Are you wondering what the difference is between condos and apartments? Perhaps you are considering buying a condo but are unsure how it differs from an apartment? Don’t fret! We’ve put together this guide to compare the two. After reading it, you will know which one is better for you.
But before we dive in, first things first.
What is a condo?
The significant difference between an apartment and a condo is in ownership. In most cases, a condo will be privately owned by an individual. On the other hand, an apartment will be held by a landlord.
An apartment is mostly part of a larger residential building. A condo is usually a unit within a larger residential building.
Condos and apartments also differ in maintenance and associated fees. You may pay the mortgage for a condo while usually paying rent to live in an apartment.
Additionally, you don’t have to worry about certain chores when you live in a condo. For example, you don’t have to do lawn maintenance, clear dead leaves, or even shovel snow.
If you are a young professional not ready to settle down, a condo lifestyle will be perfect. The same applies if you are a first-time home buyer testing the property market.
Here are four benefits of condos over apartments:
When you live in a condo, you’ll access excellent facilities. Some of those facilities may be out of reach for apartment tenants.
Examples of facilities that you will enjoy include a swimming pool, bar, gym, etc. Search “Toronto condos for sale” in Google if you don’t believe me. A list of condos in Toronto with excellent facilities will pop up.
Condos are some of the safest properties. If you are in Toronto, you’re likely to find condos that provide safety and security for all residents.
Besides, you will find neighbors who will keep an eye on your property.
Condos tend to attract young professionals or startup entrepreneurs. They choose condos for their short commutes and access to amenities. Young professionals also choose condos because they offer more space options.
There is also an opportunity to socialize. Some residents are single and ready to meet new people.
The main difference between living in a condo and an apartment is ownership. Let’s put this into perspective: when you and other residents live in condos, you own them. Hence, the word “condo” implies ownership.
As an owner of a condo, you’ll get an opportunity to pay down the mortgage and build equity by paying off the mortgage bond.
On the other hand, tenants who live in an apartment will have to pay rent to the landlord monthly. Usually, you will have to apply to rent an apartment, then sign a lease agreement. The rent will cover other costs such as electricity, internet, or even gas. Tenants will be expected to pay a security deposit, too.
When you buy a condo, you will only pay a down payment. As an owner of a condo, you will enjoy doing certain things that tenants cannot do.
Lastly, some people think renting a condo is more expensive than renting an apartment. Nothing could be further than the truth. When you rent a condo, you should expect to pay slightly less than an apartment.
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