When looking for a place to rent, it is easy to get confused when comparing different types of rentals. Both an apartment and rental can seem similar, but the apartment is found in a building that is owned by one entity and the individual apartments are rented out. With a condo, the unit itself is owned by a single entity. It is more similar to home ownership, which multiple units sharing a single building.
How Condos Are Different from Apartments
Condos tend to be cared for better than apartments because they are actually owned by someone. A property is more likely to be cared for when it is owned than when it is rented. You are more likely to find a condo that has modern appliances or more expensive upgrades. The condo was likely lived in by the owner before he or she decided to rent it out.
However, the cost of the condo can often be similar to that of renting an apartment so condo renters will often be getting more for their money. However, there are sometimes additional upfront costs that are less common with apartments, such as administrative fees. You may need to pay for the right to use an elevator in the building, for example.
Regulations & Bylaws
A condo has an association board and committee that governs how you live within a condo. However, you will have more say over what regulations and bylaws exist than you would within an apartment.
Apartments come with a lease that usually increases every year. Condos, on the other hand, come with a fixed cost that you pay off in installments. It is also possible to make a down payment and to pay a higher or lower interest rate depending on your credit history. Therefore, your expenses will be more predictable and you will have more control over them.
Apartments are usually managed by professional companies that are responsible for making any necessary repairs. There are some advantages to this. For example, you can sometimes expect more prompt and regular repairs. But this is not always guaranteed. Some apartment companies manage a large number of units and the level of professionalism from company to company can vary.
With a condo, the original renter might be out of town and unable to perform a repair. But in general, since the condo owner actually owns the condo, he or she is more motivated to make repairs.
To learn more about your options, contact resources like Bradley Scott, Inc.Share