What is the difference between an apartment and a condo?
Condos seem to be springing up all over large urban spaces these days, but what makes them different to apartments? At first glance, not very much. The difference is less to do with the appearance of the unit, and is actually all to do with the ownership.
Ownership
In the traditional sense of an apartment, each unit tends to be owned by the entity or corporation who own the entire building. They will be who rent is made payable to, and will also be liable for any maintenance on the apartment, along with the rest of the building. Although they will look after the apartment building, the owner is not liable for any of your property, so always consider getting renters insurance.
A condo, on the other hand, will be housed in a building which will be overseen by a property-management company, but each unit tends to be owned by an individual. That means, if you are renting a condo, your landlord will be the individual who owns the condo unit itself. They will be who you direct rent payments to, and they will outline in your lease whether they are liable for any maintenance needed on the unit. In any case, always consider a good condo insurance policy- while your landlord may take responsibility for the condo itself, your property is still your responsibility.
Price
For the most part, costs for renting an apartment and a condo can be quite similar. The key things that determine your rent will be the size of the unit, how new it is, where it is located and how popular rentals are in that building. However, condos do tend to have slightly higher rental values than apartments. Usually this is because condos frequently come with more high-end appliances and upgrades, and their buildings often house amenities for tenants to use such as gyms and swimming pools.
While an apartment may be very basic, condo owners have an incentive to invest in their condo and so will offer many more upgrades.
Amenities
Although apartment communities tend to offer basic amenities-a parking space, on-site laundry and if you’re lucky a gym-condo buildings have a much wider variety of things for tenants to enjoy. Apartment buildings also usually offer free maintenance services.
The bigger the condo building the more amenities it should offer. Tenants can expect concierge, gyms ranging in size and quality, swimming pools and outdoor areas. Quite often the type of amenities offered by a condo building depend on the neighbourhood, for example areas with a lot of families may offer a playground or indoor play room, while those buildings aimed at young professionals may have shared work spaces or libraries. Before moving into a condo you should double check what maintenance services are included as part of your lease. Since the property management company who owns the building oversees most of the amenities, condo tenants are usually expected to contribute to the cost with a monthly condo fee, paid separately from their rent.
Security
Thanks to your condo fee, if you are a tenant of a condo complex you can rest easy when it comes to security matters. Usually condo buildings have a 24 hour security desk and a concierge, as paid for by the property tenants. Condo boards allow residents to set the budget for security, which usually results in a better quality service. While many apartment buildings also offer a security desk, they usually won’t be as strong as those provided in condos.
Since there isn’t that much difference between the two, and certainly pros and cons to both, the best way to decide whether you are best suited to an apartment or a condo is to assess what amenities would be practical for you, as well as making sure the overall cost is in your price range.