Many people get confused when they try to distinguish an apartment from a condo. If you are planning to buy one of these, you might be having the same problems as everybody else. To most of you, they are one and the same thing. But, there are vast differences between them that we need to clarify so that you can make an informed choice when you decide to purchase a property.
Here is a comparison you can use as your guide:
You can find the same facilities in both types of property. Both buildings will have a whole floor dedicated to an indoor swimming pool. Another level will be for the weight rooms and fitness centre. However, you are going to find more upscale versions of these types of facilities in condo units since these types of amenities raise the property’s values.
All condo buildings have 24/7 security so you can always ensure your safety if you are in your condo unit. Apartments, on the other hand, are less secure than condos. Although most apartment buildings do have security, it’s not as good as that of a condo building.
This is where the huge difference lies. Apartments are properties you can only rent or lease. What this means is that you can only be a tenant if you choose apartments. Condos, on the other hand, are properties you can buy. You can opt to live in it or have it rented out.
Both these types of property offer maintenance services. But, apartments are better in this regard since they have a dedicated repairman in the building 24/7. Hence, they can fix any leaks any time of the day. Condos, on the other hand, need to source maintenance help from outside.
In apartments, you pay rent depending on your agreement with the building owner. It can be a weekly, bi-weekly, monthly or yearly rent. For condos, there is no rent but, you will have to pay monthly association dues to be able to use the amenities in the condo building continually.
Both types of property have no privacy at all. You will all share a wall with your neighbours which makes it hard to keep private things a secret. But there are some apartment units and condo units that have an ample living space that will cover a whole floor. The catch with these types of units is that they are priced higher than usual. These are the similarities and differences between an apartment and a condo. When you are trying to figure which one is the right type of property for you, remember to consider the cost of living in the neighbourhood you want to live in, your financial situation, and your social circumstances.
Here’s a bit of advice. If you are seriously looking for a place to stay for a good long while, then condos are your best option but, if you are always relocating because of your job or for any other reason, then apartment rentals would be the best option for you.
If you still have any more questions, check out Gerald Eve services.