Comparing Condo and House Prices . Tweet. None of the amenities an apartment will give you come close to that of a condo. (1). Apartments. The biggest difference between a condo and an apartment is ownership. But how else does a condo differ from an apartment, you ask? Condo vs. The reason for the rise in their popularity is based on less space and provision of accommodation for a large number. Maintenance that is 24/7 (and free) is one of the greatest perks of apartment living. When renting a condo as opposed to an apartment, you will typically get a better choice of amenities and perks. Let’s dive into the details to discover more about each rental option, shall we? You now know that an apartment is housed within a complex (filled with other apartments) that is owned by a single entity, often a corporation, and then leased out to individual tenants. Most people would prefer renting in a place professionally managed by a company because they are expected to be more organized and experienced in dealing with different situations (maintenance, paying the rent, fees). … [Apartment] residents are only entitled to rent units, but usually at cheaper rates than comparable condominiums due to the difference in facilities. If you’re still new to the area and want to get to know it better before settling down, are not financially stable enough to buy a home, lack credit or need to move as soon as possible, renting an apartment usually is a more reasonable option. In terms of physical attributes, nothing. Not to mention the ease of living that these spaces offer. As with any major purchase, it’s important to thoroughly understand your options. You will typically pay any other utilities that are not included in your rent (such as gas, electricity, and internet) separately to those external providers on a monthly basis. This includes things like vaulted ceilings, special light fixtures, and granite countertops. However, the landlord will not be on site, unless they live in another condo they own in the same building – a little too close for comfort for my taste, but to each his own, right? In apartment living, you will most likely find that your apartment community offers free, around-the-clock maintenance, meaning that as a renter, you are not responsible for most repairs. However, an apartment happens to be a low-cost and simpler way of life. A single condo unit typically belongs to an individual condo owner. You have the option to purchase a condo, as you would a house. Especially given condos have higher hoa fees. So, this makes it straightforward to raise concerns or fix maintenance issues, especially if you rent a condo. If this happens, you’ll need to vacate the building after a notice period. So, what makes a condo different from an apartment? A condo, however, is owned by an individual and usually managed by either the owner personally, or it lies under the umbrella of that condo community’s homeowner association (HOA), often relying on the assistance of a property management company. This owner is now your landlord, and you’ll want to keep things friendly as this is the only person you will be contacting when you pay rent, request maintenance, or ask any questions regarding the condo. When renting an apartment, you’ll likely deal with several members of the property management company, including the property manager, assistant property manager, and various leasing agents. The owner of the condo has full say as to who is approved to rent their unit, so renting a condo is more of a personal, one-on-one process than renting, say, an apartment. There’s also the benefit of living in a condo community. It does, however, depend on the quality of the rentals. It's likely updated and well-kept because the owner has more incentive to do so – they may have even previously lived in the condo, and they want the property value to remain high. When it comes to solving the problems that you might face after renting the property, the response from the property management company would differ. It’s easy stuff! Structure and community amenities. An apartment is usually owned and managed by a professional property management company. It does, however, depend on the quality of the rentals. However, there are various other cost factors to consider too. Instead, apartments typically have one owner, most likely a corporation, and are leased to individual tenants. However with condos, the facilities go far beyond the basics. It really depends whether you want the lifestyle benefits of a condo, or something basic without amenities that you’ll find with an apartment. In a condo, you’ll probably be a part of the condo community’s homeowners association (HOA). 6 0. lindsy. Apartment: The Pros and Cons of Condos Pros : Condos are typically in great condition, offer great amenities, and can be just as affordable as renting an apartment . Overall, condo owners get way more bang for their buck. You’ll likely find updated features such as granite countertops, stainless steel appliances, and upgraded flooring (hello, hardwoods! An apartment and a condo are the same thing. Common areas of concern for any property purchase is space ownership. For example, a newer vs an older building will have different associated costs. In the condo community itself, you’ll likely find luxurious amenities such as concierge services, garage parking, outdoor areas, a fitness center, and even an indoor or outdoor pool. An Apartment is a unit in a … The main differences between a condo, a townhouse, and an apartment are evident in the structure/living space, community amenities, ownership, liability, and maintenance. After all, the condo belongs to them, and if you’re not a good tenant, it’s possible they won’t allow for a lease renewal. A condo is a privately owned apartment in a building of similar units. Happy hunting, you knowledgeable renter, you. Apartment: Which one should you choose? Apartment – Difference #4: What do you get for your money? To see the price list and