Condo Or Apartment: Find Out Which One You Should Go For?

1. Condo Vs Apartment: Which     One Should You Go For? (Full     Guide)                   Buying or renting a house is one of the biggest confusions in the world for                               people. We often get caught up in the English spellings with the same                           pronunciation, however here the case is different, neither spelling nor the                       pronunciation is the same, still many renters and buyers get confused.   What are we talking about? Condos and Apartments . Do you know                       around 70% of the renters and buyers are looking for the answers on condo                             vs apartment? They both are similar yet different in many aspects.                       (Stemming from ownership to rules and cost of the rent.)    Here in this article, we have gathered all the possible information on                         apartment vs condo to help you get away with the confusion. Take the                           decision only after reading till the end. But before that let’s know what                           condos and apartments are! Once you know that, it will be easier to                           apprehend the situation and understand the factors.            

2. What is Condo?   Source: ramseysolutions.net   An abbreviated form of ‘ Condominium ,’ condo is a living space that is                         somehow similar to an apartment (in physical attributes). The condo is                       owned by an individual owner or a family. Condos are part of a building or                               a community just like apartments, but you can find detached condos as                         well.    As homeowners themselves manage the condo, you will find creative,                     stylish, and different interiors in each (as per landlord’s choice).         

3. What is an Apartment?   Source: pressablecdn.com   An apartment is also a living space in a building or a community managed                             by the property owner. All the apartments in the building will have the                           same layout, rules, and rent for everyone. All the tenants living in an                           apartment have to answer the manager or property leasing agents for rent                         payment and other necessary chores.            

4. What is the Difference Between Condo and       Apartment?           Source: brstatic.com   The similarity between the apartment and condominium is its outlook.                     They both look kind of similar from the outside but apart from that,                           everything is different. What are the essential factors to consider for                       comparison between condo and apt?   ● Amenities   ● Maintenance   ● Ownership   ● Cost of rent   ● Rules and regulations        

5. Condo vs Apartment   Here we have listed the essential factors and mentioned the difference                       between apartment and condo. So consider them before coming to a                       conclusion. Let’s move ahead!   Amenities   Source: dylansmowing.com   Nowadays, the buildings and communities provide everyone with an array                     of amenities. So what is the difference between a condo and an                         apartment in terms of amenities? What does each have to offer? Let’s                         read!      

6. Condo   As said above, the owner of the condo is an individual, there are chances                             he/she might have lived there and made necessary changes for the                       personal touch. You may find granite countertops, hardwood floors,                   vaulted ceilings, high-end interiors , stainless steel kitchen appliances, and                   much more.   As for outdoor amenities, you will have access to all the amenities a                           building or a community has to offer like, gym, car parking, outdoor and                           indoor pool, garden, sports area, and much more.       Apartment   Apartments are owned by a professional company, all the units in the                         building will have the same complex structure. You won’t get any                       upgraded indoor amenities, not even hardwood flooring or granite                   countertops. However, you will have access to all the amenities a building                         or community offers such as a parking area, gym, pool, park, etc. It will all                               depend on the quality of the community and the design accepted by the                           builder.          

7.     Maintenance   Source: cabiweb.dk   You can’t run away from the maintenance cost! Whether you rent a condo                           or apartment there will be a need for maintenance (small or large). Leaky                           faucets, running toilets, broken lights, etc. are such expenses that you can’t                         neglect. But do you have to pay for the maintenance problems? Let’s                         figure out!        

8. Condo   In a condo, you or the landlord is responsible for taking care of such things.                               You will get maintenance service by HOA ( Homeowners’ Association ), but                     only if that is related to common shared building or amenities issues.    If you need to fix problems around the house, you will have to do it yourself                                 or ask the owner to contact his maintenance provider. Remember you                       might have to wait longer to get it fixed. But be rest assured, there are very                                 low chances of you facing such problems as most of the homeowners                         make sure everything is perfect before you move in.     Apartment   As for living in an apartment, the biggest pro point is, you will be spared                               from all the maintenance costs. How? The professional company manages                     the entire building’s unit. So they are responsible for fixing all such                         problems.    You will get free maintenance service when needed, even 24/7 service is                         also available. Isn’t that amazing? All you have to do is post the                           requirement on the online portal of the community or building, and you                         will have the professional at the work.          

