Choosing a new home can be overwhelming and sometimes confusing due to the dynamic stresses involved. It's relatively difficult to determine a location, leave alone what kind of housing suits your demands. For example, many individuals are perplexed about the difference between a condo and an apartment. While they both provide an equivalent living style and architectural layout, selecting one between the two can prove challenging.
For more clarity, this guide touches on the key differences between a condo and an apartment so every would-be homeowner or renter can make an informed decision. Keep reading!
What is Condo?
A condo is a privately owned residential unit within a community of other units, like a high-rise residential building. The owner can decide to dwell in it or lease it out. This type of home has common areas shared within the community, such as tennis courts, pools, elevators, gyms, and garages, to name a few.
Condo owners have the freedom to do whatever they wish inside their units. This includes remodeling the kitchen, changing the unit's layout, and painting the walls.
Pros of a Condo
For aspiring homeowners, condo ownership is a rewarding option for the following reasons:
Condo communities provide a neighborly feel that overwhelms the isolation of living in a city. Shared facilities like pools or gyms are convenient places to interact with your neighbors. In contrast to apartments, where renters reside on a short-term basis, the ownership aspect of condo housing encourages creating a long-term sense of community.
The upfront cost of a condo is less than a single-family home. The square footage seems small, and the listing price integrates only what's inside the unit. The maintenance costs of the shared amenities are distributed among all owners. The costs are shared when pricey repairs are required, like renovating the HVAC system.
- Sense of security
Most condo communities have security personnel, so the entrances are complicated to access compared to other types of dwellings. You can count on this benefit, primarily if you work odd hours.
- Lack of privacy
Since you share common areas with neighbors, you won't enjoy your private space, nor will you control their noise.
- Restrictive rental policies
Although you own the condo, you're bound by the rules, which can limit how many units you can rent at once. It would help to do background research to see whether the association rules permit you to list any units on short-term sites such as Airbnb. Most condos restrict the chance for outsiders to check in every night.
As a condo owner, you must pay HOA fees monthly. This can pile up over time, and they're usually based on the amenities the association provides.
What is an Apartment?
Choosing somewhere to live involves big decisions but identifying the type of housing that aligns with your needs is usually the first step. Many individuals prefer the convenience of living in an apartment primarily if they don't appreciate the responsibility of a detached dwelling's upkeep.
So, what is an apartment?
An apartment is a self-contained housing unit owned by a landlord. The landlord owns the whole apartment complex and rents out individual units to tenants.
Pros of an Apartment
There's plenty to anticipate when moving to an apartment building. Here are some of the benefits:
Ready to downsize and simplify your lifestyle? Here's the right call. Though it's not for everyone, an apartment is affordable compared to a single-family home. They make the most sense in urban areas where space is restricted. And since they have less square footage to heat and cool, you can expect lower monthly utility bills.
- Ability to relocate
An apartment is a go-to option if you don't intend to live in a specific location long-term. Many apartments provide short-term leases ranging from 3 months, 6 months, and 12 months.
Apartments are often close to city centers, meaning you'll easily access restaurants, shops, and other facilities.
- Great Amenities
It's hard to beat the amenities offered by apartments. With recreation outside your doorstep, these units offer many privileges you can hardly find in most single-family homes. Gyms, playgrounds, and automated smart homes are just a few of the amenities you'll enjoy.
Cons of an Apartment
- No Equity
When you rent an apartment, you're helping to establish your landlord's equity rather than your own.
Noise is inevitable in an apartment, though it depends on where you rent. Also, since you'll share amenities with neighbors, there will be little to no privacy.
Condos Vs. Apartments
There are hardly any differences when it comes to physical attributes. So let's see what differentiates a condo and an apartment:
A condo has no set standards for amenities since it depends entirely on the owner. Features like granite countertops and refurbished flooring may be included, as well as personal touches like the paint color on the walls. It adds some diversity to the condo community. Therefore, the facilities you can anticipate are clearly linked to the owner's preferences.
When it comes to apartments, there will be no unique, personal touches like the flooring option. Unless one is more advanced than the other, the units in an apartment are identical. Even so, such a community nowadays is well-fitted with amenities such as wellness centers and gyms. It is wholly reliant on your apartment's location and area.
A condo and an apartment in the same neighborhood are expected to be roughly the same price. However, it depends on the rental's nature. For example, if one is more advanced and offers more services than the other, the price will reflect this.
In an apartment, you must pay your monthly rent to the owner, and the rent can include a flat or utility rate.
In a condo, the homeowners association sets the rules and regulations. These regulations cover everything from trash collection to pet ownership and the rest. You also have the flexibility to reinvent the decor and design of your unit.
In an apartment, all occupants must adhere to the rules and policies of society. Therefore, living in an apartment is less flexible compared to living in a condo.
Save Apartment Space with Floor Futon Mattress
Because apartment units are typically small, it pays to get creative with space-saving furniture. A floor futon mattress, preferably of the MAXYOYO brand, is one piece of furniture you can use to save space in your apartment. This mattress is the epitome of minimalism because it is reasonably priced and doesn't forfeit comfort.
The MAXYOYO floor futon mattresses are compact and foldable, making them a breeze to roll up and store when not in use. In addition, they are built with high-end materials to guarantee a great night's sleep in any corner of your room while also being supportive to the entire body, hence relieving fatigue. How can we forget about the sizes? Well, these mattresses come in various sizes to suit your needs. You can choose from the sizes available, including twin, queen, and full. There are also numerous color options, so you're assured that you'll find the best unit that suits your apartment.