Choosing a new home may be a complex and even perplexing process. Selecting a place is difficult enough; figuring out which kind of house would best meet your requirements is much more complicated.
Many people question the actual distinction between an apartment and a condo regarding the varying types of houses. Even though they both provide a similar architectural style and way of life, preferring one to the other might be difficult.
So how does a condo differ from an apartment? Which type of dwelling would be suitable for you? Read on to discover the prominent differences between the two most popular real estate properties. It’ll help you decide what your ideal home must be.
Table of Contents
Condo vs. Apartment
| Condo | vs | Apartment |
| More facilities and more freedom to make changes | Facilities | Fewer facilities and all apartments look the same |
| Difficult for tenant to maintain | Maintenance | Easy for tenant to maintain |
| More expensive | Rent | Less expensive |
| Different condos for different people offer more uniqueness | Units | The apartment has all the blocks with the same layout |
| Condo rules come under HOA (Homeowner’s association) | Rules | The apartment society makes major rules for everyone in the society |
What is a Condo?
A condo, which is short for condominium, is a private property with a unique owner. These properties are often found in a residential structure or neighborhood. But, the actual unit is privately held by the person who eventually becomes the owner of that particular property.
Renting or buying a condo is a private, one-on-one transaction compared to renting an apartment since the condo owner has complete discretion over who gets their property.
What is an Apartment?
In a housing complex, an apartment is a residential asset that a property management firm owns. In an apartment block, every individual unit is the same, every tenant or apartment owner abides by the rules of the building, and every owner is on the same level.
Whats the Difference Between Condo and Apartment?
Now that you understand the meaning of the two terms, here are some fundamental differences between a condo vs. an apartment:
Facilities:
There is no standard for the facilities provided in a condo since the owner is solely responsible. Along with added personal touches, it may include new conveniences like countertops, kitchen hardware, and improved flooring.
This includes the tiling in the kitchen and the color of the wall paint. It adds some variety to each condo’s ambiance. Therefore, the facilities you may anticipate directly relate to the owner’s preferences.
When it comes to an apartment, there won’t be a unique, personalized touch with the kitchen’s color scheme or the flooring choices. All the apartments in a housing complex are similar, except some could be more updated than others.
Modern apartments have other amenities and common areas, including a wellness center, tennis court, gym, and swimming pool. It all depends on the neighborhood and setting of your apartment complex.
Maintenance
The main difference between the two kinds of houses is the person in charge of maintaining your apartment or condo. The most important aspect here is how soon your maintenance issue is resolved.
In an apartment, contacting your landowner or management company is the first thing to do when an accommodation repair becomes more complicated than you can handle. They often react quickly, particularly if the problem might affect other apartments in the complex.
Your problem with the apartment could be fixed even more quickly if you find a facility with a specialized maintenance team or one that offers on-call maintenance. This is a fantastic benefit for apartment residents.
However, each condo owner is in charge of the upkeep. But since every home buyer has to find a different vendor to handle repairs, it’s equally possible that it will take longer.
Fees
When you sign a new lease, there are expenses involved. Apartment rent is generally relatively standard. However, condo rents can sometimes differ.
Although your landlord should inform you of any cost of renting in advance, it’s crucial to inquire if you’re unsure how much money to bring with you when you ink your lease.
Renting an apartment is quite simple in terms of cost. When you start a lease, you often pay a deposit. You could also be asked to pay the first and final months’ rent in advance. Then, for the duration of your leasing agreement, you make monthly rent installments.
Owning a condo involves additional expenses and is more complicated. For a mortgage, you’ll put down money, pay closing expenses up front, and pay a home inspection charge.
You may put down as little as 2-3% and up to 5% of the purchase price toward closing expenses. It depends on the mortgage you choose. A condo also has monthly Homeowners Association or HOA fees based on the facilities and services provided.
Before purchasing a condo, be sure to find out how strong the HOA’s reserve funds are and if any repairs need to be made to the building in the near future.
Units
There may seem to be many similarities in the design of flats and condominiums. One apartment building’s units often have a uniform appearance. The studios and two-bed apartments, as well as all the one-beds, will have a similar appearance.
Similar to the residences in a planned neighborhood, apartment buildings with units of the same size might alternate between two or three different layout options.
Suppose you’re looking to buy an older structure. In that case, you could receive more layout variation but fewer modifications than you’d find in a condo where private owners can make changes in their units at a lower cost.
Condos, however, often differ inside the units due to owner preferences that might affect appearance. There are several options for flooring, countertop materials, landscaping, and even built-in cabinetry, and a good perk offered in a condo building.
Because the owner wishes to retain the condo ready for sale just in case, condos might have additional improvements. If there is anything you’d want to alter while you’re residing in the condo, they could also be more receptive to your recommendations for changes.
Rental Regulations
A property management company enforces all apartment building regulations. They’ll also address any grievances. Every apartment has to adhere to the same rules, including noise limitations, pet and visitor policies, and the need for renter’s insurance.
Even painting or punching holes in the walls may be prohibited in a rental property. You could face serious repercussions from breaking these regulations.
The HOA establishes the regulations for a condo’s shared spaces. These include the condo association’s covenants, conditions, and restrictions. Even if you’re merely a renter, you’re still required to abide by rules, so make sure you request a copy when you settle in.
Now that you’ve learned about condos versus apartments, check out our post comparing king versus California king mattresses.