Condo vs. Apartment: Which One Should You Choose When Renting?

Do you ever wonder, “What apartments and condos for sale near me are available?” Or, are you torn between these two and confused which one to go for? While both options offer similar living style and architecture, choosing one of them would give you a different living experience and style.

We have created this brief guide to tell you the difference between a condo and an apartment, so that you can easily decide which one you need to go for.

What Is A Condo?

Let’s first learn about what a condo is.

A condominium, commonly known as a condo, is a shared property that comprises of spare residential spaces that an individual can rent. These shared spaces can either be an apartment house, an office building, or even a multi-unit complex.

Difference Between A Condo And An Apartment

Amenities:

An apartment offers several amenities such as a parking slot, on-site laundry, gym, outdoor pool facility, and free maintenance. On the other hand, condos amenities are different. Typically, in larger condos, you can expect to have a concierge, lounge, pool, gym, and a shared outdoor area. However, the maintenance of all these amenities is shared between everyone living in the building. In addition to this, if the owner of a condo needs to repair something in his own unit, he pays for it alone.

Costs:

When it comes to cost, the rent of an apartment is usually fixed for a certain amount of time (time of your lease), however it can increase when you renew your lease. Apartments usually offer monthly rent of short-term leases for at least one year. In addition, the pay rate of apartment depends on the market rate and unit’s availability.

Talking about condos, renting a condo makes you pay a fixed amount of payment for a certain amount of your rental period. Your rental payment is decided by your landlord. At times, your rent may also include utility bill fees as a flat fee rather than a fee based on your usage.

Stay Duration:

Moving out from a condo is not as easy as it seems. The owner of the condo first has to decide if he wants to sell off the condo or wants to rent it. Also, if he wants to rent, he needs to ask permission from the HOA. On the other hand, when moving out of an apartment you don’t have any restrictions as you do not own it. So you can move out anytime without much thinking.

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