Should I live in an apartment or condo? Apartments and condos are similar in style because they refer to multiple units within a building or complex. But it’s important to understand the differences, so you can decide what’s right for you.
What Are The Main Differences Between Apartments And Condos?
While seemingly alike, condos and apartments, have distinct differences.
• Owning a condo is similar owning a home – you purchase the property. In a condominium, you are purchasing the interior of your home (and any adjacent areas that you have the exclusive use of such as a balcony), and you take an interest in the “common elements.” In a condo, you are responsible for everything from upkeep and maintenance to repairs on the interior of your home (and any service lines that exclusively service your condominium). You can finance the purchase price of a condominium, much like purchasing a home. Unlike a home, you will be required to pay (generally monthly) condominium fees for the care and upkeep of common areas, common utilities, and general maintenance of all elements of the building beyond your interior walls.
• Apartments however, are typically rented from a landlord or building owner – you pay a fixed amount of rent each month to your landlord who is generally responsible for maintenance, repairs and upkeep. You can move into an apartment quicker and don’t waste any time. Plus, you outlay less cash – just a security deposit and rent.
Choosing between an apartment and condo will depend on what you want out of your living arrangement.
What Is Your Financial Circumstance?
No two people are the same, which means you have to consider your own financial circumstance before deciding between an apartment and a condo.
• If you have the income and enough savings, you may choose to get into the property market by buying a condominium.
• If you’re just starting out and don’t have enough savings for a deposit, renting an apartment may be the better choice for the moment until you’re more financially stable.
Make sure you consider all the costs based on your financial circumstance before deciding to rent an apartment or buy a condo.
What Lifestyle Suits You Best?
Your desired lifestyle can help determine whether you should buy a condo or rent an apartment.
• Do you want to make any changes to your home to suit your needs?
• Are you considering renovations and repair work to fit into your lifestyle preferences?
• Do you have to move frequently because of your career?
• Would you prefer a house that requires minimal intervention from you?
A condo can be good for people who prefer to customize their living spaces. Apartments can be ideal if you are keen on flexibility and don’t want to make any big financial commitments.
What Level Of Maintenance Are You Willing To Undertake?
When you rent an apartment, all repairs are generally the responsibility of the landlord. For example, if a pipe bursts or the plumbing starts to leak, then you may simply have to ring the landlord to get the problem fixed. The landlord is expected to cover the cost of these types of repair jobs. Some apartment complexes even offer 24-hour emergency maintenance services, which means you can get an issue resolved quicker.
On the other hand, if you own a condo, you’re responsible for fixing any issues. You will need to undertake and pay for the repair work yourself.
If you don’t want to take on the responsibility of repairs and maintenance, then renting an apartment might be the more ideal choice for you.
Summary: Condo Vs Apartment – Which One Is Right For You?
The decision between a condo and an apartment is usually based on your personal and financial situation. People who prefer flexibility and less responsibility will most often opt to rent an apartment. People who want to enter the property market or invest their savings will prefer to buy a condo. Apartments and condos have their own pros and cons. Consider your own short-term and long-term goals before making your choice.