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What Sets Condos Apart: Understanding the Differences

CEO Khai Intela
If you're in the market for a new place to call home, you may come across a variety of rental options with different names. Among these options, condos and apartments are two popular choices, but...

If you're in the market for a new place to call home, you may come across a variety of rental options with different names. Among these options, condos and apartments are two popular choices, but what exactly sets them apart? In this article, we'll explore the key differences between condos and apartments to help you make an informed decision.

Ownership: Who's in Charge?

One of the primary distinctions between condos and apartments lies in ownership. In an apartment building, you lease an individual unit from the landlord or management company. The landlord is responsible for property taxes and other necessary payments. On the other hand, in a condominium, each individual occupant becomes the owner of their unit, purchasing from a previous tenant or the original developers. Condominium owners are responsible for property taxes and other expenses associated with homeownership.

Maintenance: Who Takes Care of What?

As the owner of a condo, you'll be responsible for maintaining your unit and handling necessary repairs. You have the freedom to make optional home improvement projects as well. In an apartment, the landlord or owner takes care of structural damage, essential repairs, and maintenance requests. However, as a renter, you may have limitations on decorating and renovating the living space.

Condo vs Apartment Image: The contrasting features of a condominium and an apartment.

Fees: Understanding the Financial Responsibilities

Both renting an apartment and purchasing a condo come with financial obligations. With apartments, you typically pay upfront fees like the first month's rent and a tenancy deposit, along with monthly rent and utility bills. Condos involve more significant financial responsibilities, including a down payment, mortgage payments, property taxes, insurance, maintenance costs, and HOA fees.

Policy Enforcement: Who Sets the Rules?

Both apartments and condos have rules and regulations that govern tenant behavior, home improvement projects, and other aspects. In apartments, the landlord enforces the policies laid out in your lease agreement. In condos, the head of the homeowners' association (HOA) enforces similar regulations. While both have rules, condos usually offer more freedom to alter the unit's interior compared to apartments.

Upgrades: The Choice to Customize

Condominium owners have the freedom to plan remodeling and renovation projects, which can result in modernized kitchens, bathrooms, and fixtures. Apartment buildings, on the other hand, may not undergo as many renovations, although some management companies are committed to continuous improvement.

Amenities: What's Included?

Apartment buildings and condos both offer amenities, but the quality and quantity may vary. Apartments commonly provide amenities like on-site laundry, free parking, and gym access. Condos are more likely to offer additional features such as a playground, car wash, and swimming pool. These amenities are often funded by HOA fees in condominiums.

Making the Choice: Condo or Apartment?

Choosing between a condo and an apartment depends on your personal preferences and circumstances. Condos offer homeownership benefits, such as increased freedom to customize, stability, and less maintenance than owning a home. Apartments provide the advantage of increased freedom of movement, proximity to urban areas, and lower maintenance costs.

Condo or Apartment Image: Exploring the options - condo or apartment?

When it comes to finding your ideal living arrangement, consider Common's private apartments and coliving spaces. These options combine the benefits of apartment living with an extensive list of features, amenities, and flexible policies. Whether you choose a condo or an apartment, Common offers renter-friendly units with awesome amenities in cities across the country.

So, whether you're looking for a condo or an apartment, make sure to weigh the pros and cons of each option and find the perfect place to call home.