Condo vs. Apartment: Which should you choose?

 Condo vs. apartment: Which should you choose when searching for a place to call home? You will easily find a variety of listings available, but it is good to know about the differences between a condo and an apartment. They may appear similar in terms of square footage and cost, but there are significant differences that will affect your decision. Ownership is the biggest difference between a condo and an apartment. They are actually two very different types of homes. 

 

Condominiums have an owner. All the homeowners within a condominium building share responsibility for common areas, such as recreation amenities and maintenance. Condos typically have a homeowners’ association (HOA) that manages the building, upkeep, and fees for individual condo units.

Some condo owners are allowed to lease their property as rental units, so a renter will have a different type of landlord experience for each unit, even if they are in the same building. Each individual condo owner is its own individual landlord.

Renters often have to rely on common sense and instinct when deciding where to live in an apartment or condo building. Taking the time to do some basic investigation can make a difference in the long term for how happy you will be if you end up living in that particular apartment building or condo community.

Another difference between a condo and an apartment is the maintenance aspect. Maintenance is typically handled by whomever is managing the properties. At apartment buildings, maintenance and repairs are often handled quicker because the issues can impact other apartment units in the building. On-call or on-site maintenance crews can be a huge plus for apartment dwellers. The downside is they typically frown on do-it-yourself renters attempting to fix things on their own. The apartment management will insist on consistent standards and appearance throughout an apartment building.

Maintenance in condos, on the other hand, is the responsibility of each individual condo owner. Repairs in common areas are handled by the HOA. However, condo owners may not react as swiftly about calling a vendor for repairs.

Fees such as security deposits, pet fees, and first/last month's rents are another variable when it comes to condos vs. apartments. Condo fees are decided by each condo unit’s individual owner. One of the big differences is the condo owner’s monthly HOA fee which could get passed on to a tenant to pay and can provide access to numerous amenities such as a pool or fitness center. Speaking of amenities, they can vary widely between condos and apartments.

Policies are enforced somewhat differently in condos vs. apartments and are usually outlined in the lease. A property manager handles enforcement of all rules in an apartment building, along with complaints and matters pertaining to a lease. HOAs create the rules for common areas in a condo building. They are listed in the condo association covenants, conditions and restrictions (CCR). Obtain a copy if you decide to live in a condominium building, and plan to abide by it.