly basis, you can pay those additional suppliers directly for all other services that are not included with the rent, such as gas, power, and internet. Your monthly rent can include a flat or utility rate in an apartment, and they are managed by the owner.
How can we forget about the maintenance? It is something that comes as a part & parcel with renting/owning a property
Maintenance in Condo
In a condo, the management of the unit is the responsibility of either you or the owner or both. This could suggest more future out-of-pocket bills for you, but by the property management proxy or employed maintenance, the landlord typically handles most of the problems. As mentioned before, condo upkeep is completely dependent on the owner and hence your point of contact in all circumstances will be him/her unless there is a mediator between you two.
Maintenance in Apartment
In apartment living, you will more likely find that free, around-the-clock maintenance is provided by your apartment association, ensuring that you are not responsible for most renovations as a renter. Usually, you can send in a service order for everything you need repairing in the apartment through the online portal of the apartment community-easy peasy! If the matter is urgent, you can, of course, still dial during office hours or the after-hours rescue line.
As both Condo and Apartment are owned and managed by someone, there are bound to be a list of rules & regulations to abide by. Let’s have a look:
Rules of Condo Living
In a condo, the rules & regulations are set by HOA mostly. It covers everything from pet ownership, trash collection, etc. You can also reinvent the design & decor of your space. Apart from these traditional guidelines, you only need to worry about the guidelines provided by the owner. Here a good understanding between you and the owner will be very helpful.
Rules of Apartment Living
Every tenant should follow the same rules and policies of the society. As such rules are supremely important for maintaining a system in the society so you will find a standard set of instructions from the ruling committee to be followed by each occupant. So in contrast, apartment living is definitely less flexible than condo living.
Condo vs Apartment - Which one is better for you?
So after this clear and precise difference between Condo and Apartment living, we hope you made up your mind regarding which one suits you better. If taking Condo, expect a personal relationship with the owner. It’s important that you maintain a good relationship with your owner and also now a landlord as he/she will be your point of contact for almost anything and everything.
While renting an apartment, you will deal with a number of parties - an agent, or society committee, etc. These people are the ones that will be helping you with everything with regards to your apartment. There will also be renters like you so a sense of community and neighbor spirit will be present from day one. Now that you know the difference between condo and apartment, select the best for you.