9. Ownership   Source: widenews.org   The biggest differencing factor between both is ownership only. Okay!                     There are others as well but those are also related to this. You can call this                                 the basic difference between a condo and an apartment.   Condo   The condo or condominium has an individual owner (landlord) or is                       managed by HOA. All the units in the condo have an individual owner. You                             can even buy a condo like a house, but if you are opting for the rental, then                                   you will have a different owner than the house next door.      

10. Apartment   Mostly, the apartment is managed by a third owner other than the builder                           himself. You can’t buy a single unit in an apartment building. A realtor                           company may purchase the building on lease and provide rentals. So all                         the houses in the building or community will have the same owner.   Cost of Rent   Source: 100creditov.com   When it comes to the cost of renting, both of them are quite similar.                             People often misunderstand that there will be a huge difference in the                         cost of the rent. If you manage to find a condo and apartment in the same                                 area, you will see there’s not much difference.   However, if the condo is more upgraded and has extra amenities it may                           have a higher rent than the apartment. The rent is decided on the basis                            

11. of the average rate running in the area. So what’s the difference? Let’s                           see!   Condo   When you opt for a condo you will most likely go for an upgraded one.                               When that’s the case, it is liable the rent will increase by some amount. We                               guess that’s totally fine, you will get what you pay for!      However, in addition to monthly rent, you will have to pay HOA fees.                           Moreover, if your landlord hasn’t checked on the maintenance, there are                       chances you will face some common problems and have to get it fixed. In                             short, you will have to pay from your pocket.     Apartment   When you opt for an apartment, rent is the only thing you have to pay.                               Everything is included in it, with no extra HOA fees or maintenance costs                           from your wallet. Most apartment buildings or communities have 24/7                     maintenance service providers available. Though you might have to pay for                       other utilities like gas, electricity, and the internet.          

12. Rules and Regulations   Source: rent.com   This is something we all avoid. Like obviously who would like to live                           according to rules and regulations imposed by others. But if you want to                           have a peaceful rental year or months, it’s best to follow them so what are                               the rules and regulations that one has to follow when opting for                         anyone of them? Let’s discuss it!   Condo   HOA decides the guidelines for the community, it may be regarding the                         pet waste or how and where to put the trash for collection. It may include                               parking regulations as well. Wait, it doesn’t end here.   The community might allow having a pet but it’s not necessary your owner                           would like that! So talk to the owner regarding the same. Also, many house                            

13. owners allow making permanent changes and many don’t, it’s better to                       clear out things beforehand.   You might find it pretty restrictive!     Apartment   As for rules and regulations for renting an apartment, it will be the same                             for everyone living there. If the building or community regulations say you                         have to put trash in the front door that’s for everyone.    If they are allowing you to bring your furry friend with you but should be                               on a leash when outside. You will have to follow that! Rules and regulations                             in the apartment are lenient.   Basic Difference Between a Condo and an     Apartment             Source: brstatic.com  

14. In the above sections, you read everything about the condo vs apartment.                         You might have understood the exact difference between both. However,                     in this section, we have mentioned the basic difference.   The basic differences lie in the ownership! Apartments are the part of                         buildings with multiple rental units managed by the professional                   company, while Condo is also the same but it is owned by an individual.    When renting an apartment you will have to answer the company and                         other property managers, while for a condo you are liable to answer only                           the owner or landlord.     Choosing Between Condo and Apartment   Source: brstatic.com  

15. Up till here, you read everything about condo vs apartment. Now it’s time                           to see, which one is for you? Keep reading! You will understand what we                             mean.   A Condo is Suitable for…   If you are looking for the entry point in homeownership, renting a condo                           may be the gateway for you. You will be able to redeem the tax benefits of                                 homeownership in the future. But as for now, you will have the advantages                           of an upgraded place. Although, you will have to learn managing problems                         and rules to follow!   An Apartment is Suitable for….   This one is the best choice for the residents who don’t want to enter the                               house ownership thing too soon, or needs time to take on the                         responsibilities of handling things on your own. When the option for an                         apartment you don’t have to consider the extra costs other than rent,                         electricity, gas bills, and internet expenses.   Final Word on Condo Vs Apartment   This is the end! We hope you have already decided on which one to go for!                                 Always remember, consider all the factors only after prioritizing your needs                       and future plans. Once you are sure about the preferences, it will be easy                             for you to make a decision.     When considering preference, make sure you are keeping in mind the                       standard of living factor as well. Happy hunting and renting!   

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