Many people think that condos and apartments are the same, but the fact is condos are profoundly different from the apartments. A condo is considered a new regeneration of a residence. You will find condos to be spacious, and it has more amenities, a living area, and is higher priced compared to an apartment. On the other hand, an apartment is a nice place to live and, in some way, better compared to a single-family home. An apartment proposes independence and has got a considerable amount of space. Additionally, it is a safer place compared to a condo.
Difference between a condo and an apartment
An apartment might not propose the extravagance of a condo, yet it is a highly preferred by the middle-class income group people. When the matter comes to a condo vs apartment then a person has to understand some aspects like the following:
- Price – The cost of a condominium is higher compared to an apartment though you will come across some expensive penthouse apartments also. The price of the apartments and condos do vary based on their location and size. People plus families commonly buy the condos, but an apartment is generally rented out.
- Maintenance – Both apartments and condos have got their interior maintenance team. The organization of an apartment or a condo is usually liable for maintenance issues, but you will discover some differences between them. In the flats, the association to take care of washing floors, leaking taps, or keeping the lifts in good working condition. However, in condos, maintenance does vary from cleaning snow, repairing washing taps, to keeping the shared swimming pool clean, besides many more.
- Amenities – It is one of the most vital aspects that distinguish an apartment from a condo. Condos have many things to offer regarding amenities, like tennis courts, basketball court, small ponds, cabana, Dog Park, children’s playground, Jacuzzi, athletic club, trails, fitness facilities, volleyball courts, aerobics center, conference room, multipurpose rooms, dry heat saunas, massage parlors, multipurpose rooms, grocery stores, etc. However, most of these things are missing from an apartment. In an apartment, you will find only some fundamental things, like a playground, a park, and a car parking.
- Investment perspective – When you see from an investment perspective, then both apartments and condos are viewed to be excellent. Apartments were more popular some five years back, and condos are still struggling to get as popular as an apartment. Many people find an apartment on rent easily but not a condo.
The variations in rent
When the matter comes to a condo vs. apartment, then you must be aware that renting an apartment means you are generating a monthly rent payment. Liable on the processes of handling payments of the leasing offices, you will be able to pay the rent with the help of a check. You can also make an online payment via your designed portal or a bank. On the other hand, renting a condo would require you to pay a monthly rent payment. It might also require homeowners’ association fees. How a person will make the payments is dependent on what has been agreed by the homeowner and the tenant.