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Difference Between Condominium And Apartment

Difference between Condominium and Apartment (2)

Condominiums and apartments are not different in their appearance but rather in ownership. Apartment units are housed in a building complex often owned by a single entity that rents them out to individuals. Condos on the other hand are individually owned but managed under an umbrella body for condo owners in the area.

Renting a condo or apartment

It might be quite expensive to rent a condo as unlike apartment units, they often come with high end amenities. This is usually because condo owners strive to invest in their units to boost rental income or increase the unit’s value in the real estate market. Because only one person actually owns a condo, it is easy to find variety as people add personal touches to different units.

  • Condo

Difference between Condominium and Apartment (3)If you are planning to rent a condo be ready to pay more upfront costs for things like reserving the elevator, administrative fees to the property management company. Those who prefer condos like the chance of establishing a one-on-one relationship with the landlord. This comes in handy when you need an upgrade or more flexible terms of payment. The downside to this is when the landlord travels or is out of reach and you have to wait unknown lengths of time before your issues can be sorted out. An important matter to discuss before moving in to a condo is the maintenance fees you will have to pay to enjoy various amenities.

  • Apartment

An apartment complex on the other hand comes with straightforward amenities such as parking, on-site laundry, gym or pool. Such amenities are available to everyone living in the apartment building unlike for a condo where extra facilities are provided by the owners. Living in an apartment assures you that repairs and other issues will be promptly handled by the managing corporation.

Difference between Condominium and Apartment (1)

Whether you choose a condo or apartment, remember that there are rules to be followed by tenants everywhere. Sometimes you will be required to fill in some information to help the landlord or home owners association serve you better.

If you are looking for property to rent it is important to talk to your real estate agent to make sure that you get the best deal. This will help you start living in an apartment or condominium where your interests come first. By clearing things up beforehand you will not be faced by extra costs or terms after moving in.…