Whats the Difference Between Condo and Apartment

By: ROS Team

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For many, purchasing or building a new home is a once in a lifetime event. Therefore, it seems logical to do proper homework before taking practical aspects. People also find it difficult to decide between a condo and an apartment. Sometimes the terms are used interchangeably, but there are major differences between the two.

Sides of the SCondos and Apartments: A World Apart or Two ame Coin?

Condominium vs Apartment

A condominium, or condo, is a multi-family residence in which the individual privately owns their unit and can exercise complete control over it. If the owner chooses to rent it out, he or she would be responsible for the rental terms and applicant screening.

An apartment, on the other hand, is owned by a management company. All units typically have the same or similar layouts and there are rules every tenant who lives in the building must follow. Apartment buildings usually have an office in the same building where the property manager remains available to the tenants and addresses their issues.

Condominium vs. apartment

Major Differences Between a Condo and An Apartment:

  • Ownership: Condos are individually owned and are usually purchased with a mortgage. Apartments are rental property that’s usually owned by a corporation.
  • Amenities: Apartments usually have more amenities (i.e. resident parking, laundry, gym, free maintenance, etc.) and their maintenance costs are shared among the residents. Condo amenities are usually administered through the homeowner’s association and may include a concierge, gym, lounge, pool, and outdoor rec areas. Condo owners must pay maintenance costs of amenities themselves.
  • Cost of Living: There is hardly any difference between renting a condo or an apartment. But in a condo, the resident may get more sophisticated appliances than in an apartment. One interesting feature is that the mortgage of a condo is usually inclusive of utilities, making it more economical to own than rent.

Condo: A Potential Investment

If we look from the perspective of an investment then a condo is definitely preferred over an apartment. The main reason is that during a lease, the landlord may ask for the rent he or she finds convenient. Besides, in the long run, it is preferred due to future property value.

Condo: a potential investment

Renting a Condo:

If you prefer to rent a condo, keep in mind that you will be dealing directly with the owner so strive to establish a good, trusted relationship with them. You’ll need to coordinate with them on maintenance or any other issues at the property and you want the owner to trust that the property is safe with you.

Renting a condo:

Renting An Apartment

It is altogether a different experience when renting an apartment. Instead of one person, you will likely be dealing with multiple people such as property managers and leasing agents. They will be the ones who would answer your questions and address issues while staying on the property as well as supervise any third-party workers.

NY Rent Own Sell:

NY Rent Own Sell is the leading NYC real estate brokerage firm. We have a team of professionally committed people who carry a load of experience. We always walk the extra mile to provide multiple options for our clients. If you are looking for a condo or an apartment in NYC we’ll be happy to help.

Condo or Apartment: it’s Your Call

Deciding which is best for you is something only you can do. Make an informed decision based on your lifestyle needs.

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