You must know the difference between condo and apartment if you are searching for a new place to stay. In the newspapers, you will see a variety of listings that are available for rent. Condo and apartments may seem similar to a few people. But actually, they are two different types of properties. Don’t worry, I will teach you the difference between condo and apartment. Here, I have explained the specifications of both properties. Their pros and cons will help you to choose the best one for yourself! Without any further delay, let us learn the difference between condo and apartment in detail. Do you know about the bill of sale template? Visit here to get more information about apartments for rent in Richmond, VA.
What Is The Difference Between Condo And Apartment?
Now, the major difference between both these properties is that the condo is owned and managed by a landlord. And an apartment is owned and managed by a corporation.
Let us now discover the several other key difference between condo and apartment.
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Ownership
The very first difference you will notice in these properties is the difference between the ownerships.
Condos
In condos, each condo has a unique and different owner. Only the homeowners have the responsibility of the whole condo building. In short, you can stay as long as you want without worrying about your relationship with your neighbors. However, you will get a different renting experience because each unit has a different property owner.
Apartment
In the apartment complex, the entire building has only one owner. He is the one who handles all the queries for the entire building. You can directly interact with them if you are facing any sort of problem. In most cases, people go for apartment buildings so that they will be here with their neighbors. For moving to apartment, hire good moving company like local movers Harrisburg.
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Maintenance
Maintenance is the second most important factor in this condo vs apartment debate. The one who manages the maintenance of the condo and the apartment will explain to you the actual difference between them.
Condo
In the condo, the owner is officially in charge of managing the maintenance. People can contact them if they are facing any issues while staying. As they manage the whole condo building by themselves, they might take a longer time to solve your issues.
Apartment
In case your apartment needs any repair, you can directly contact your property owner. They might solve your issues even faster. But in case of any major damage, you cannot repair it by yourself without informing the property owner.
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Fees
We have to pay an amount if you want to live in an apartment or a condo. So, it is always important to ask how much money will be needed before signing the lease.
Condo
The condo fees totally depend upon the unit’s owner. Here, you get a golden chance to negotiate with the property owner. You can also discuss with them whether you are able to put down the first and last month’s rent along with the security deposit. The best part is that property owners do not charge pet fees!
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Apartment
In an apartment, the fees include the first and last month’s rent along with a security deposit. Generally, security deposits are equal to the rent of one month. This means that while signing your lease you will need an amount that is three times your monthly rent. The apartment fees will vary in price. You may need to pay an additional fee if you are going to keep a pet in your new house.
Keep on reading to know the Montreal difference between condo and apartment more in detail.
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Units
While visiting any of these two properties, you must have noticed a huge difference in their layout. Most living places have 4 common things: a bedroom, kitchen, living space, and bathroom. Let us explore condo vs apartment units.
Condo
In condos, the units and layouts are previously decided by the property owners. Though the owners want to keep the unit simple, you can add your suggestions for improvements. This includes the flooring choice, countertop materials, cabinet built-ins, and more. You can easily convince the property owners if you wish to have more upgrades. For example, you can add an additional wall in between two rooms to make another room.
Apartment
The units in an entire apartment building have the same design and structure. This is because it is planned by the community. Most units in a single apartment building have old-fashioned designs. However, the individual owners can make improvements in their own units.
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Amenities
Another most important factor that is common in both these properties is the amenities. Let us discuss condo vs apartment amenities in detail.
Condo
Below I have listed down a few amenities that you will find in a condo building.
- Park
- Playground
- Pet areas along with services like dog washing, etc.
- Car wash area
Generally, the amenities in a condo building are covered under an HOA fee. Even the luxury apartments have the same amenities just like condos!
Apartment
In an apartment, you will find the following different amenities.
- Free parking
- On-site laundry
- Pool
- Gym
- Community room
Some apartment buildings may charge you extra if you want to use these amenities. Sometimes, you may not find these amenities if they are poorly maintained. In such cases, you must first check out the spaces before signing the lease.
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Rental Policies
Every rental policy contains certain rules and regulations that must be followed by the renters. Let us check out how they differ in condos and apartments.
Condo
In a condo, HOA guidelines create the rules and regulations for common areas. This includes condo association covenants, conditions, and restrictions or CC&Rs. The rental policies in a condo allow the property owners to efficiently manage their properties. So, always make sure you carefully read all the points listed in your rental policy before finalizing them.
Apartment
Here, a property manager manages all the building rules and regulations in an apartment building. This includes noise restrictions, pet or guest policies, restrictions against painting or making a hole in a wall, and so on. A property manager also handles all the complaints related to the apartment. Make sure you follow their rules to avoid any serious consequences in the future.
