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What are the Differences Between Apartment and Condo Living?

Written by Posted On Friday, 15 February 2019 05:28
What are the Differences Between Apartment and Condo Living?

Apartment or condo? From the outside, they look pretty much the same, but the rules and regulations that come with each option will likely reveal which is right for you. So, read on to make the decision-making process simpler — here are the major differences between these two types of properties:

Ownership

Perhaps the most significant difference between a condo and an apartment is the ownership. A condo, for starters, is always privately owned. Even if you rent a unit within a communal building, each one will have a different owner and, therefore, a different landlord with different rules and stipulations. Although each condo has a separate owner, they do share areas like parking lots, fitness centers, gardens, etc. Therefore, rent will include the fees associated with upkeep, and your monthly payment will increase with a rise in prices for these services. You can buy a condo of your own, too.

On the other hand, a property manager will likely own and operate an apartment building. Units will have the same amenities and the same contractual agreements. Within the community, you'll be able to find a leasing agent or operator who can help you with any problems or answer questions. You cannot buy a unit within a bona fide apartment complex.

Price

As previously mentioned, a condo's price will include the homeowner's association (HOA) fees to pay for all the building's needs. This can boost the cost of your rental. Otherwise, most condo agreements work like apartment contracts — the price of rent will stay the same until your contract ends, at which point you might be required to pay more based on rising rental costs, HOA fees, etc. But the rental cost will include your rent and fees in one; some may also include your utilities.

Typically, apartment contracts take on one of three forms: month-to-month leases; one-way leases, which incur a fee if you break them early; or fixed-term leases, which typically cover a 12-month period. Most apartment rental fees do not include utilities — you either pay for them separately or pay based on usage.

Rules

You'll have to adhere to two sets of rules while living in a condo. The HOA will enforce the condominium by-laws in the common area, such as where and when to put trash bins, how to park your car and when barbecues in the common area have to cease. Then, of course, your landlord might have further stipulations for how you maintain and treat their property.

As for an apartment complex, the same rules apply to everyone, within and outside of their properties. You'll probably have similar behaviors to follow as you would in a condo, but there will only be one set of them to remember.

Maintenance

Your condo's landlord can say what they will and won't fix within the property, so you might find yourself paying out of pocket for small repairs, even if they're not your fault. Typically, though, a condo landlord will pay for major issues. On top of this, you're at the mercy of your landlord's schedule should something go wrong. If you can't get in touch with them to fix something for you, you'll either have to wait or do it on your own — the condo association can't help you with anything inside of your rented property.

This is one of the big benefits of apartment living — maintenance will be taken care of by the property management company. You won't have to pay for repairs or upgrades. And, if you need to get something done ASAP, you know exactly where and when you can find the team responsible for helping you. They're likely to have a 24-hour emergency line, too, so you can rest easy knowing that middle-of-the-night problems will have solutions.

Amenities

Every building is different, whether it's a condo or an apartment complex. Plenty of them come with benefits that make your life easier — perhaps yours will have assigned parking, free laundry, a pool, a gym or a doorman. In most cases, you will pay a higher rent with every amenity on offer within your chosen building.

Apartment complexes often offer varying amenities within their units, too. For instance, you can choose a place with one or two bedrooms, upgraded appliances, a better view, etc. Although the maintenance and common areas will still be part of the deal, you get a little bit more with a higher rent.

Most condos have the same layout. Your landlord has the right to upgrade and renovate as they wish, meaning your place could have fancier features than your neighbors'. Because the property is individually owned, you might also have the option to customize your condo, even as a renter. You won't have the chance as an apartment renter — you might not even be able to paint or hang anything on the wall.

Apartment vs. Condo Living

Of course, every property and every person will be different, so the choice is yours. The best way to decide between properties is to select the place that suits your needs and your budget — you'll know it when you see it. Happy house-hunting!

 

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Holly Welles

Holly Welles is a real estate writer with her thumb on the pulse of industry trends. She runs her own residential real estate blog, The Estate Update, where she shares advice for renters and homeowners alike.

www.theestateupdate.com

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