Apartments or condos is a common question faced by renters. If you think about what difference it makes when all you need is a living space, you are wrong. What you choose greatly influences your living experience, as apartments and condos have their own merits and demerits. But before we delve into that, let us understand what apartments and condos are.
Understanding Apartments And Condos
An apartment is a property that is owned and managed by a property management company. There will be a number of rented units in an apartment building, each having the same owner and the tenants following the same set of rules. A property manager probably has an office in the same building that keeps a check on the rented space. On the other hand, a condominium or condo is owned by an individual. A building may have a number of condos, each owned by a different person, and hence don’t have a set of rules for the building as a whole. The landlord may choose to live in the same building or somewhere else. That is for him to decide. One thing to keep in mind is that the cost of renting an apartment or a condo in a particular location is almost the same. A remarkable difference, if at all, must be due to some extra amenities that often attract quite a few.
Look For These Factors
Now you know how the condos and apartments are different in ownership. Picking the right one for you might still be difficult given you don’t know how they have more differences. Listed here are some of the major differences in apartments and condos that will decide to choose between the two easier.
Since each condo in a building is owned by a different individual, you cannot expect the same layout. The plans of the condos depend on the individual tastes of the owners. The facilities you get are also bound to be very different from one another. The layouts and the amenities of apartments in the same building are usually the same. The property management company finds it easier to design the apartments similarly, meaning the floors, furniture etc. will be almost similar.
Payment of rent
Apartments and condos differ mainly in the way rents are paid. If you have rented a condo, you will be a part of the homeowners association (HOA). The monthly rent includes the charges for the utilities like electricity and gas. There are also monthly HOA fees to be paid and amenity fees, all of which will take care of the maintenance of the common areas. The mode of payment (cheque or online) depends on individual landlords. The monthly rent of apartments doesn’t include the utilities like electricity and gas, and these have to be paid separately. Since it is a more organized rented space, apartments have online portals where the tenants can pay rent.
The HOA sets the rules for the condo communities. However, the individual landlords still have a say in certain rules. After all, a condo is a privately owned property. For example, the building may not have a problem if you throw a party and play loud music late into the night but can be disturbing to the landlord, mainly if he stays nearby. So always check for specific rules and regulations. All the apartments in the building have similar rules for garbage removal, keeping pets, etc. It is often the case that condos have relaxed rules as these are individually owned, and certain things are up to the landlord to decide.
It is primarily seen that apartments offer great amenities for the tenants, sometimes including a gym, fixed parking spot, and laundry service, among many others. Condos may or may not have such amenities, and these are decided by the HOA. Large condo communities often have facilities quite similar to apartments, and each tenant shares the maintenance expense.
Securing Your Property
Irrespective of what property you decide to go with, it is essential to ensure its security. Pay special attention to the kinds of locks and latches you use. You could also hire a residential locksmith service for your peace of mind.
Both condos and apartments have their own pros and cons. Finally, when it comes to decision-making, it is important to understand what your personal priorities are. Some are happy with stricter rules so that things stay organized, and others want more lenient laws. So, have a clear picture of how your rented place should be and then go look for that perfect house.