If you want to know what is the difference between a condo vs. an apartment, first let us tell you about both of them individually so that you could understand what they are and what is their purpose. Let us start by discussing an apartment. It can be defined as a residence or a place to live that is rented. It is actually a part of a large residential building.
On the other hand, when discussing what’s the difference between a condo and an apartment, a condo can be defined as a unit of a large residential building whose structure is similar to an apartment. But the difference is that it is owned instead of rented. It means that you can rent an apartment but not a condo so it is necessary for you to buy it to live in it.
Difference Between Condo & Apartment
If you are concerned about what is the difference between a condo VS. an apartment, we have mentioned the major difference between them i.e., the apartment is rented and the condo is owned. Whereas they both are used for living comfortably.
When it comes to paying property tax, the homeowner has to pay the property tax in the case of a condo. But when a person rents an apartment, paying the property tax is not his headache. The property tax is paid by the landlord instead of the apartment renter.
Besides the differences between condos and apartments, there are also some similarities between these two units. For example, they both come with on-property gyms, manicured green spaces, trash disposal, a pool, and many other things.
The difference between a condo and an apartment is that when you need the maintenance of your residence, a condo owner has to pay for the interior maintenance. But when we talk about the interior maintenance cost of an apartment, the renters are not responsible for paying this money. They rely on the landlord to address the maintenance issues and fix them as soon as possible.
Pros and Cons of Condo
When you will go through what is the difference between a condo vs. apartment, then you will clearly understand condominium vs apartment. Then, you can decide which one is best for you depending on your needs and budget. Let us first discuss the advantages and disadvantages of a condo:
Pros
- The financial future can be built by building equity in the shape of buying a condo
- Buying a condo is inexpensive as compared to buying a single-family house counterpart
- You can buy a condo at your desired location and in high-demand areas to stay in the heart of the city
- You can make the home improvements just the way you like without the permission of anyone.
Cons
- When you buy a condominium, you do not own the land beneath it but you do share an interest with other residents of the condo.
- It costs too much to maintain some common areas of a condo building.
- Buying a condo offers you limited parking options
- You can follow some rules to be a part of the community such as pets are not allowed, which facilities can be used and which are not allowed to use etc.
- Less space is available to store your items in a condo.
Pros and Cons of Condominium VS Apartment
Going through this section will help you compare the pros and cons of both condo and apartment so that you could decide which option will be best for you. Let’s discuss them:
Pros
- You are provided with security that your belongings in the apartment are secure
- It is very easy to maintain an apartment as no exterior painting is required.
- You do not have to pay tax if you are renting an apartment
- It saves you the maintenance cost when you are living in a rented apartment
- The apartments are available in different sizes and are also near restaurants and other shops that make shopping easy.
Cons
- There are limited outdoor areas that come with an apartment.
- It provides you with less storage space to squeeze in with a family.
- Living in an apartment is compromising as additional facilities are shared with other residents such as a gym or pool.
- Noise is the most common issue in apartments as there is poor sound insulation there.
- You cannot do changes to the apartment without the permission of the landlord.
- Drilling into ceilings is not allowed in apartments.
Which One Is the Best Option for Whom?
After knowing what is the difference between a condo vs. an apartment, now you must be wondering which option is best for whom. You do not need to worry about it when we are here for you to provide you with detailed information about everything about a condo and an apartment.
The condo is considered best for those people who are buying a house for the first time. People who cannot handle the yard work or other related areas of their house should buy a condo because the condo association takes care of and is responsible for the maintenance of your property. So, you need to pay monthly homeowner association fees for this purpose.
On the other hand, an apartment is considered best for those who cannot afford to buy a property. It is best for those who do not want the expense and responsibility of homeownership. Thus, it is a good option for those who do not plan to stay at the same location for a long time. So, they can move from one apartment to another in different locations.
Conclusion
In this guide, you came to know about what is the difference between a condo vs. apartment. The explanation of the differences between them will be helpful for you to decide whether you should buy a condo or rent an apartment. But it also greatly depends upon some other factors such as your budget and how long you want to stay at that location. If you want to live for a short time then you should rent an apartment instead of buying a condo. You can easily find a remodeling contractor or a well-reputed remodeling company on a free directory such as the CityLocal 101.