Are you ready to start your chapter as a renter in life?
Moving in and renting an apartment is a right of passage for most young adults. Maybe you are no different. If so, you’re in the right place.
Choosing the right place to live involves plenty of research, no matter what living facility you want. Read on to learn more about the difference between condos and apartments.
They share many similarities, but there are distinct differences in ownership requirements. Condominiums are individually owned units within a single building, with ownership of the entire building shared by all the unit owners.
An individual or a company owns apartment buildings, and individuals rent space from the landlord. In condominiums, owners must be part of a homeowner’s association and abide by the association’s regulations and by-laws, including payment of monthly maintenance fees.
Apartment renters do not have the same shared ownership of the building they live in, nor are they required to join a homeowner’s association. The critical difference between condos and apartments is ownership, and the decision of which to choose is based on individual needs and preferences.
Condos are usually individually owned, but the common areas are owned by the building association, which comprises all the unit owners. Amenities that come with buying a condo can include tennis courts, a pool, a state-of-the-art fitness center, and even lawn services.
Apartments, on the other hand, generally have fewer amenities than condos. For example, renting an apartment has a shared pool or gym, most of which are limited in size and features.
But, in some cases, the cost of living in an apartment is lower due to the fewer amenities. So depending on what is most important to you (amenities or cost), you can decide what type of property is right for you.
Fees and Maintenance Costs
The difference between a condo vs apartment on fees and maintenance costs can vary significantly. Condos require owners to pay extra fees, such as condo dues. It covers the cost of amenities and maintenance for the building and its shared features.
There are also fees like insurance for condo associations, which protects the homeowners. While apartments typically have lower monthly payments but may have unexpected maintenance costs associated with the unit. For example, if the tenant must replace an appliance in an apartment, they must pay for the replacement cost from their funds.
They have less coverage of fees and maintenance costs than a condo. Tenants may be required to pay for certain costly repairs. Conversely, the condo board or funds typically handle any condo maintenance issues. As a result, when investing in real estate, condos are often a better investment, as owners enjoy more protection on:
Weigh the Difference Between Condos and Apartments
Weigh the difference between condos and apartments for your housing options. Understanding the differences will help you make the right decision depending on your financial situation and housing needs. Explore your options when looking for housing and find the right living solution!
Contact a realty agent today to see how they can help you find suitable housing for your needs.
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