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Location
Last but not the least, location also plays an important role in any living space. You can find condos and apartments in cities as well as smaller rural areas.
Many people are still wondering what is the difference between a condo and a condominium. Condominium is the long form of condo. People use the short form as it can be easily pronounced and understood by everyone. Keep on reading to understand the difference between condo and apartment in detail.
Condo Vs Apartment Advantages And Disadvantages
By now you have studied the difference between apartment and condo. Before finalizing your lease, you must know the benefits and drawbacks of both properties. Here, I have listed down a few advantages and disadvantages of condos and apartments. Let us explore one by one.
Advantages Of Condos
- They are extremely affordable.
- Condos require low maintenance, so you no longer have to worry about the yard work.
- Mostly all the condo buildings are located nearby shopping or recreational areas.
Advantages Of Apartments
- It is an excellent option if you don’t want to stay at the same place for a longer time duration.
- Generally, landlords handle and maintain the whole property. So there is less maintenance in apartments.
- They are often located in or near cities.
Disadvantages Of Condos
- All the condo owners have to pay monthly HOA fees.
- You won’t have much privacy like other housing properties.
- Here, people are bound by certain rules and regulations.
- You are not allowed to use the property for personal use without the owner’s permission.
Disadvantages Of Apartments
- There are not enough amenities like condos.
- You have no equity if you are renting an apartment.
- Sometimes, you may be prone to noise pollution due to your neighbors.
What’s A Condo?
A private residence or unit that is located in a residential building or community is known as a condo or condominium. They are mostly owned by landlords. Here, you get to use all the community properties including floors, walls, sidewalks, stairwells, and other exterior areas.
FAQ
Why You Should Never Buy A Condo?
You should never buy a condo as it has less space as well as flexibility. Though some owners do provide an extra space for storing your things, it is still small compared to an apartment.
Should I Live In A Condo Or Apartment?
You should live in a condo that will offer you high end amenities. This includes Park, Playground, Pet areas along with services like dog washing, Car wash area, etc. You can also go for an apartment but you will not get the same amenities as in condos.
What Defines A Condo?
A condo is defined as a private residence or unit that is located in a residential building or community. Here, you get to use all the community properties including floors, walls, sidewalks, stairwells, and other exterior areas.
What Is The Difference Between A Condo And A Condominium?
No, there is no difference between a condo and a condominium. Condo is the short form of condominium. People use the short form as it can be easily pronounced and understood by everyone.
Can You Rent A Condo?
Yes, you can rent a condo. They are way cheaper than apartments.
Is A Condo A Flat?
Generally, a condominium is a private residence that is rented out to tenants, it can be a flat/apartment or an independent house. But in modern use ‘condo’ is referred to as apartments and flats only. Plus, condominiums are owned and rented by individuals so renting a condo is more of a personal, one-on-one process.
Do Condos Have Good Resale Value?
Yes, condos generally appreciate in value. That’s true of any piece of property—as long as it doesn’t have wheels or come from a trailer park. But, if you’re trying to decide between a condo or a house, keep in mind that a single-family home is usually going to grow in value faster than a condo will.
What Are The Pros Of An Apartment?
What are the pros of living in an apartment?
- Affordability. There’s no doubt that apartments can pack plenty of punch when it comes to affordability.
- Less maintenance.
- Amenities.
- Security.
- Location.
- Savings on insurance.
Why Is A Condo Called A Condo?
Condominium is an invented Latin word formed by adding the prefix con- ‘together’ to the word dominium ‘dominion, ownership’. Its meaning is, therefore ‘joint dominion’ or ‘co-ownership’.
What Is A Townhouse Vs Condo?
townhouse: the basics. A condominium is similar to an apartment in that it’s an individual unit residing in a building or community of buildings. But unlike an apartment, a condo is owned by its resident, not rented from a landlord. A townhouse is an attached home also owned by its resident.
Which Is Better A Condo Or Apartment?
The decision between owning a condo vs. apartment is usually based on your personal and financial situation. People who prefer flexibility and less responsibility will most often opt to rent an apartment. People who want to enter the property market or invest their savings will prefer to buy a condo.
Conclusion
In my above-written article, we have studied the main difference between condo and apartment in detail. While reading about these two properties, you must have noticed there is a huge difference in their layout. Basically, a condo is owned and managed by a landlord, while an apartment is owned and managed by a corporation. If you want to stay for a longer time, then you can go for a condo. An apartment is best if you don’t want to stay at the same place for a longer time duration. By understanding the difference between condo and apartment, you can start hunting for a happy and perfect place for living!
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