Last Updated on September 15, 2022
The decision to purchase a property for a living can be significant. It can potentially impact your life and living standards for years. If you are a first-timer looking for a residential property, you may consider several different housing options, including apartments vs. condos.
If you are confused about choosing between apartments and condos, this post is for you. Here, we look at apartments vs. condos to figure out which one is best for you. But before we get into the details, let’s start by looking at the differences between apartments and condos.
Apartments vs. Condos – What is the Difference?
One of the biggest differences between condos and apartments is who owns them. A condo is a privately owned unit that is rented out to tenants. As a result, when you rent a condo, you’re dealing with one landlord. Most of the interactions you have concerning your condo will be with the one landlord who owns the unit. Each landlord sets their own rules for tenants of their condo. Usually, the landlord of a condo is not on site.
On the other hand, property management companies own apartment complexes. All of the tenants who live in units within that complex will pay rent to a property manager, who will be on site most of the time. Unlike a condo, all of the tenants in an apartment complex also follow the same rules.
Now that you know the difference between an apartment and a condo let’s look at which one is the best choice for you by understanding the pros and cons of each choice.
Apartments vs. Condos – Which is Best for You?
Ease and Flexibility
When you have an apartment, it gives you the flexibility to relocate if you don’t plan to stay in a certain area for a longer time. For instance, you have recently moved to a new city for a certain job that requires you to stay here for a year or two; then apartments make the best choice for you.
Similarly, if you do not like a certain area for living with apartments, you get the flexibility of relocating easily without going through the hassle of selling your property and purchasing a new one.
Little or No Maintenance
Another benefit that you enjoy when living in an apartment is that your landlord is responsible for maintaining the property. So you have to invest little or no time and money in repairing and maintaining your space.
Limited Access to Amenities
In some apartments, you have a reception area and a community pool. However, access may be limited as tenants. In that case, you might not have as many facilities available compared to a condo.
When you invest in a condo, the managing association can take care of the property maintenance, so you don’t have to handle the maintenance of the residential project.
Proximity to Local Facilities
Like apartments, condos are often located closer to amenities such as parks, restaurants, and shopping malls, so you can enjoy proximity to shopping, recreational areas, and transportation.
In a rental condo, you pay rent to the owners, but you may also have to pay a HOA fee that’s an additional cost.
Lack of Privacy
Since you share walls with your neighbors, some people may experience a lack of privacy with this type of homeownership.
Given that you understand the differences between apartments and condos and the pros and cons of each choice, you can decide for yourself and choose a housing option that’s best for you, depending upon your budget, needs, and preferences.