what units are available, see here. For a busy city such as Toronto, having a great location is imperative. For news, updates, and exclusive access on all new and upcoming condos in Toronto Canada, make sure you visit Precondo. Many folks moving to New York City for the first time will be confused by the difference between a condo vs apartment. Share 3. Source(s): Real Estate Appraising for 28 years. Every tenant reports to the same property manager, who can typically be found in the leasing office with employed leasing agents (to assist current residents and lease other units) at the front of the community or within the complex. The following are just a few of the differences that exist between a studio apartment, a loft and a condo. It really just depends on the landlord, so make sure you ask their preferred method of payment for rent before you sign your lease. For example, they are both offer excellent locations. It gives some variety between each condo in the community. Know your options: condo vs. house vs. townhouse vs. apartment. When you compare the cost of renting a condo and an apartment, there is a difference in price. The units in an apartment complex are identical, unless some are more upgraded than others. Whether you rent a condo or an apartment, you’re going to have maintenance issues that come up. Though the HOA covers the maintenance of community areas such as the shared amenities and the building itself, they do not fix your leaky toilet – for that, you will either have to fix it yourself, or wait for your landlord to call in their preferred maintenance provider. 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 hired workers and reminders to residents about their responsibility to the upkeep of the community. For many of you, spending money is a dreaded topic. View Profile View Forum Posts Newbie If one is more upgraded and offers more amenities than the other, then it’ll be priced accordingly. An individual looking for space can rent an apartment from the leasing company. There is a major difference in the ownership of an apartment vs a condo. A condo is a unit that is owned by a single individual. When you break it down, the condo vs apartment debate is clear to understand. When renting a condo, expect to have a personal, direct relationship with the owner of the condo. It’s easy and it’s free, and you can unsubscribe anytime you want (although we hope you won’t want to). ), along with personal touches such as the paint color on the walls or the backsplash in the kitchen. So, the choice between a condo and an apartment depends on your budget as well as lifestyle. Both forms of accommodations offer their own pros and cons. It might seem cheaper to go for an apartment over a condo. Apartment vs Condo: Main Difference Sure, there are some smaller issues to consider when talking about the distinction between a condo and an apartment, and those will be covered further on. When we talk about the Condo vs Apartment debate, age may also be a factor. There is no doubt that the facilities that you get in a condo are far superior to those you’ll find with an apartment. When it comes to purchasing a home that isn’t a townhouse, you have a few options at your disposal. As a result, apartments might have different procedures for dealing with any issues that you might face. Whether it’s a leaky faucet or a running toilet, the problem is going to need to be fixed. There are many other significant differences when it comes to this topic, which you might not be aware of. These fall under the supervision of a circle of condo owners. The most significant difference between the two is ownership. So, when you rent a condo, the individual condo owner is your landlord, but when you rent an apartment, the property manager that works for the corporation (the owners) serves as your landlord of sorts, though you may not have as much contact with them directly as you would a landlord because all members of the leasing office assist residents. The property management company will be highly experienced, and this will be reflected in the cost of renting. Condo vs. apartment: Which is better for you? Which should you choose? The difference in ownership between condos and apartment buildings is the most significant distinction. Whereas in a condo, your monthly rent may include a flat (or by usage) rate for utilities because they are managed by the landlord (depending on the landlord). To the untrained eye, there could be a no difference between an apartment, a condo, a flat and loft. It’s a good idea to consider which would be better for you. In Canada, the minimum down payment is 5%. Check with the landlord to make sure that this unit is pet-friendly if you plan to bring your furry friend along on your rental journey. It might seem as if apartments and condos are basically the same, but this isn’t the case. A condo is not technically going to cost you more in rent than an apartment. At best you’d get a parking space, gym and very rarely a pool. Competitive pricing is the name of the game! However, if you are then paying separate membership fees for a gym, spa etc that would automatically be included in the price of a condo, then an apartment isn’t always cheaper. Got it? The true savings will differ depending on the region you are renting a space in. As a tenant of the condo, you’ll have to pay monthly HOA fees for the upkeep of the common areas of the community and the exterior of the complex, along with any amenity fees such as the concierge services. Sure, there are some smaller issues to consider when talking about the distinction between a condo and an apartment, and those will be covered further on. Apartment buildings are more prominent in suburbs and outdated areas of Ontario. In a condo, either you or the landlord (or both) are responsible for the maintenance of the unit. Moreover, if you opt for an expensive and luxurious condo building, you get many more amenities within common areas. In a condo, the residential