What is Difference between Condo and Apartment?

The condo is a residential area or building where the actual unit is privately held by the individual who eventually becomes the building’s landlord while the apartment is a rental home that is typically owned (rather than just managed) by a property management firm.

Apartment is situated in a community, complex, or residential structure depending on the circumstances.

In this article you’ll learn:

So, if you’re ready to go with the it, this article is for you.

Let’s dive right in.

Condo Vs Apartment:

What is Condo?

A condominium is a private residence that renters can occupy.

The actual unit is privately owned by the person who eventually becomes the landlord of that specific property, even if a condo is frequently located in a residential building or neighbourhood.

Since the condo owner has complete control over who is permitted to rent their unit.

The renting a condo is more than renting an apartment.

The landlord won’t be present unless they live in another unit they own in the same complex.

Pros:

Dealing with a landlord is typically not essential.
You will get the chance to meet your neighbours.
Repairs to the building’s exterior and communal areas are the responsibility of the HOA.

Cons:

Extended dedication.
demanded a down payment, which may be expensive.
All maintenance fees are the owner’s responsibility.
HOA dues must be paid by owners.

What is Apartment?

A landlord or apartment complex management firm charges you a monthly rent in exchange for the use of the property when you rent an apartment.

The occupant will typically sign a lease after filing and getting their rental application approved.

The occupant then pays the landlord a security deposit and monthly rent, and throughout the duration of the lease, while both parties are bound by its terms.

As compared to condo, the rent cannot be raised until the lease is for renewal in apartment.

In some circumstances, amenities like gas, electricity, even internet and cable will be included in the rent.

Pros:

Flexible dedication.
lower initial expenses.
Repairs to shared spaces are the responsibility of the landlord.

Cons:

It may be difficult to meet neighbours.
The contract and the landlord’s home regulations must be followed by tenants.

What is the Difference Between Condo and Apartment?

A condo is owned by a single person, whereas an apartment is part of a larger residential building.

Condos	Apartments
A landlord is the owner of a condo. This gives the owner complete control over who rents the property, making it a more intimate process with a one-on-one conversation.	An apartment is housed in a structure that is owned by one entity, and subsequently rented to different tenants (filled with other apartments).
An organization purchases a condominium, which is typically maintained by the owner or the condo complex’s homeowner association (HOA), occasionally with the assistance of a property management firm.	A residential society is a sizable residential cluster of apartments, they are often owned by a single organization or management.
In addition to luxury condo amenities like granite countertops, upgraded flooring, and stainless-steel appliances, special touches like the backsplash colour or the wall paint colour may also be present.	The colour scheme of the kitchen or the flooring selection won’t have a special, individual touch in an apartment.
Renting a condo will be less expensive than renting an apartment.	In an apartment, you would most likely pay the property manager or owner your monthly rent in addition to any utilities that were included.
In a condo, either you, the owner or both are in charge of managing the unit.	Apartment living ensures that you are not required to pay for the majority of improvements as a renter because your apartment association typically offers free, round-the-clock maintenance.
The majority of the rules and restrictions in a condo are set by the HOA including caring for pets and picking up trash, etc.	Each occupant is required to follow the same rules and laws as the rest of the neighborhood.

FAQ- Condo vs Apartment:

Which is better: an apartment or a condominium?

If you’re looking for a range of amenities, a condo might be a better option for you.

Is buying a condo a worthwhile investment?

Particularly when compared to single-family homes, which frequently need improvements and care, condos have proven to be an excellent choice for investors searching for investment opportunities with low maintenance requirements.

What is the average lifespan of a condominium?

The 50-year norm under the statute relates to the lifespan of a corporation, which is basically the same for the condominium project’s unit owners.

Also read: Floor Space Index (FSI) | Components of Building | Carpet Area

Conclusion:

We hope this article on differences between condo and apartment living will help you decide which best suits your needs.

Expect a close relationship with the owner if renting a condo and you will interact with a variety of parties when renting an apartment including an agent, a society committee, etc.

These are the folks that will assist you with all matters pertaining to your unit.

Choose the finest option as you are aware of the differences between a condo and an apartment.