What is the difference between a condo and an apartment? Nothing. In fact, there is really nothing but a name that separates the two, however, there are many differences between the ownership, which means that renting a condo may be different from a condominium.
Here are 3 differences between a condo and apartment explained:
Ownership
There is a BIG difference between apartments and condominiums in ownership. It may also affect a variety of different rental aspects for you as a tenant.
- Apartment
The complex commonly only has one owner. In the complex, each renter essentially has a variation of the same lease document. This is generally a one-size-fits-all situation with a few changes in floor plans. However, for some people, this is the ideal rental opportunity.
- Condominium
Each person can have a different lease agreement because there is no management company for each unit. Every condo can have a different owner while an owner may also have multiple condo rentals available, at one time, inside a complex.
Usually, the homeowner requires everyone to pay monthly fees in addition to the rental. They may be managed by one homeowner’s association or specific owners.
Maintenance And Care
When it comes to home repairs, on-call maintenance and professionalism, apartments and condominiums are not the same.
- Apartment
Typically, in an apartment complex, you may have access to an on-call maintenance call line. You probably will receive a call back on your maintenance request within 24 hours and have crews at your door shortly after. That is a huge relief to people who need help fixing problems like plumbing, electrical, heating, and cooling issues. You may even be able to get the repairs done while you are at work.
- Condominium
Unlike an apartment complex, when something goes wrong in your condominium you cannot just call the maintenance department. In a condo, you will need to contact the owner directly. They can work with you to find the right professional to get the job done, but it could take longer than in an apartment.
Also, you may expect to pay out-of-pocket and then be reimbursed.
Floor Plan
When looking at the differences between an apartment and a condominium the floor plans are something important to notice.
- Apartment
In an apartment you can count on a basic design that may appear to be cookie-cutter, meaning that everything looks the same (or at least similar).
If you are looking for something clean, quick, and simple, this may be the ideal living situation for you. Typically, yet not always, an apartment building will accommodate a range of lifestyles, however, each unit will appear fundamentally the same.
- Condominium
These types of rental units offer many more unique features. While you can enjoy them as an upgraded version of a typical apartment when renting a condo talk to the owner. They may inform you about different upgrades, changes, and renovations to boost the appearance of your home.
The Difference Between a Condo and Apartment
If you are looking for a new home and are asking yourself, “What is the difference between a condo and an apartment?” Here are 3 tips to help guide you through the rental process. Use them to talk to your friends, realtors, and property managers to find the best new home for you. For more information contact real estate agent in Anthem.
