It is common to come across the terms “condo” and “apartment” interchangeably. As much as they have a lot of similarities, they are different.
Knowing the difference between a condo and an apartment will help your decision to rent a new home.
This article, however, aims to structure your understanding of what a condo and an apartment refer to.
To gain a proper understanding of the difference between a condo and an apartment, an insight into what they each mean is important.
This guide provides information to help you answer the following questions.
- What is a Condo?
- What is an Apartment?
- How does an apartment compare with a Condo?
- What is the difference between a condo and an apartment?
- What do I want, a condo or an apartment?
What Is a Condo?
According to Wikipedia, a Condo, otherwise known as a Condominium, is a building structure divided into several units that are each separately owned, surrounded by common areas that are jointly owned.
It is a house or residence with separate units, each owned by an individual.
Condo managers or owners are responsible for what goes on within their units, including maintenance and repairs.
Additionally, they are required to pay a standard fee to a condo organization. Those funds contribute to the upkeep of common shared space, building resources, and the exterior of the building.
The benefits of renting or purchasing a condominium are mouth-watering and exciting.
It stretches from property ownership with added amenities, less upkeep, and affordability. Condominiums are great choices for many people.
What Is an Apartment?
The word “Apartment” refers to a self-contained housing unit that occupies part of a building.
It is generally a single story. An American referent called it “a suite of rooms forming one residence.
An apartment is a rented residence that is part of one (or a few) residential buildings or a separate living space at home.
A single owner or management usually does all the maintenance and repairs.
An apartment can be a one-room apartment, a loft, duplexes or triplexes, a garden apartment, a floor-through apartment, and so on.
How Does an Apartment Compare With a Condo?
Condos and Apartments have many similarities, with often similar amenities such as shared walls and manicured green spaces.
An apartment is a rented residence, often as part of a larger residential building.
A condo is similar in structure to an apartment, usually a unit within a larger residential building.
What Is the Difference Between a Condo and an Apartment?
What makes a condo different from an apartment? Regarding physical attributes, there are a few differences between a condo and an apartment.
We now know that an apartment is housed within a complex (filled with other separate apartments) owned by a single entity and then leased out to individual tenants.
On the other hand, a condo is controlled and owned by an individual and usually managed solely, or it lies under the umbrella of that condo community’s homeowner association (HOA).
Condos often rely on the assistance of a property manager or a management company.
Ownership is not the only factor that sets the difference between a condo and an apartment.
Despite the similarity in physical appearance, a few factors differ (even slightly) between these two.
A condo usually lies on a sole owner; it is, however, probable that a condo has more of a personal touch to it.
You will likely find updated physical features such as stainless steel appliances, granite countertops, and upgraded flooring.
Along with other personal touches such as the paints or the backsplash in the kitchen, a condo give some variety between each condo in the community.
Every maintenance work and hassle in a condo is the sole responsibility of the owner.
When it comes to the apartment, there will be no unique, personal touch with the kitchen’s colour scheme or the flooring choice.
The units in the apartment are the same, except that some are more advanced than others.
Although many apartment communities offer luxury amenities, many apartments will still provide basic amenities, such as a laundry room, outdoor swimming pool, and gym.
In addition, you will find a dog park, tennis courts, and valet in some cases, depending on the location and quality of the apartment.
Cost Of Renting
You might ask, is a Condo more expensive than an Apartment?
A condo technically will not cost you more rent than an apartment. If the condo and apartment are in the same area of town, it will probably cost the same.
However, it depends on the quality of the lease. If one is highly developed and offers more services than the other, it will be priced accordingly.
Both condo homeowners and real estate managers charge their units based on local rental rates when comparing their rental with a condo and nearby apartments. Competitive prices are the name of the game!
(What Do I Want) A Condo or an Apartment?
Finding it had to decide between a condo or an apartment.
When renting an apartment, you will likely work with several real estate agent members, including the property manager, assistant real estate manager, and various rental agencies.
These people will help process your accommodation, provide a repair team for your applications, send reminders, and keep the community clean through hired staff.
This is about fetching pets, parking in one place (and only one place), and respecting your neighbours in the apartment. It’s simple!
Counting the cost, your needs, and the few tips from this article, you should be able to decide what you want.
Note: The choice between an apartment and a Condo is up to you, but with an understanding of the difference between a condo and an apartment, your rental trip should go smoothly from here.
Is there something not mentioned in this article? Did it cover your expectations?
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We hope this article helps you make a good choice.