Condo Vs Apartment Complex

Written by a VeryApt Expert
July 13, 2023

Choosing where to live is an important decision that can greatly impact your lifestyle and well-being. Consider what matters most to you and what aligns with your lifestyle preferences. Remember that there is no one-size-fits-all answer when it comes to choosing where to live. The right location for you depends on your individual needs, priorities, and circumstances.

Take your time to research and consider your options before making a final decision. Make a list of must-haves and nice-to-haves to help you narrow down your options. The decision to live in a condo or an apartment complex depends on various factors, including your lifestyle, budget, preferences, and long-term plans. The availability of condos and apartments might differ depending on the location, so consider what options are more prevalent in your desired area.

What's the Difference?

Let's explore the key differences between condos and apartment complexes to help you make an informed decision.

1. Ownership

One of the main differences of an apartment versus a condo is ownership. A large apartment complex is owned by a property management company that rents out each unit, whereas a condo building is filled with privately owned units.

Some who buy condos will live there as their primary home whereas others might rent their unit out. The connection between the landlord and the renter is more personable since it is a one-on-one process and the landlord gets to choose and approve the tenant. It is important to keep a positive relationship with them since they will be your main point of contact with everything regarding your rented unit. When renting in an apartment complex or building, there will be several people to assist you and are responsible for relaying information, payments and keeping the community clean.

Since each condo is typically individually owned, they tend to have a bit more of a personal touch with more updated features to keep the property value high. In an apartment complex, the units are all identical lacking that individuality you might find in a condo.

2. Rent

Between the two, one is not necessarily cheaper than the other, it all depends on what you are looking for and the area of the place. Sometimes condos will be slightly cheaper if the owner isn't following current market trends.

The process of paying rent however will likely differ. For a condo, you most likely will have to pay a fee for the upkeep of the community areas plus additional fees for utilities based on usage. Also, depending on the landlord, checks are usually the standard form of payment for rent which can be a hassle. In an apartment, you will pay your monthly rent with likely include utilities and online rent payment portals.

3. Service

One perk for renting an apartment complex is the ability to look for reviews and feedback about the property management to gauge the level of satisfaction among current and past residents. With a management company overseeing multiple units, you can expect a relatively consistent experience in terms of services and policies.

Some perks to renting a condo are more flexibility in terms of lease duration and negotiating lease terms compared to larger apartment complexes. Condos often provide more privacy as they are standalone units within a larger building. They may also have larger living spaces compared to apartments, offering a more homely feel.

Final Thoughts

 Overall, the differences are small but make a big difference. Make sure to visit the properties, ask questions, and carefully review the lease agreements before making your choice. Hopefully, now you have a better understanding and can make an informed decision on what would work best for you!

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