29.4.14
When it comes to finding a new place to live, it’s
all too easy to get confused and sidetracked by all of the terminology you’ll
be hearing. Many people who are looking to find a rental property, for example,
may have a general misunderstanding of what, precisely, the difference is
between a condominium (condo) and an apartment. We’ll
help you get to the bottom of this question, and provide some guidance about
which type of property might be right for you.
What’s a Condominium?
It turns out that the major difference between these two
types of properties is mostly legal in nature. The word “condominium” refers to a shared property in which
each individual unit is owned independently and privately. Of course, this can
mean that there’s some overlap between the two: if
you buy an apartment in a shared building, rather than renting it, you could
consider yourself a condo owner.
That said, condominiums are more closely associated with a
certain type of lifestyle. What this means is that condo complexes typically
offer maintenance and groundskeeping services, as well as facilities for
residents, which can include gyms and pools. Generally speaking, condo owners
also have to abide by a certain set rules and regulations including, but not
limited to, pet restrictions and maintaining the appearance of the property.
What’s an Apartment?
Apartments, like condos, are typically located in a shared
building, but the difference is that an apartment is rented by the tenant,
rather than purchased outright. Whereas condo owners are part of a community,
with shared responsibilities, regulations, and even membership in an owner’s
association, apartments don’t tend to have any of that. Apartment
tenants have to sign a lease, the terms of which can govern everything from
water usage to property maintenance, but there are no additional fees for
community membership.
As such, the main difference between apartments and condos comes down to a question
of ownership. If you write a check for rent every month, you’re
living in an apartment. If you purchased your property, and it’s
located in a community, then you own a condo.
Which Should You Choose?
Before you spend too much time digging into the listings
for apartments and condos for sale in your area,
you’ll want to make sure you know which is the best choice for
you and your family.
For some, the question will come down to whether you want
to take part in community living. For some, the condo lifestyle could be quite
appealing, with easy access to shared community facilities. For others, the
regulations and owner’s association fees might be a
turn-off.
That said, condominiums can be a great choice for
first-time homeowners who want to get a taste for long-term ownership. It’s
the better fit for individuals and couples who are relatively certain of their
job security and who perhaps want to settle down for a while to raise a family.
Renting an apartment, on the other hand, is typically a six-month or one-year
commitment; it’s perfect if your employment
situation isn’t exactly set in stone.
When you’re making your choice, you’ll
want to weigh each factor carefully before reaching a decision. Do you want to
rent an apartment in the heart of a city? Would you rather buy a condo on the
outskirts and enjoy a relatively quieter lifestyle? There are a lot of factors
to consider after you see what your area has to offer.
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