Introduction
There are a lot of questions for individuals who are just starting in the renting experience. The first thoughts that could come to mind if you find yourself in this predicament are how much it costs and what you can obtain for the money. This leads to the dilemma: which is preferable for you, a condo or an apartment? So let's look for some solutions.
Condo vs. Apartments
The ownership of the two is where the most significant distinction lies. A sizeable residential cluster, of which an apartment is a part, is a residential society. A single organization or management often owns them.
Whereas each landlord or owner of a condominium is different. They entirely manage the property. As a result, the owner has complete control over who rents out the house, making it a more intimate and one-on-one experience. Quite similar to how businesses, offices, shops, etc., are run.
Almost none in terms of physical characteristics! The ownership, as previously said, is where the main distinction lies. You now know that an apartment is a section of a structure controlled by a single entity, usually a business, and rented to a single tenant (filled with other apartments).
On the other hand, a condo is bought by an organization and usually managed by either the owner or the homeowner association (HOA) of the condo community, frequently with the aid of a property management company.
First, there is no standard for the amenities provided in a condo. Why? since the owner is solely responsible. New features like granite countertops, stainless steel appliances, and improved flooring might be added, along with unique touches like the backsplash color or paint on the walls. It adds some variety to each condo's neighborhood. Therefore, the amenities you can anticipate are directly tied 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 choice of flooring. All apartments in an apartment complex are comparable, except any more contemporary than others. Modern society is well-equipped with amenities, including a wellness center, tennis court, gym, and swimming pool. It entirely depends on the neighborhood and setting of your apartment complex.
In theory, renting a condo won't be significantly more expensive than renting an apartment. Condos and apartments should cost around the same if they are located in the same neighborhood. It does, however, depend on the kind of rentals. One will be more expensive if it is more contemporary and offers more services. In an apartment, you would most likely pay the management or the property owner your monthly rent and any included utilities. You can pay those additional providers directly each month for all other services, such as gas, electricity, and internet, that are not already included in the rent. The owner controls apartments, and their monthly rent may include a flat or utilities cost.
After reading about the differences between condo and apartment living, we hope you can decide which best meets your needs. Expect a close relationship with the owner if renting a condo. As your main contact for practically everything, you must keep a positive connection with your owner, who is also your landlord now.
You will interact with various parties when renting an apartment, including an agent, a society committee, etc. These folks will assist you with all matters about your unit. There will also be other renters like you, so there will be a sense of neighborhood and community immediately.
Difference Between Condo and Apartment in Tabular Form
| Parameters of Comparison | Condo | Apartment |
| Ownership | possessed by an individual and typically managed by the owner directly or by the HOA for that condominium | possessed by a single party, frequently a company, and leased to different tenants |
| Ongoing fees | Monthly due to HOA | Monthly rent and maintenance fees, if any |
| What you rent | Your unit, but not the land or other common areas | Your unit |
| Amenities | Common features seen in condos include a pool and a fitness centre. | Depends on the agreement and specific building |
| Responsibilities |
You're not in charge of maintaining the house or mowing the
grass. | The landlord is responsible for the upkeep |
What is an Apartment?
In a residential building, complex, or community, an apartment is a rental property typically owned (and not merely managed) by a property management firm. In an apartment building, every unit is the same, every tenant abides by the same rules for renting a space in the building, and every owner is the same. Every renter reports to the same property manager often found at the entrance to the complex or in the leasing office with employed leasing agents (to help current residents and lease other units).
Features of Apartments
An apartment's kitchen's colour scheme or flooring choice won't have a special, individual touch. In an apartment complex, all the units are the same unless some are more modern than others. Although many apartment buildings now include upscale amenities, the majority of apartments still have more standard features like a laundry room, an outdoor pool, and a gym. Dog parks, tennis courts, valet garbage service, and an indoor mailroom may even be available in other flats. This will depend on the quality of the unit and the surrounding area.
Paying an Apartment's Rent
In an apartment, you'll most likely pay your monthly rent (as well as any included utilities) online using the community's portal or, if you'd choose, by check. Any additional utilities (such as gas, electricity, and internet) that are not included in your rent are normally paid to those outside suppliers every month individually. While in a condominium, where the landlord manages the utilities, your monthly rent may include a flat (or by consumption) payment for those services (depending on the landlord).
Apartment Maintenance
You will probably discover that your apartment complex provides free, round-the-clock maintenance, which means that as a renter, you are not responsible for the majority of problems. You may easily submit a service request for anything you need to be fixed in your apartment through the online community site for the complex. If the situation is urgent, you can always call during business hours (or the after-hours emergency line). One of the best benefits of apartment living is the free, 24/7 maintenance.
