Choosing the best place to live is a completely individual decision based on your lifestyle and of course your budget. Condos and apartments have different advantages and disadvantages, but keep in mind that in the end, you are the person who is going to live in one of these places, So, try to consider all different aspects of your decision in advance. This article tries to shed light on the pros and cons of condos and apartments. However, always consider consulting with your agent or broker before making any final decision. Now, let’s dive in together:
Ownership:
The very first difference between apartments and condos (or condominiums) is ownership. Apartments are mostly owned by leasing companies. We can say that apartments (in most cases) do not have any private owners. In the condo case, these condos are owned by private owners, someone like you and me. Sometimes, apartment renters can band together to buy their building from the owner/ leasing agency. In which case, the apartments become condos.
Management:
You can rent both condos and apartments. The difference is in the management. In the condo case, you are renting the unit from the private owner. This person may or may not have a lot of experience regarding the management situation. However, in the apartment case, the situation is different. When you rent an apartment from a leasing company, you know you are dealing with a well-organized and experienced company. You just need to inform the responsible person or board about the current situation and that would be all. The rest will be done by the leasing company.
Costs of Condos and Apartments:
Actually, there is a significant difference between the price of renting a condo vs an apartment. Generally, renting a condo is more expensive because often they come with access to more facilities and amenities in comparison to renting an apartment. So, if you are tight on your budget renting an apartment may be a better option for you. A condo lease may also give you access to various personal facilities such as a sauna, party room, swimming pool, lounge facilities, fitness centers, and much more. So once again, you better set your priorities before making any decision.
Facilities and Amenities of Condos and Apartments:
As mentioned before, the facilities and amenities you may have access to in the case of a condo can be better both in quantity and quality than those in case of an apartment. A typical set of apartment amenities may include, in the best-case scenario, a gym, parking space, and a swimming pool. However, Condo amenities in many cases include a party room, a sauna, a movie room, a meeting center, an outdoor patio, etc. Although you might have the same experience living in a luxury house or apartment, there would be a huge difference between renting prices for sure.
Building’s age:
In different periods, distinct tendencies become dominant. As an example, we might find that there is a significant difference between the time condos and apartments developed. Condos are often associated with economic growth. You may find, in your city, that condos are more contemporary and built after the 90s. Apartments might be built before the 90s. You can figure out the building’s age by just looking at its facade and also its architecture. Condos are denser in downtowns and crowded parts of cities with better access to public transportation, but apartments are scattered through all parts of the city, even suburbs.
Risks of Condos and Apartments:
We can say that as a tenant of a condo, you may face more risks than living in an apartment. The major risk is that the condo owner bought the property as an investment, and with any unpredictable decrease (or even steep increase) in its value, he may decide to sell it. In this case, you will receive a note and be asked to vacate the property. However, when you rent an apartment, the owners seek stable rental income and things are more predictable.
Conclusion:
To ensure you are making the right decision, you should research all the things mentioned above and implement them in your final choice. However, here the most important things are your lifestyle and your budget. Of course, it is always a good idea to work with a real estate agent to help you through the whole process and narrow down your options.
What do you think? Leave a comment below and let me know about both your suggestions and recommendations.
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