Not everyone is interesting in owning a home. In some markets, home ownership does not make financial sense. Others prefer the comfort of living in an apartment or condo because they do not want to take on the maintenance that home ownership can entail. Those who are not interested in owning a home, or even renting a home, may need to decide between an apartment vs condo.
When deciding between an apartment vs condo, it is important to understand the differences between the two. Both apartments and condos are typically living spaces located within a larger building. However, an apartment is usually a rented living space whereas a condo is purchased. There are exceptions to this rule, especially in larger cities where one may have the opportunity to purchase an apartment or lease a condo, so it is important to read the terms of a contract carefully.
Another one of the key differences between an apartment vs condo is the type of living. An apartment functions like a rental community in that the tenants can only make limited changes to their dwelling and they must adhere to the strict rules of living in the community. Condos also tend to have strict rules, such as rules about what can be stored on a balcony. However, these rules are typically less restrictive and are meant to uphold the value of the dwellings by preventing owners from lowering the values of their condos or making the building less attractive for other potential buyers.
When deciding between apartment vs condo living, one must also consider the type of community. Condos are more likely to be restricted to a certain type of owner, such as a senior citizen living community or time share condos for vacationers. These restrictive terms can be useful for those looking to live among people who are similar to them. Apartment communities are usually more flexible because the owners or property management company must fill a certain number of units to remain profitable.
Another distinction between an apartment vs condo is how the common areas operate and are paid for. An apartment has common areas, such as a pool or a exercise room, that are shared by the tenants. The cost of maintaining these areas usually comes out of the rent. On the other hand, the common areas of a condo are jointly owned and may be paid for separately. Any renovations or upgrades may be voted on by the condo owners.
The decision about living in an apartment vs condo is a weighty one. The potential tenant or buyer should investigate the market before they make a decision. In some cities, it makes more sense to rent an apartment than to purchase either a condo or a home, for example.