Rules and Regulations
Though each renter must abide by the same standards when it comes to the apartment's interior, you may find instructions about trash and pet waste in the community with an apartment's property management firm. While it is illegal to paint the walls, hang objects that could harm the walls, or do any permanent decorating in an apartment, you'll find that condo owners frequently have more lax rules. Just the owner makes the decision!
What is a Condo?
A condominium is a private property rented to renters like you (what we cool kids and everyone else like to call a "condo"). Although a condo is often found in a residential structure or neighborhood, the actual unit is privately owned by the person who eventually becomes the landlord of that particular property. Since the condo owner has unlimited choice over who is permitted to rent their unit, renting a condo is more of a private, one-on-one transaction than renting an apartment. However, the landlord won't be on-site unless they reside in a different apartment they own in the same building. To me, this is a little too near for comfort, but to each his own, right?
Features of Condo
Because the owner is also the landlord, a condo probably feels more unique. There probably will be upgrades like hardwood floors, stainless steel appliances, granite countertops, and improved flooring, along with special touches like the backsplash in the kitchen or the colour of the paint on the walls. It gives the condos in the complex a little more variety. A condo owner is accountable for everything in the building if they haven't updated anything since buying or inheriting it, which is uncommon.
The owner has greater motivation to keep it updated and well-kept because they want the condo's worth to stay high and may have even lived there in the past. Luxurious features like concierge services, garage parking, outdoor spaces, a fitness facility, and even an indoor or outdoor pool are probably available within the apartment complex.
Paying a Condo's Rent
How you pay rent, utilities, and other costs are the biggest financial difference between a condo and an apartment. You'll likely belong to the homeowners association for the condominium complex if you live in one (HOA). You will be responsible for paying the monthly HOA dues as the condo's renter to maintain the building's exterior and common areas and any amenity charges like the concierge service. You most likely won't enjoy the convenience of online payments when paying your landlord's rent.
Condominium Maintenance
In a condo, the apartment's upkeep is the responsibility of either you or the landlord (or both). Although this could result in higher possible out-of-pocket expenses for you, the landlord typically pays for most problems through professional maintenance or a representative for property management. While the building's common features, such as the shared utilities, are maintained by the HOA, they do not fix leaky toilets; you must either fix them yourself or wait for your landlord to call their recommended maintenance company. Remember that it could take longer for the owner to contact their management proxy to get things addressed if they are away from the country or in another location.
Rules and Regulations
The HOA in a condo will probably set the residential rules for the complex. There can be regulations prohibiting, among other things, leaving personal goods around the neighborhood, picking up pet waste, and keeping trash outside your front door. Speaking of pets, just because the condo complex allows them doesn't indicate that the apartment you want to rent does, too. If you intend to bring your furry companion with you on your rental journey, be sure with the landlord that this flat is pet-friendly.
Main Difference Between an Apartment and a Condo in Points
- First, the fundamentals. Apartments are a section of structures with numerous rental units occasionally arranged as a community, and a qualified business frequently maintains the structures. Contrarily, condos are also a part of multi-unit structures, but normally each unit is owned by a distinct person.
- In a rental building, apartments often have the same layouts, facilities, and accents, while condos are customized to the owner's preferences. Most condos are well-maintained, and some even include excellent designs, contemporary equipment, and upscale finishes.
- Another thing to remember is that because reputable businesses maintain flats, there is frequently a 24-hour maintenance service accessible anytime something goes wrong in the house. However, if you live in a condo, you will be dependent on the owner's availability and willingness to assist with any necessary repairs. Depending on the owner, you may even be responsible for paying maintenance fees for condos. Remember that even if the landlord agrees to pay for the upkeep, it could take longer for repairs to be made.
- If the owner is selling, purchasing a condo is also possible. As we've already established, apartments are always owned and managed as a whole building or community. Therefore that is never the case. If the condo is sold, you might look for another place to live because the new owner might not be willing to let you keep renting it. In this aspect, if you don't have any immediate plans to purchase, choosing an apartment over a condo would be the safest option.
Conclusion
To rent a condo, you must keep the owner in good standing. As the owner is now your landlord, you must establish a good working relationship with them. They will be your only contact for inquiries about rent payments, maintenance requests, or anything involving the rented property. Additionally, the property is theirs, and if you are a bad tenant, your chances of having your lease renewed will be reduced.
The leasing agents and the property manager, on the other hand, are often the persons you deal with when renting an apartment through the property management firm. These individuals handle rent processing, while the maintenance crew is responsible for handling maintenance requests.
