Buying or renting a place is much more complicated than people think. The place you live isn’t just a space for sleeping; it is the headquarters to your life thus should be where you feel safest.
The most common housing option available to people these days are condominiums and apartments.
Condominiums and apartments are similar in many ways. They are both small units of housing sectioned up inside a larger building. The main difference between the two relates to ownership. Apartments are usually owned by a large corporation, whereas a single person owns condos.
Before deciding on what housing option to go for, you need to do the proper research to ensure you are making a well-informed decision.
To aid in your research, this article shall be talking about the main differences between condominiums and apartments while also telling you the things you should consider before making your final decision.
Differences Between Condominiums And Apartments
By premise, condominiums (or condos) and apartments are similar. They are both smaller housing spaces sectioned inside a more prominent building.
The fundamental difference between condos and apartments lies in the ownership of the building. Here is a small list of the features that set them apart.
Corporate Property vs. Home Property
Apartments are usually owned and managed by large corporations. Your primary responsibility when renting an apartment is to pay rent and utility fees on time.
Things relating to property management are none of your concern and will be handled by the corporation that owns the building your apartment is in.
Condos are built on private property that was intended for building a house. When you rent or buy a condo, you are renting or buying a part of a house that has been designed to function as an apartment. All house properties are managed by the Home Owners Association (HOA).
Thus, when you rent a condo, you will be expected to abide by HOA guidelines and, to an extent involved in property management and community matters.
The Layout Of The Unit
Condos and apartments are also different in terms of layout. Apartments are usually a part of a large building. Each unit on every floor is strategically designed to be identical.
On the other hand, condo buildings typically aren’t as industrial or large as apartment buildings.
Thus the layout or flooring can vary from unit to unit when it comes to condos.
Apartment units are also sectioned away from one another to allow complete privacy. Condos are slightly different.
Since the property was intended for a home, the units are often built very close. Because of this, it can be a bit more challenging to get privacy in a condo than it would be in an apartment.
Management And Maintenance
An apartment will typically have someone in the building at all times, which you can call for maintenance issues. The landlord will likely handle any significant problems. You need to take little responsibility to find maintenance help in an apartment. Just call the person in charge, and they will handle the rest for you.
The person in charge of maintenance in a condo is you. In some cases, you may be able to get help from the original property owner.
However, you are responsible for properly maintaining your condo in most cases. Thus whenever maintenance issues occur, you have to search for professionals in your area and hire them personally to help you.
Extra Facilities Or Amenities
Apartments and condos also differ via the amenities they provide. Since they are the same thing by the premise, you may often find that you can get the same facilities in both an apartment and a condo. However, this varies significantly from place to place and is more an exception than a rule.
Like most community spaces, apartments will likely provide free parking and laundry. Some apartment complexes may even have a community pool or gym. Since condos are built on home properties, they do not have many amenities. Instead, you may get a shared backyard, garden, or small playground.
Expenses
The rent prices for apartments and condos are pretty similar. It is important to remember that apartments and condos come in varying shapes and sizes.
Therefore you can find apartments and condos at different costs within a large price range. However, it is much easier to find a cheap but acceptable apartment than a condo.
Another thing you must consider is the extra cost. Apartments will usually only charge you for rent and utility fees. However, with condos dealing with expenses can be more complicated.
You may have to pay various additional fees depending on the rules and regulations of the Homeowners Association (HOA).
Condominiums Vs. Apartments
Condos and apartments are both great living options. Which is better depends entirely upon what you are looking for in a living situation.
Renting a condo is much like partially taking ownership of a home. You will get a lot more freedom regarding what you do to your condo. However, it also means there are a lot more extra things which you will be responsible for.
On the other hand, apartments are ideal for people who do not want additional responsibility right now. Renting an apartment will give you a lot less freedom regarding what you would like to do to your living space.
However, they are easy to maintain and involve little responsibility aside from paying rent and utility fees on time.
Should You Buy a Condominium Or An Apartment?
To determine if you should buy a condominium or an apartment, you must first decide on the amount of responsibility you are willing to take. Though personable and located in safe areas, Condos require a lot of responsibility.
If you are willing to go through the paperwork and manage minute expense details, you should consider getting a condo.
However, apartments are the way to go if you are not looking for responsibility right now or wouldn’t mind compromising freedom in exchange for easy living.
Particularly for young people or first-timers, renting an apartment is a lot easier than renting a condo. Thus if you are not looking to delve into complications right now, apartments are the best choice for you.
Another thing you may want to consider while making your decision is the location. Apartments are usually located in urban parts of a state or region.
They are often close to restaurants, shopping malls, bars, etc. On the other hand, condos are usually located in quiet and more discreet areas. Most often, they are surrounded by other houses rather than stores or businesses.
Aside from this, you must also consider the current state of your finances. Regardless of how much money you have access to now, you will need a good bank record, credit score, and insurance if you want to get a condo. You will also need these things for renting an apartment. However, the screening process for apartments is much less militant.
Conclusion
Deciding on which housing option to pick is a big decision and should not be made impulsively. I hope this article has helped you learn more about the difference between condominiums and apartments.
Now that you are well informed on your options, I’m sure you will have no trouble making the best decision based on your needs.