Are you finding a place to stay? Do you plan to lease a condo? Or maybe, do you want to rent an apartment?
Buying your own home can help you on the road to achieving that goal. But what type of home should you buy? Many people think about buying a house, but many people prefer to buy a condo or an apartment.
If you’re trying to figure out, “What is a condo vs apartment?” Then, you’ve come to the right place. Here are a few key distinctions between apartments and condos.
What Is a Condo?
A form of ownership of residential property. It is most commonly referred to as a condominium. It is also called a strata-titled unit. There is a range of condo arrangements. These include townhomes and lofts.
The condo owner owns their unit and the shared spaces like stairs, elevators, and parking areas. Some condos are part of a larger apartment building. Other condos are stand-alone structures.
What Is an Apartment?
A self-contained residential unit that occupies only part of a building. Usually, apartments are located on single-tenant properties. It means that residents live in their units.
Apartments typically consist of a bedroom, one or more bathrooms, a kitchen, and a living room. Some may also have balconies or patios. These are rented out on a month-to-month basis.
You can check out luxury OU apartments, which allow tenants to remain in their dwellings for as long as they like.
Difference in Cost
A condominium will cost more than an apartment due to its higher-end features. It also has more extensive floor plans and additional amenities. It comes standard with every condo purchase. Condos generally cost more to purchase than an apartment.
It is in addition to additional association fees. On average, condos cost 15-30% more than the same-sized apartment. An apartment may require the first and last month’s rent. It will also need a security deposit and certain upkeep costs.
Difference in Privacy
Apartments often have separate entrances. The residents there are typically more separated than in condos. A condo building has common corridors, stairways, and elevators. They can often make it difficult to prevent other residents from accessing one’s unit.
Sounds travel more freely in condos. It makes them less private than apartments. Some condos may have courtyards or other outdoor common spaces. It provides additional privacy. In many cases, outdoor area is shared among neighbours.
Some condos, such as certain high-rises, thermal curtains, or even soundproofing, may be necessary to provide more privacy. In comparison, it’s easier to come and go without being seen in an apartment.
What Is a Condo vs Apartment and Their Key Differences
In conclusion, to know what a condo vs apartment key differences lies in who owns the property. Whether you’re looking for a short-term or long-term rental, make sure you know the difference before making a choice.
Be sure to contact a real estate expert if you have further questions.
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