What is the Difference Between a Condo and an Apartment?
The Ultimate Comparison Guide
When you are considering living options, you may be deciding between an apartment or a condo. While many of them might appear similar on the outside and inside, there are a few distinct differences to keep in mind when you are browsing listings.
What is an Apartment?
Simply: An apartment is a living space that a tenant rents at a fixed rate for the duration of a lease agreement. The rent often covers various additional expenses such as landscaping and snow removal, waste removal, maintenance services, and some select utilities.
An apartment can be rented both short or long-term, depending on your living needs. Many complexes are located in their town or city’s major roadways and mass transit stations.
What is a Condo?
A condo is often similar in size or layout to an apartment, but the person buys the unit rather than rents it. Instead of rent, the owner typically pays a mortgage, all utilities, and homeowners association (HOA) dues. These dues will typically afford communal services like trash removal and landscaping.
Condos are intended for long-term living. They also involve additional financial overhead associated with homeownership like homeowners insurance.
Renting a Condo
Some condo owners may wish to lease it to a tenant on an ongoing or seasonal basis. These arrangements are often completed between the tenant and landlord without any property management office involved.
Because condo rentals are arranged between two individuals, property management is usually fulfilled by the homeowner directly. The landlord would be responsible for responding to their tenant’s maintenance requests, rent collection, and other duties that would be handled by an apartment community’s administrative team.
“Should I Rent an Apartment or Buy a Condo?”
If you are deciding between an apartment or condo, there are a few important factors to consider when you are making your decision. These might include:
Duration of Stay
Apartments are designed for both short and long-term living plans. Whether you wish to rent with plans to move out later or want to settle down for years, the choice is completely yours.
Conversely, condos are designed almost exclusively for long-term ownership. For example, condominium communities are commonly found in many popular vacation towns and cities and are marketed as affordable vacation homes.
Features and Amenities
Apartments are typically renovated between tenants. This helps create a living space that feels fresh, new, and clean and can give maintenance professionals time to install new appliances that may be outdated by the community’s living standards. Luxurious apartments often feature amenities like in-unit laundry, stainless steel appliances, hardwood flooring, and convenient parking.
Because condos are individually owned and not managed uniformly like apartments, an owner has complete flexibility to choose their own interior design and amenities. In most complexes, no two units are identical. One could have tile floors next to another that is fully carpeted.
However, with condos, owners are also usually individually responsible for their own maintenance and appliances. This involves shopping for and purchasing their own appliances, flooring materials, countertops and cabinets, bathroom and kitchen fixtures, and other living essentials.
Financial obligations are a basic fact of any living space, owned or leased. While some expenses between apartments and condos are similar in nature, there are also notable differences.
Depending on the community you rent with, some common financial obligations related to apartment living can include:
- Parking fees
- Security deposits
- Renters insurance
With condo living, some typical living expenses involve:
- Property taxes
- HOA dues
- Condo insurance
- Maintenance and renovation costs
If you decide to move to another living space, post-occupancy options are a major difference-maker between apartments and condos. With an apartment, you can elect to not renew your lease and move out without any further financial obligations if you are in good standing with the property management office. Condo owners will have to list and sell their units if they wish to relocate and not maintain ownership.
Rent Luxury Apartments in Rome, NY
At Air City Lofts, we are committed to supplying residents of Rome, NY with the finest luxury living experience possible. Our apartments feature beautiful finished surfaces, stainless steel appliances, free in-unit laundry, onsite parking, and free internet and Roku streaming. Our flexible lease terms make it easy to find the perfect apartment to fit your needs.
To experience luxurious living in central New York, contact us today to schedule a tour.