Depending on your preferences, the distinction between an apartment and a condo might greatly affect your living situation. Apartments and condos are distinct in terms of ownership, management, amenities, upkeep, rules, as well as in terms of how much they cost. The merits and downsides of each can create two vastly distinct living experiences.

Are you torn between renting an apartment or a condo? For your convenience, we’ve broken it down into manageable chunks.

 

Apartment vs. Condo: Definitions

A condominium is a private property that you are renting. It is usually placed in a residential complex or neighborhood, but it is privately owned by the individual who rents it out.  Renting a condominium is more personal and one-on-one than renting an apartment.

An apartment is a rented unit in a residential structure, complex, or community-owned by a property management firm. In an apartment complex, the owner is the same, all units are the same, and the renters follow the same rules for renting. There is usually a leasing office with professional leasing agents at the entrance of the community or within the complex, where every renter reports to the same property manager.

 

Apartment vs. Condo: Factors to Consider

Let’s start at the beginning. Most apartment complexes have many rental units and are overseen by a property management company. These complexes can be arranged as a community. While condos are also part of multi-unit structures, each unit is normally owned by a separate individual.

Condos, on the other hand, are meant to reflect the owner’s particular style and include unique layouts, facilities, and décor. In most condominiums, you’ll find high-end finishes, modern appliances, and exquisitely designed interiors.

Another thing to remember is that apartments are usually managed by competent businesses, which means that if something goes wrong in the residence, 24-hour maintenance is usually available. Because of this, living in a condo requires that the owner be available and willing to assist in any repairs that are required.

If you live in a condo, you may even be responsible for the upkeep charges, but that depends on the owner. Maintaining a rental property can be time-consuming, even if your landlord agrees to pay for all of the repair bills. So better learn some basic repairs and invest in a good telescoping ladder.

If the owner is selling the condo, you may also be able to purchase it. Apartments, on the other hand, are owned and operated as a whole building or community; therefore, this isn’t a concern. If the condo is sold, you may have to find a new place to live because the new owner may not want to keep renting it. If you don’t intend to buy a condo or apartment in the near future, the safest option is to go with an apartment.

 

Apartment vs. Condo: Pick Wisely

Renting from a management business is preferable to renting from an individual since they are thought to be more organized and knowledgeable in dealing with various scenarios, such as upkeep, paying rent, and fees.

However, there are some advantages to living in a condominium. If you are lucky, you’ll locate a condo in a stunning building with first-rate features and a distinctive style. Condos for rent may be tough to find since some homeowners’ associations (HOAs) have a hard time with owners leasing out their apartments.

You may also need to get an insurance based on your final decision. Condo insurance, unlike apartment insurance, provides coverage for the building as well as personal items. Make sure to thoroughly review the policy’s terms and conditions before deciding which one is best for you.