While you might think there isn’t much difference between a condo and an apartment, the two structures have several key differences. Prices, accessibility, maintenance, and amenities are just some of the factors that help distinguish one type of housing unit from another. If you need a condo or an apartment in Denver, you can search for properties here.
Read on for more details about condos and apartments. You’ll also learn about the key differences between a condo and an apartment, as well as their pros and cons for potential renters.
What Is a Condo?
Condominiums, also known as “condos,” are a type of real estate ownership. It’s usually privately owned by an individual called the landlord. They’re typically built in high-rise buildings, which are usually constructed for housing. It is a living space that is made up of individual units. These units share some common areas, such as hallways, lobbies, and elevators.
What Is an Apartment?
An apartment is a self-contained housing unit that occupies only part of a building, typically one or more floors, sharing an entrance with other apartments. Apartments are usually rented out, but some people do own them.
They usually come with living rooms, kitchens, and bathrooms, and the number of bedrooms can vary. Apartments can be in complexes or standalone buildings and can come furnished or unfurnished.
Difference Between Condo and Apartments
Condos vs. Apartment amenities
Condos have a feeling of personal touch because they are privately owned. The amenities of condos are made to the taste of the landlord. You’ll notice these in the paint color, flooring, countertop finishing, and several others. The amenities of condos are more likely to be updated depending on the desires of the landlord. In the condo community, you’re more likely to find extremely comfortable shared amenities such as garage parking, concierge services, a gym center, and more.
On the other hand, the amenities of apartments are more generalized than with other apartments in the building. You’re more likely to find more basic amenities and a few luxuries depending on the neighborhood of the apartments. Apartments offer basic amenities such as outdoor pools, basketball courts, laundry rooms, and more.
Condos vs. Apartment Ownership
One of the most important things that make condos different from apartments is their ownership. While condos are owned privately and managed by the landlord, apartments are owned by a single entity (a corporation) and managed by a property management company, often situated in the residential building, complex, or within the community. The property management company is usually in charge of leasing apartments out to individual tenants.
Condos vs. Apartment Cost Of Renting
Technically, renting a condo isn’t more expensive than renting an apartment. Condos and apartments will likely cost about the same if they are in the same neighborhood. But it does depend on how good the structures are. One will be priced differently from the other if it is more modern and provides more amenities.
Typically, condo owners and apartment building managers set the rent for their units based on the average neighborhood rent and also in comparison to other condos and apartments in the vicinity.
Condos Vs. Apartment Mode Of Payment
However, there’s a major difference in the way rent payments are made in condos and apartments. You’ll likely belong to the homeowners association for the condominium complex (HOA) if you live in one. This makes you responsible for paying the monthly HOA dues for the maintenance of the building’s exterior and public areas, as well as any amenity charges like the concierge service. Also, condo landlords often prefer their renters to pay fees and rents with a cheque, but they sometimes receive online payments. On the other hand, payment of apartment rents is commonly made on the apartment community’s online portals. Other additional apartment fees are paid directly to the service providers, such as concierge services providers.
Condos vs. Apartment Maintenance
In condos, the landlords or the renter are responsible for the maintenance of the unit, while apartment maintenance is free; this means the property management company of the apartments is solely in charge of the maintenance of the unit.
In conclusion, at the core, condos and apartments are very similar. Both are residences that typically have one or more bedrooms and bathrooms, and both can either be owned or rented. Ultimately, the decision of whether to buy or rent a condo or an apartment comes down to personal preference. Both options have their pros and cons, so you need to weigh them carefully before making a decision.