The differences between a condo and an apartment are many. If you’re on the fence about which choice is right for your living situation, you’ll want to keep reading. In the following content, we’ll discuss the differences between the two and the pros and cons of each.
The Main Difference Between An Apartment And A Condo
It may be difficult to discern a condominium from an apartment building at first glance, but the biggest difference between the two is ownership. An apartment building is a multi-unit complex owned by one individual who serves as the landlord for all the units. A condominium is a multi-unit complex as well, but each unit is owned by a different individual who serves as that unit’s landlord if the owner chooses to rent his condo out.
Other Differences Between Condos And Apartments
HOA Fees And Utilities
When you rent an apartment, you won’t have to pay HOA (Homeowner’s Association) fees, but you’ll likely be responsible for paying the monthly utilities.
When you rent a condo. The landlord usually pays the utility and HOA fees, but then passes these fees on to the renter.
Floor Plans And Layout
All units in an apartment building will be similar in floor plan and décor, while the units within a condo building will likely differ in style, layout, and condition.
The Pros And Cons Of Renting A Condo
Pros: Condos are usually in great shape and often include modern upgrades.
Condo owners may be more open to negotiating rent and other fees.
Condos often include great amenities including pools, concierge, fitness centers, outdoor spaces, etc.
Condo rental rates are often comparable to apartment rent, making condo living just as affordable as apartment living.
Cons: You may be responsible for paying HOA fees or maintenance fees.
You may have to deal with an inexperienced landlord.
The Pros And Cons Of Renting An Apartment
Pros: Your chances of dealing with a professional, experienced landlord are greater than with renting a condo.
You won’t need to worry about maintenance as the landlord takes care of all repairs and upgrades.
Paying rent is easy as there is likely an online portal to do so.
Apartments often include amenities such as pools, a doorman, gyms, etc.
Cons: Apartments are often small and impersonal. You don’t have the option of making changes to paint or existing décor lest you incur hefty fines.
You won’t be able to make any renovations in an apartment.
Landlords don’t often allow pets in apartments, but if they do, there are usually restrictions on breed, weight, and size.
While you may pay comparable monthly rents for a condo or an apartment in a given area, there are major differences in the two rental units that you’ll want to consider to make the right choice for you. Hopefully, the information above helps you choose between these two popular rental options.