Apartments vs. Condos? Which Fares Better for Hiring?
Tuesday Dec 18th, 2018
Before you embark on the renting journey, know that the path is dotted with a million questions that need to be taken into consideration. If you are in the midst of such a situation, you need to round up your budget and see what you can get from the money. The next question on your mind would be whether to choose an apartment or a Condo to rent. Let’s look into which fits your requirements.
What is a condo?
A condominium is a sort of private residence in a community or building owned by an individual who also acts in the capacity of a landlord. These units boast an extensive list of amenities and a clear structure, including access to BBQ areas, fitness centers, pools and a host of other perks that come with community living. When the owner is the landlord as well, they would feel more motivated to invest in the property and boost their lifestyle with all the exciting and useful amenities that the unit has to offer for a price. Even better, if the owner had lived in the Condos before renting it out, they might have made customizations to it or perked it up with their own distinctive touch. Being the landlord, the owner could negotiate some items on your lease or allow you to make certain reasonable modifications to your house.
Are condos cheaper than apartments?
To put it in a nutshell, whether you rent an apartment or a condo, both weigh the same on your wallet. The only difference lies in the method of monthly payments. Homeowner’s association manages condos and entail a HOA fee for everyone living in the condo. This translates into the fact that your rent will be inclusive of both the fees for the maintenance of common areas and the utilities. Even though apartment buildings do not charge any fees, the rend doesn’t include utilities.
What’s the difference between an apartment and a Condo?
Let’s get down to the basic! Apartments are part of buildings housing a plethora of rental units and the buildings are generally managed by a professional company. Sometimes, the rental units are organized as a community. On the other hand, while condo buildings also constitute many units, each is owned by a different individual. In a rental building, apartments tend to be cookie-cutters, have the same layout and are usually designed the same way, with similar decorations and amenities. Condos, on the other hand, carry the owner’s distinctive touch and taste. Apartment buildings may change owners that that doesn’t change their rental nature, so from the owner’s perspective, it’s hardly prudent to invest in a place you might be leaving anytime. You might find far more Formica, vinyl, and carpet, than granite and hardwoods. Most condos are well-kempt, often boasting of high-end finishes, modern appliances, and exquisite designs.
Also, since apartment buildings are managed by professional companies, you can rest easy knowing that whatever goes wrong in your home, you can avail round-the-clock maintenance. However, when you are living in a condo, any maintenance is dependent on the availability of the owner and their willingness to help out. Depending on the landlord, you might even have to bear the maintenance overheads yourself. Even if the owner is willing to take care of the maintenance, they would do it in their own time.
If the owner of your condo is selling, you always have the option of buying the unit you are living in, as opposed to apartments managed and owned as a single community or a building. If the condo you have rented out is sold, you will find yourself in the midst of shifting again, as the new owner might not want to rent to you. This is why when you are faced with the conundrum of apartment vs. apartment, it is more prudent to buy an apartment if you are not planning on buying anytime soon.
In addition, Condos are generally governed and managed by committees and association boards that includes the residents. Condo owners contribute meaningfully to their community and have a strong say in how bylaws and regulations govern the community. In contrast, apartment residents are often at the whims of their landlords. In addition, the part and parcel of owning a condo is the Homeowner Association Fees. This additional fee goes into maintaining the building exteriors and the communal areas.
Condo vs. apartment – The Moment of Truth!
Most people looking to rent, often choose a place professionally managed by a company, since they are construed more apt at taking care of the minute details, such as fees, paying the rent, and maintenance. However, condo living has its own perks as well. You can look for Cityplace Condos in a stunning building, equipped with unique designs and outstanding amenities. Beware that some HOAs do not indulge owners renting out their units, therefore, finding a condo for rent might prove to be a tough nut to crack.