guidelines for the building will likely be set by the HOA. Since condos are individually owned by different owners, they might vary in their look and appeal. De plus, il peut être interdit d’acheter plus de 49% de l’immeuble d’un condo comme en Thaïlande, il faut donc se renseigner avant d’investir. Initial Costs – Owning vs Renting. Ownership for apartments and condos. But, condo developers usually make an additional investment to the interior features of each unit to offer a high-value asset. It’s best to keep a positive relationship with this person if you like living in their rental. Apartment amenities on the whole can be underwhelming. Tweet me @m_bullock1. Between fireplaces and fitness centers, there’s a vast array that comes with renting, whether that be a condo or an apartment. If the condo is looking sharp, then it’ll be easier to rent, and the owner can charge more for an updated condo than for a lackluster one. They are also well connected to public transport. A typical set of apartment amenities and perks would include parking, a gym, and maybe, if you are lucky, a swimming pool. In an apartment building, all of the units are the same, the owner is the same, and the tenants all follow the same guidelines for renting a unit in the complex. For example, if you are on an extreme budget, then renting an apartment or indeed purchasing one is a good option. Everything in a condo is done by the individual owner (unless they didn’t update anything since buying or inheriting the property – which doesn’t happen often). However, if a better quality of living is your main focus, then condos win the race every time. While a condo is owned and managed by a landlord, an apartment is typically owned and managed by a corporation, known as a property management company. You can, of course, always call during office hours (or the after-hours emergency line) if the matter is urgent. But whether that’s by you, the landlord, or a maintenance team depends on which type of rental you choose. An apartment building is owned by a registered leasing company. Typically, through the apartment community’s online portal, you will put in a service request for anything that you need fixed in the apartment – easy peasy! 3180 Ridgeway Dr #36 Mississauga, ON L5L 5S7, Canada. In an apartment, you’ll likely pay your monthly rent (and any included utilities) on your apartment community’s online portal, or by check if you prefer. Let’s move on to how condos and apartments differ apart from their ownership. However, when it comes to renting a condo unit, you will have to deal with an individual condo owner who could be any citizen. When we talk about the Condo vs Apartment debate, age may also be a factor. Even if you go for an expensive apartment, the facilities wouldn’t stretch that far. Apartment as an Investment This could mean more potential out-of-pocket costs for you, but the landlord usually covers most of the issues through his/her property management proxy or hired maintenance. Although, physically it is impossible to distinguish between the two, there are certain differences between an apartment and a … Cons : The cost of HOA fees are tacked on to the rent and the renter may be responsible for maintenance fees. The following video by Realtor & Blogger Mark Savel provides further information about the differences between condos vs apartments. A condominium (what us cool kids – and everyone else – like to call a “condo”) is a private residence that is rented out to tenants like yourself. The main difference between a condo and an apartment is ownership. It depends on the area and the quality of the apartment. Right now, I have a feeling you’re asking, “Is a condo more expensive than an apartment?” The answer to your question, my fellow renter, is no. Apartment. Allrights Reserved by Precondo. What's the Difference Between Condos and Apartments in NYC? A fair cost comparison considers the amount of a condo's association fees upfront and adds that sum to the total cost of the house or condo. There are several key differences between a condo and an apartment (stemming from ownership). Hence, the facilities that you are likely to get in a condo on rent will be more than those in an apartment. This means that you can buy a two-bedroom condo and treat it as you would a stand-alone house—with the exception of doing yard work. Condo vs apartment? Renting a condo vs. apartment is only tricky if you're not sure what makes them different. The main difference is that a condo is a high-end, rich dwelling that is expensive to manage. We break it down for you to make the hunt easier. This is getting a bit tricky – I know, but bear with me! Apartment vs Condo: Main Difference. Condo vs. 5 Shares. Keep in mind that if the owner is out of the country or in another state, it may take them more time to contact their management proxy to get things fixed in the unit. Apartment buildings are more prominent in suburbs and outdated areas of Ontario. Apartments on the other hand, tend to be much older. Choosing between a condo and an apartment is up to you, but with a richer understanding of what makes them unique, your rental journey should be smooth sailing from here! If you choose to rent a condo, your landlord would be the owner of the unit.On the other hand, individual apartment units cannot be purchased. Apartments don’t generally have such uncertainty, which is another big difference between a condo and an apartment. Learn about the difference between condos and apartments and which is a better fit for your needs. It's something you'll notice in a rental listing. However, when it comes to which is best overall then the condo is a sure winner. This is the main difference between a condo and an apartment. They may differ depending on the type of rental you live in. If we consider a wide prospect as well, an individual might know of only one significant difference between the two housing options. So, the facilities you require are another consideration