In real estate, the words ‘apartment’ and ‘condo’ are tossed around frequently, but what do they mean? While both are multi-unit residential buildings that offer a variety of amenities, there are some key differences that set the two apart. In this blog, we will delve into the factors that make each building unique and help you determine which would be the best fit for you.

 

What Is an Apartment?

An apartment is a large structure consisting of units that are owned by one single entity. This may be a landlord or property management company. Any available units are then rented by residents. By paying rent monthly, the tenants are leasing their home from the owner of the building. Property managers oversee maintaining the entire complex, including property taxes and any repairs that are needed in-unit.

 

As a tenant, you must pay a deposit ahead of your lease. You may also be asked to pay the first and last month of rent upfront. The monthly payments that follow cover utilities and some amenities. This is paid to the property manager or landlord. Since you do not own the unit, there are restrictions set in place. These include limited freedom to personalize or modify the home as well as not being able to sell the unit, have a direct stake or accrue equity.

 

Apartments are often found in prime locations of cities, have easy access to all necessary retail locations and give you the flexibility to relocate as needed. However, they have fewer perks and may be noisier as you are surrounded by other tenants.

 

What Is a Condo?

A condo is either a building or a complex of buildings where the rentals are each owned by different individuals. These personnel act as the landlords and report to either a homeowner’s association (HOA) or are observed by a board of directors – both of which are composed of other condo owners. This group oversees the maintenance of common areas and enforces rules and regulations.

 

There are many potential benefits to renting a condo, the main one being more freedom to conduct renovations and personalize the space with the landlord’s approval. Condos may also offer more upscale amenities, such as green spaces, playgrounds, pet areas and more.

 

However, renting a condo can be the more expensive option. Landlords have to pay monthly condo fees and property taxes, which will be included in your rent. These cover general maintenance, amenities and potential utilities. Also, depending on the owner, you may have to cover any maintenance costs.

 

Another thing to consider is maintenance. In contrast to the 24 hour maintenance available in an apartment, condo owners will assist you depending on their availability and desire to assist you.

 

Now Make Your Choice – Apartment or Condo?

Both residential options would be a great choice for your next home, but it ultimately comes down to your personal preferences. Apartments are great for those looking for a hassle-free experience. They are predictable, cost-effective and provide quick and easy responses from maintenance teams.

 

If you’re looking for an enhanced living experience, renting a condo would be perfect for you. With better amenities, fewer restrictions, a direct line to your landlord and often higher levels of security, condos allow you to personalize your living experience to be your own.

 

So what will you choose – an apartment or a condo? Discover these options and more at Rentals.ca!