For those of you who are hunting for a place to live, the chances are that “apartments and condos” are your most preferred choice. Both forms of residential facilities are widely popular around the world for their affordability and flexibility. So what’s the difference between the two?
An apartment is a part of the residential unit with a common lobby and hallways. The apartment complex is owned by the developers and rented out to different tenants whilst the owners are responsible for the maintenance of the building and purchasing big appliances such as fridge and oven. A Condo physically resembles an apartment complex but is a set of individually owned units which have a common complex but ruled under an organization.
Both sets of properties have their pros and cons.
Here’s a look on how buying a condo vs. renting an apartment can fit your lifestyle and budget.
Pros of Renting an Apartment
• All-inclusive amenities: With apartment rental, all you have to do is pay the rent on a monthly basis and you can benefit from the added amenities such as security, alarms, gardening, laundry, etc.
• No maintenance worries: In an apartment, you don’t have to worry about any extra expense for maintenance. The landlords of the apartment provide services which include repairing, painting, plumbing, etc.
• Flexibility: the landlords of the apartment offer long-term and short-term leasing plans so you can move out whenever you feel like it. Some apartments even allow renters to rent their property on a month-to-month basis which is ideal for those who are frequently traveling or between jobs.
• Perfect for living alone: for those who live alone, an apartment is a perfect choice since it can give you the needed space without unnecessary large bills.
• Lower heating and cooling bills: Your utility bills especially electric bills are likely to come less in an apartment when compared to what you would have in a house.
Cons of renting an apartment
• Lack of privacy: In an apartment, many people live close to you which forces you to deal with loud children, dogs barking, and many times smells of the meal that are cooking next door.
• Lack of freedom: Most apartment buildings have restrictions on the remodeling you can perform inside. If you don’t like the carpet or the wall color of the apartment – chances are you are stuck with it and have no choice but to bear them.
• No long-term investment: Since you are paying money to the apartment owner, you have no chance of redeeming it later when you decide to sell the property.
• No property to own: The apartment that you live in is not owned by you and, therefore, the owner holds the title of the apartment complex. He or she can always choose to cancel your leasing agreement as well as increase the rent.
Pros of buying a condo
• Affordability: Of course, it is cheaper to rent an apartment rather than buy a condo but when compare to single-family home – a condominium is generally cheaper and a great first step for those who wish to acquire a home ownership.
• Included maintenance: although apartment renters benefit from complete maintenance, the owners of a condo can also appreciate a grounds crew that cuts the grass and maintain the landscapes. Some condos also have plenty of workers on premises which can help you if something in the interior breaks.
• Amenities: Some luxuries such as swimming pools, fitness center, tennis courts are beyond the budget of average homeowners. Many condos offer their residents many such amenities which they will not be able to afford on their own.
• Security: Most Condos have enhanced security features such as doormen and guards. Also, living in close proximity with other people will also provide a sense of security and help if needed.
Cons of buying a condo
• Homeowners Association Fees: A condo is a part of a shared living area. The homeowners association is in charge of the common areas as well as the amenities that it offers. Apart from your mortgage, you will have to pay monthly fees towards the homeowners association to upkeep the property.
• Difficult to sell: The condos are sensitive to estate market conditions and don’t sell as quickly as single-family homes.
• No land ownership: In a condo, you only own the living space not the actual land beneath it.
• Lack of privacy: condo living is similar to the lifestyle of apartments and includes many benefits of apartment complex especially the neighbors on the other side of the wall.
Make your choice – Apartment or Condo?
After gaining some knowledge from us, are you ready to hunt for your new home? What will you chose to do – rent an apartment or buy a condo! Always remember that the right place should fit your budget and make you feel at home!