in the choice between a condo and apartment. When paying rent to a landlord, you probably won’t have the convenience of online payments. It just depends on the owner! Also, apartments are more scattered around the city while a lot of condominiums are concentrated in bustling areas such as downtown Toronto. But as it turns out, being alive can be quite expensive (the struggle is very…, When touring an apartment , it’s critical to discuss both the rent and the apartment utility costs with your property manager…, While renting an apartment, there’s going to come a time when you need something repaired or dealt with, whether that be a leaky…, Physically speaking, condominiums and apartments don’t share a lot of qualifying distinctions in terms of square feet, floor…. But if the apartment cat is due to ratio criteria and it near a mrt station/amenities, you may consider the apartment. The difference is ownership. Required fields are marked *. Condos are usually managed by a Homeowners’ Association (HOA), but each individual unit has a separate owner. Plus, with a condo you don’t even have to leave home to access any of these wonderful amenities! Condo vs. Example, between 2 similar developments, if a condo cat is the same price as a apartment cat, get condo. Speaking of pets, if the condo community is pet-friendly, that doesn’t necessarily mean that the condo you’re interested in renting is. These are on top of the standard parking, gym and pool features. A condo is typically located in a residential building or community, but the unit itself is privately owned by an individual who becomes the landlord of that property. Because the landlord of the condo is also the owner, it’s probable that a condo has more of a personal touch to it. If you are looking to rent rather than own either a condo or an apartment, then the property manager makes a huge difference. Apartment: Overall Difference Renting an apartment is a great option for many reasons. Condos are not much different from an apartment or flat. Dans certains pays, comme au Canada, les condos se divisent en deux catégories, les divise et les indivise. Condos tend to be more recent compared with apartments. Apartments on the other hand, tend to be much older. We’ve covered the most important factor that will affect your rental journey when living in a condo versus an apartment – the ownership. The more condo units you own, the higher your potential monthly earnings from this investment. Condo complex amenities are like those found in an apartment building. This includes having a concierge service, party rooms, fitness and yoga centers, lounge facilities and much more. A condo lease gets you to access to different facilities such as gym, a party room, lounge facilities, fitness centers and much more. To be specific, condo developments entered the market much later than apartments, that is, after the mid-90s. To be specific, condo developments entered the market much later than apartments, that is, after the mid-90s. Condo vs. Both condos, as well as apartments, have their own set of pros and cons. Renting an apartment is most likely to cost you about $100- $300 less, compared to renting a condo unit. For example, an association fee of $250 monthly is comparable to an additional $50,000 on a 30-year mortgage with a 4.5% interest rate. For an apartment, you would have to get in touch with the organization that has leased out the property to you. That same company owns all the units in the complex and typically maintains a … – Lion Real Estate. They are also well connected to public transport. Share 2 +1. The condo vs apartment debate will continue to live on because purchasing a condo may be the right decision for one person, but the wrong decision for another. This is in regards to picking up after your pets, parking in one spot (and one spot only), and being respectful of your apartment neighbors. Condo vs. Ultimately it depends on your individual needs as to which side of the apartment vs condo debate would work better in your favour. When it comes to an apartment, there isn’t going to be a special, personal touch with the kitchen’s color scheme or the choice of flooring. The main difference between owning a condo vs. apartment has to do with the community. Copyright © 2020. Apartments are rented from professional organizations. Condos owners are usually quite approachable. I'm a notorious coffee drinker and animal lover. If a condo and an apartment are in the same part of town, then they will probably cost around the same. It may come as a surprise to many of you renters out there that condos and apartments are in fact not one in the same, though they share many similarities. There are a few factors that can differ (even slightly) between the two. In my free time, I'm either reading, running, or getting outdoors! Furthermore, in today’s market condos are a better housing solution compared with all other options. About The Author. Professionals own and manage their apartment building. Condos tend to be more recent compared with apartments. Whether you should buy a condo or rent an apartment can be a tough decision, since each scenario comes with … The choice to buy a condo or rent an apartment depends on how much capital you have available. Are you torn between buying a condo or renting an apartment? Typically, the two main options are condos or apartments. 至于apartment，我一直以为这个词只是形容一种房型，而condo和co-op是有法律意义的 发布于 2014-02-28 赞同 35 7 条评论 Both condos and apartments do have some things in common. What is an Apartment? In terms of the location, condos are in bustling neighbours. The decision to rent vs. buy a home can impact your life for years to come. While each offer a similar living style and architectural format, choosing one over the other presents a much different type of lifestyle and it can be hard to even know the difference between a condo and an apartment for rent. Especially since the hoa fees will also be less. 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