You must have heard about apartments and condos, and you must have also heard people using these terms interchangeably. Although both are types of housing units that one can buy or rent still there are differences one should be aware of in order to make the best decision. In this article, we will be discussing the differences between apartments and condos so that you can make an informed decision on which type of housing unit is right for you. More about that in the latter part of the article but first let’s understand what exactly apartments and condos are.
What is an apartment
An apartment is a housing unit that is part of a larger building that contains multiple units. Usually, apartments are rented out by the month and they can come in various sizes, from studio apartments to three-bedroom apartments.
What is a condo
A condo, on the other hand, is a housing unit that is part of a larger building or complex, but it is owned by the person living in it. Meaning, if you purchase a condo, you are the owner of that unit and are responsible for its upkeep and maintenance. Now that we have a basic understanding of what an apartment and condo are, let’s take a look at some of the key differences between the two.
Key difference between apartment and condo:
The biggest difference between an apartment and a condo is the ownership. As we mentioned, an apartment is rented out by the month and is not owned by the tenant. On the other hand, the ownership of a condo lies with the person who bought it.
If you are the kind of person who likes to have the stability of owning your own home, then a condo would be a better option for you. But if you’re someone who likes the flexibility of being able to move around without being tied down by ownership, then an apartment would be a better choice.
Maintenance and upkeep:
If you hate dealing with repairs and maintenance, then a condo is probably not the right housing option for you. Simply because as the owner of a condo, you are the one who is responsible for keeping the unit in good condition. This includes things like fixing leaks, repairing damage, and paying for any renovations or updates that need to be made.
On the other hand, if you live in an apartment, the maintenance and upkeep of the unit is typically the responsibility of the landlord or property owner. So, if something needs to be fixed, you can simply contact your landlord and they will take care of it for you.
One of the biggest advantages of living in a condo is that you have access to amenities that you would not otherwise have if you lived in an apartment. Usually when you purchase a condo you get access to things like a gym, swimming pool and even a communal lounge area, etc.
Of course, there are apartments that come with these kinds of amenities as well, but they are typically much more expensive than condos. So, if you’re on a budget and you still want to have access to these kinds of amenities, then a condo would be a better option for you.
Privacy has become a luxury that not everyone can afford, but if you can, then a condo is definitely the way to go. It’s no brainer that a condo offers more privacy. Since you own the unit outright, you don’t have to worry about nosy neighbors or people walking by your window.
And, if you live in a condo complex that has security, you can rest assured that you and your belongings are safe and secure. Furthermore, if you have guests over, they can stay in your condo without having to worry about disturbing other people in the building.
The cost of an apartment or condo depends on a number of factors, including the location, size, and amenities. But in general, condos are usually more expensive than apartments. That’s because you’re paying for the privilege of owning your own unit and having access to amenities that you wouldn’t otherwise have.
Sometimes you may find an apartment that is more expensive than a condo, but in general, apartments are a cheaper option. You should consider an apartment if you are on a budget and are looking for a more affordable place to live.
You will have restrictions living in an apartment due to rental agreement, house rules set by the landlord etc. On the other hand, a condo offers more freedom as you are the owner of the unit. You will still need to get along with your neighbors and follow the house rules set by the condo association, but you will have more freedom when it comes to things like decoration, noise level and pet ownership.
There you have it! These are just a few of the differences between apartments and condos. Before you decide whether you should go with an apartment or a condo, you should consider your personal needs and preferences. Do some research on your own to learn more about the pros and cons of each option, and then make a decision that you’re comfortable with.