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Condos vs Apartments: An Ultimate Guide to Your Perfect Home
Apartments and Condos? Can-Do!, Will-Do!
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Renting out a place involves complications, and it might be even more confusing to understand what type of residential unit you want to live in. There are many options like row houses, apartments, bungalows, condos, and the list goes on! However, we will help you resolve the confusion around two of the most similar types of abodes, condos vs apartments. In this article, you will understand what’s the difference between a condo and an apartment, along with the pros and cons of renting them out!
What is a Condo?
A Condo, short for Condominium is an individually owned residential unit in a building, tower, or complex in a community of residential units, that share the ownership of the common areas. The condo is owned by an individual, whereas the common areas have shared ownership. Condos are surrounded by common areas which are jointly owned and managed by the owners of the units.
What is an Apartment?
An apartment is a self-contained residential unit in a building owned by a company or a property management firm. Apartments are typically designed to house multiple tenants. Apartments vary in size and style, and residents share ownership of common facilities such as corridors, parking lots, and amenities that are maintained by the landlord or property management firm. Dorms also offer an option if you want a low-maintenance housing option. Check out dorms vs apartments to understand what suits you more!
Condos vs Apartments: The Actual Differences!
| Condo | Apartment |
|---|---|
| The renting process is more personal | The renting process is impersonal |
| May offer exclusive amenities | May offer shared or exclusive amenities |
| Less rules and regulations | More rules and regulations |
| Need not be a part of a housing society | Usually a part of a housing society |
| Direct communication with the landlord or property manager | Indirect communication through an apartment rental office |
The main difference between condos vs apartments is the ownership. A condominium is individually owned by a private owner. When you rent a condo, you're dealing directly with the owner, who acts as your landlord. An apartment is part of a larger building owned and managed by a single company or property management firm. You typically rent from the property manager. However, there is no physical difference between a condo and an apartment!
Renting condos vs apartments
Renting a condo vs apartment can impact your experience with amenities, lease terms, maintenance services, and other factors. Always consider all the pros and cons of condos vs apartments, listed below to understand the housing you want when it comes to renting a condo vs apartment. Condos vs Apartments can be quite a dilemma, especially when it comes down to renting. Renting out a condo and an apartment will involve different types of lease agreements, so make sure you read yours thoroughly before you sign! Here are some important points you should consider before renting a condo or apartment!
1. Cost
There can be a significant difference between renting a condo vs apartment when it comes down to their rent. If the condo has a decent amount of amenities, then the chances of the rent being more are much higher. However, since apartments usually have standardised facilities, the chances of rent fluctuations in similar locations are less. Condo vs apartment rent varies not only in cost but also in the type of experience and amenities offered.
2. Maintenance
Renting a condo vs. renting an apartment can vary significantly in terms of maintenance. A condo is managed by the owner, who sets the rules and maintenance responsibilities of the condo. The repairs and maintenance in a condo, however, might be handled less consistently, depending on the owner’s efficiency and budget. Shared amenities and the upkeep of the exterior are covered by the Homeowner’s Association (HOA) in a condo. An apartment, however, is managed by a property management firm. Maintenance requests in apartments are typically handled through a formal process and its policies and services apply to all the tenants in the building.
3. Amenities
Condos usually feature premium amenities such as pools, gyms, or concierge services, depending on the building and the owner’s investments. Amenities in an apartment are standard and uniform for all, and they may not be as luxurious as some condo buildings. Hence you should always check and inquire about all the amenities when getting an apartment. Here are the best apps to find apartments, so that you can check all the amenities beforehand!
4. Lease Terms
The lease terms in a condo can be flexible, and if you have an excellent relationship with your landlord, he might waive off rules like minimum renting time and other restrictions. When you rent an apartment there are fixed rules, like the minimum renting time being 1 year or a fixed amount for the security deposit. Other rules and regulations are also fixed in an apartment since the leasing of an apartment is often done by standard rules, giving you less flexibility in lease terms. However, always read your lease terms carefully to avoid getting scammed. Here are some ways to spot and avoid rental scams.
5. Customisation
Condos vs Apartments, in case of customisation, would always be won by a condo since a condo offers much more scope for personalisation. In an apartment’s case, you will have to abide by your property manager’s and your building’s rules and regulations, offering lesser room for customisation.
Both condo or apartment can be great rental options, but understanding their differences is the key to making the right decision. Hence when you are deciding on a condominium versus apartment, think about your preferences in all the above-mentioned areas and make your choice. We hope you find the housing that matches your requirements, Happy House Hunting
Frequently Asked Questions
What is the difference between a condo and an apartment?
A condo is usually owned by an individual who lets the condo out for rent or buying purposes, whereas an apartment is usually owned by real estate organisations who offer a unit for renting or buying. So if you are questioning ‘Is a condo an apartment?’, you are on the right track since structurally they can be the same. You won’t find any apartment and condo differences in terms of the physical structure. The difference lies with the ownership.
Why is called a Condo?
The Latin word ‘condominium’ was created by prefixing the word ‘dominium’, which means "dominion, ownership," with the word con-, which means "together." Thus, it means "co-ownership" or "joint dominion." The short form of a condominium is called a condo and is often used for convenience.
Is a condo cheaper than an apartment?
Renting a condo is not cheaper than renting an apartment. A condo has HOA fees that need to be paid every month, for the maintenance of the common areas and upkeep of the shared amenities. Apartments do not have this additional cost attached to them, so you will only have to pay your monthly rent, and not the maintenance for the common areas.
Why is it better to live in a condo?
Condos are cheaper than buying houses making them the perfect option for people who wish to live in a desirable area without going over budget. So if you are looking to invest and own a property, a condo is an easy way to enter your name on the property market and save money in the longer run.
What is the point of a condo?
Convenient living is the main point of a condo. Since the HOA handles the majority of exterior and lawn maintenance, they require very little upkeep. Other facilities in the community might include a playground, gym, meeting spaces, or a pool that you can use according to your convenience.