Apartment vs. Condo: What’s the Difference?

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It may come as a surprise to many of you renters out there that condominium and apartments are in fact not one in the same, though they share many similarities. There are several key differences between a condominium and an apartment ( stemming from possession ). While a condominium is owned and managed by a landlord, an apartment is typically owned and managed by a pot, known as a property management company. Let ’ s dive into the details to discover more about each rental option, shall we ?

What Is a Condo?

A condominium ( what us cool kids – and everyone else – like to call a “ condominium ” ) is a secret residence that is rented out to tenants like yourself. A condominium is typically located in a residential build or community, but the unit itself is privately owned by an individual who becomes the landlord of that place. The owner of the condominium has full say as to who is approved to rent their unit, indeed renting a condominium is more of a personal, one-on-one process than renting, say, an apartment. however, the landlord will not be on web site, unless they live in another condominium they own in the lapp building – a little excessively close for comfort for my taste, but to each his own, right ?

What Is an Apartment?

An apartment is a lease property that is normally owned ( not just managed ) by a property management company, located in a residential build, complex, or residential district – whatever the situation may be. In an apartment construct, all of the units are the lapp, the owner is the lapp, and the tenants all follow the like guidelines for renting a unit of measurement in the complex. Every tenant reports to the same place coach, who can typically be found in the lease office with use leasing agents ( to assist current residents and lease early units ) at the front of the community or within the complex .

What’s the Difference Between a Condo and an Apartment?

so, what makes a condominium different from an apartment ? In terms of forcible attributes, nothing. The dispute between the two stems from possession. You nowadays know that an apartment is housed within a complex ( filled with other apartments ) that is owned by a unmarried entity, much a pot, and then leased out to individual tenants. A condominium, however, is owned by an individual and normally managed by either the owner personally, or it lies under the umbrella of that condominium residential district ’ sulfur homeowner association ( HOA ), often relying on the aid of a property management party. This is getting a bite crafty – I know, but bear with me ! so, when you rent a condominium, the individual condominium owner is your landlord, but when you rent an apartment, the place director that works for the corporation ( the owners ) serves as your landlord of sorts, though you may not have angstrom much contact with them directly as you would a landlord because all members of the rent office aid residents. Got it ? Good. Let ’ s move on to how condominium and apartments differ apart from their ownership .

Characteristics of a Condo versus an Apartment

We ’ ve covered the most important component that will affect your lease journey when living in a condominium versus an apartment – the ownership. But how else does a condominium differ from an apartment, you ask ? There are a few factors that can differ ( even slenderly ) between the two .

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Types of Amenities

Between fireplaces and fitness centers, there ’ s a huge range that comes with renting, whether that be a condominium or an apartment. So what different amenities are offered in each ?

Condo amenities

Because the landlord of the condominium is besides the owner, it ’ s probable that a condominium has more of a personal touch to it. You ’ ll probable rule update features such as granite countertops, stainless steel steel appliances, and upgraded flooring ( hello, hardwoods ! ), along with personal touches such as the paint discolor on the walls or the backsplash in the kitchen. It gives some diverseness between each condominium in the residential district. Everything in a condominium is done by the individual owner ( unless they didn ’ triiodothyronine update anything since buy or inheriting the property – which doesn ’ t happen frequently ). It ‘s likely update and kept up because the owner has more incentive to do thus – they may have even previously lived in the condominium, and they want the property measure to remain high. If the condominium is looking sharp, then it ’ ll be easier to rent, and the owner can charge more for an update condominium than for a lackluster one. In the condominium community itself, you ’ ll likely find epicurean amenities such as concierge services, garage park, outdoor areas, a seaworthiness center, and even an indoor or outdoor pond .

Apartment amenities

When it comes to an apartment, there international relations and security network ’ thymine going to be a special, personal refer with the kitchen ’ south color outline or the choice of deck. The units in an apartment complex are identical, unless some are more upgrade than others. Though many apartment communities these days besides offer lavishness amenities, most apartments will even offer more basic amenities, such as a laundry room, an outdoor pond, and a gymnasium, while in others, you ’ ll find a pawl park, tennis courts, valet waste, and even an indoor mailroom. It depends on the area and the quality of the apartment .

Cost of Renting

mighty immediately, I have a feel you ’ ra ask, “ Is a condominium more expensive than an apartment ? ” The answer to your wonder, my fellow tenant, is no. A condominium is not technically going to cost you more in rent than an apartment. If a condominium and an apartment are in the like part of town, then they will probably cost around the like. It does, however, depend on the quality of the rentals. If one is more upgrade and offers more amenities than the early, then it ’ ll be priced consequently. Both landlords of condos and place managers of apartments monetary value their units based on the average economic rent in the area, comparing their rent to nearby condominium and apartments. competitive price is the list of the game !

