Although technically the main difference between an apartment and a condo is legal, in dozens of communities around the world there are clear differences. In this article we will briefly define each one and then explain these differences.
Although they tend to look the same, an apartment is a private unit in a building that is rented and generally does not have any type of homeowner’s association. Also, there are NO additional amenities for your tenants.
A condo tends to look like an apartment; however, they are owned by someone rather than rented. Condo owners typically enjoy a host of perks, such as swimming pools, gyms, and clubhouses, and property maintenance and repairs. A condominium is generally managed by an HOA and its residents MUST adhere to the rules established by this HOA.
To answer the question of what is best for you – apartment rental or condo property, you need to determine if you want to stay in your residence for a long time or if you intend to move a lot for one reason or another. If you are going to move around a lot, renting an apartment is the best option for you. But if you want to settle down and love the city you live in, you should at least consider buying a condo. There is more of a community-oriented atmosphere in a condo complex than in an apartment complex.
For some people, living in an apartment complex is too restrictive and they prefer the much more relaxed atmosphere of an apartment complex. For other people, they love the more orderly lifestyle that a condo complex offers. The complexes also tend to be divided into specific communities; like a retirement community or a professional community. If you are undecided about the type of community you want to live in; Or maybe in which city you want to live, it is an excellent idea to rent for a time first. You can find many condo owners who rent their units. This is a great way to familiarize yourself with a specific location BEFORE spending a lot of money and time buying a unit there.
Another thing you can do if you rent an apartment or condo unit for a while is save the money to buy a condo of your own. Renting can be a good thing because you may not necessarily want to stay in your current town or city. So why spend your money in a more permanent location when you don’t have to? Take the time to get to know a specific area or complex, get acquainted with the community. In the meantime, you can make sure you have a permanent job or your own business before buying a condo. In other words, do all your homework first. Don’t just make a purchase blind. You will be much happier that way.