Apartment vs. Condo: What’s the Difference?

Talking about apartment and condo, a doubt often arises as to what is the difference between the two. The answer would be that there is no difference if you look into the physical attributes of both of them. The first difference that can be pointed out can be in terms of the ownership as when it comes to apartments, they are housing modules which are present in a complex and owned by a single body. But condo units are all owned by different individuals and are generally managed by the HOA and some property management company also provides assistance.

Cost

There is no major difference in amounts which are required to rent an apartment or a condo. Condos are known to have some expensive appliances pre-loaded into them because whoever buys a condo also buys the right to invest in that particular unit which he could choose to rent out or even do to increase the property value in the future. Condos have their owner living in them before they rent it out, and you might find some personal touches and flavours which they leave behind. These are the reasons why a condo will have some different characteristics than the other modules similar in the community. The HOA fees will be included if you buy the condo most often and you might also have some utilities thrown in for the amount you agree to pay monthly as rent. There are some other costs which present themselves upfront when you invest into a condo like the cost of a freight elevator and also the charges that the property management company decides to charge you.

Amenities

Any apartment community that you choose to live in offers a very basic tray of amenities for you. You will find a parking spot, laundry and gym, maintenance taken care of along with a summer pool. The amenities offered to a person looking to own a condo can be different and dependent on the wishes of the landowner and what he decides to provide. There is also the factor of amenities being registered under the HOA as only those could be offered. Concierge service, pool, gym and other outdoor spaces are present for bigger condo communities and it is good practice to go ahead and ask what will be the maintenance services which will be taken care of in the lease. Building exteriors and common areas are generally serviced free of cost by the HOA, but the property owner gets incentives to have his own unit serviced. But it’s good to ask so that you don’t have any surprises coming your way.

What else to consider?

For people looking to rent a condo, they should know that they will be in direct contact with their landlord which may be a boon or a curse. This is not the case with apartments as they function with a larger network.