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Paying rent for a condo

The greatest deviation between a condominium and an apartment cost-wise is the way you pay rent, utilities, and extra fees. In a condominium, you ’ ll credibly be a part of the condominium community ’ randomness homeowners association ( HOA ). As a tenant of the condominium, you ’ ll have to pay monthly HOA fees for the sustenance of the common areas of the community and the exterior of the complex, along with any agreeableness fees such as the concierge services. When paying rent to a landlord, you probably won ’ t have the appliance of on-line payments. Paying by confirmation will always be in style when it comes to renting a condominium. It actually just depends on the landlord, thus draw sure you ask their choose method of requital for rend before you sign your lease .

Paying rent for an apartment

In an apartment, you ’ ll likely pay your monthly lease ( and any include utilities ) on your apartment community ’ south on-line portal, or by check if you prefer. You will typically pay any other utilities that are not included in your rend ( such as accelerator, electricity, and internet ) individually to those external providers on a monthly basis. Whereas in a condominium, your monthly lease may include a flat ( or by usage ) rate for utilities because they are managed by the landlord ( depending on the landlord ).

Maintenance

Whether you rent a condominium or an apartment, you ’ re going to have alimony issues that come up. Whether it ’ s a leaky faucet or a move toilet, the problem is going to need to be fixed. But whether that ’ randomness by you, the landlord, or a alimony team depends on which character of lease you choose .

Condo maintenance

In a condominium, either you or the landlord ( or both ) are creditworthy for the sustenance of the whole. This could mean more electric potential out-of-pocket costs for you, but the landlord normally covers most of the issues through his/her property management proxy or hired sustenance. Though the HOA covers the sustenance of community areas such as the shared amenities and the construction itself, they do not fix your leaky toilet – for that, you will either have to fix it yourself, or delay for your landlord to call in their preferable alimony supplier. Keep in mind that if the owner is out of the country or in another state of matter, it may take them more clock to contact their management proxy to get things fixed in the unit .

Apartment maintenance

In apartment animation, you will most likely find that your apartment community offers loose, around-the-clock maintenance, meaning that as a renter, you are not responsible for most repairs. typically, through the apartment community ’ s on-line portal, you will put in a avail request for anything that you need fixed in the apartment – easy peasy ! You can, of course, constantly call during agency hours ( or the after-hours hand brake course ) if the matter is pressing. sustenance that is 24/7 ( and release ) is one of the greatest perk up of apartment animation .

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Rules and Regulations

No one likes rules ( for the most contribution ) – early than those who enforce them – but it ’ sulfur crucial to follow them if you want to stay on good terms with your landlord or place director. They may differ depending on the type of rental you live in .

In a condo…

In a condominium, the residential guidelines for the build will probable be set by the HOA. For case, there may be rules against keeping trash outside of your front door, picking up pet consume, and not leaving personal items around the community. speaking of pets, if the condominium community is pet-friendly, that doesn ’ thymine inevitably mean that the condominium you ’ re interest in renting is. Check with the landlord to make certain that this unit is pet-friendly if you plan to bring your furred friend along on your rental travel .

In an apartment…

With an apartment ’ s place management company, you ’ ll besides find guidelines regarding trash and darling waste in the residential district, but every tenant must follow the lapp rules when it comes to the inside of the apartment angstrom well. Though you are not allowed to paint the walls, hang heavy items that many damage the walls, or do any type of permanent dress in an apartment, you ’ ll find that condominium owners much have more lenient guidelines. It just depends on the owner !

Choosing Between a Condo and an Apartment

When renting a condominium, expect to have a personal, direct relationship with the owner of the condominium. This owner is nowadays your landlord, and you ’ ll want to keep things friendly as this is the only person you will be contacting when you pay rend, request care, or ask any questions regarding the condominium. It ’ second best to keep a positive relationship with this person if you like living in their lease. After all, the condominium belongs to them, and if you ’ re not a thoroughly tenant, it ’ s potential they won ’ triiodothyronine admit for a lease reclamation. When renting an apartment, you ’ ll likely distribute with respective members of the property management caller, including the property coach, assistant property coach, and respective leasing agents. These people will help process your rent, assign the maintenance team to your requests, send out community announcements and reminders, and keep the community pristine through lease workers and reminders to residents about their duty to the sustenance of the community. This is in regards to picking up after your pets, parking in one spot ( and one topographic point only ), and being respectful of your apartment neighbors. It ’ randomness easy gorge ! Choosing between a condominium and an apartment is up to you, but with a richer reason of what makes them unique, your rental journey should be fluent sailing from here ! felicitous hunt, you knowing tenant, you.  

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