Getting a Condo vs Apartment: Which is Right For You? | For many, condos and apartments can seem thing two interchangeable things. While they seem different on the outside, there are a lot of differences between the two.
If you’re looking for a new place to rent or own, but not wanting to purchase a house, an apartment or condo may be the perfect fit for you. Trying to figure out whether to go with a condo vs apartment can seem intimidating. We’ve gathered some tips below to help you figure out which is the best choice for you.
Knowing the best way to invest your money is important. To find out more information about condos and apartments, read on for more information.
Breaking Down Condo vs Apartment
Maintaining a house and a yard can be a lot of work for many people, especially if there are only one or two people living in the residence. A smaller living space without the hassle of a backyard is the ideal route to take for many people.
What is a Condo?
A condo is short for “condominium” and it’s an individual unit in a building with many others. You own shared areas with other condo owners, such as garages, elevators, pools, gyms, and outside hallways. Condos are usually found in high-rise buildings, but there are detached units on the market as well.
A single-owner typically purchases a condo and if they don’t want to live in the unit themselves, they can rent it out to other people. Owners can then make additional rules on top of the building’s own rules for future tenants.
One of the benefits of a condo is you only have to deal with the inside of your unit. You won’t have to deal with a yard or clear out a driveway when it snows. By sharing spaces with other condo owners in your building, it provides you with a sense of community as you’re able to interact with others.
While you can incur extra costs from the Homeowners Association (HOA), that means you won’t have to deal with any exterior maintenance. There is also added security as many condo buildings have security staff on-site. If you’re ready to start looking, you can search now for available condos in your area.
What is an Apartment?
An apartment is similar to a condo in that it is a unit inside of a larger building that houses other apartments. What makes it different is apartments are usually rented out by a company that owns the entire building, rather than individual owners like with a condo.
In an apartment building, there is typically one set of rules that apply to all the units. One or multiple managers will oversee the entire complex and everyone living there will report to that person when they pay rent or encounter an issue.
Differences Between a Condo and an Apartment
If you own a condo yourself, you will be responsible for the repairs. The HOA fees that you pay won’t cover anything that happens in the interior of the unit. A condo owner will keep their home in good condition to help improve the value of the space.
With an apartment, the property management company will take care of any repair costs inside of the unit. However, since they have many units under their umbrella, they likely won’t provide regular updates to the apartment and often do the bare minimum when something needs repairs.
Many apartment buildings are so large, there is typically a maintenance or repair person on-site every day that you can call when you have an issue. You won’t have to worry about contacting a plumber or electrician directly when you encounter an issue. They will handle all of that for you.
Pros of Living in a Condo
In an apartment, any change you want to make to the interior, you will have to run by the property manager. Even simply changing the paint colors on the walls is something that you have to get okayed and your request can often get rejected.
Owning a condo gives you the freedom to make whatever changes you like. You can completely redo the space, from wall color to kitchen hardware to your own design specifications.
Most apartment buildings don’t come with a designated parking spot and you’re left to find something available on the street. A condo building often has a secured garage or your own space that is tied to your unit.
The building housing your condo already includes tons of amenities. The condo building itself will also likely be located in an area of town that is filled with restaurants, shopping, and bars. These types of areas aren’t suitable for building houses, so they are packed with other types of residential buildings.
Be closer to your favorite places to go, as well as open up job opportunities. Being close to the hustle and bustle will shorten your commute and give you more time to spend at home or engaging in fun activities.
Invest in a Condo Today
Figuring out if a condo vs apartment is better for your living situation can be difficult. If you’re ready to live somewhere long-term and looking to buy a property, buying a condo is a great way to invest your money.
Not having to deal with the pain of maintaining the outside of a house and a yard will free up more time and money for you to spend doing things you enjoy. No matter your decision, you are sure to find the right one for you if you do proper research and are prepared.
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