The ability to customize your condo with new appliances, windows and rooms is an advantage one does not get with apartments. If you are looking to stay in one place long term, a condo is likely the best option. Apartments generally come with a basic roster of amenities, such as one parking spot, on-site laundry, free maintenance, and maybe a gym, or access to an outdoor pool during the summer.
Condo amenities vary a little more since the amenities available depend on what kinds of amenities are administered through the HOA. In larger condo complexes, you can expect such amenities to include a concierge, gym, pool, lounge, and outdoor areas. Typically, the maintenance of these shared amenities is an expense shared by everyone in the building, in order to ensure the highest quality upkeep, while owners are responsible for repairs inside their individual units.
The cost of renting an apartment or a condo is relatively similar, although because condos usually come with several more high-end appliances, the cost may be slightly higher—you get what you pay for, however, when you opt for a condo. The real consideration when deciding between a condo and an apartment is what your plans are for the next few years.
In a condo, you or the property owner are responsible for maintenance in the unit. This could mean more out-of-pocket costs for you in the long run. It's important to discuss who handles what and get these terms in writing as part of your lease, before you sign. In most cases, if you have issues with your condo rental, you have to contact the owner.
This could mean leaving a message or even having to call a few times before you get any help. Not all owners are available at your convenience. This back-and-forth could mean longer wait times for completed repairs, as well. Any issues related to the building itself, meaning common areas, should get reported to the HOA. It's their responsibility to handle those types of repairs. Free maintenance is a perk of renting an apartment.
Some complexes offer services that let you submit work orders online and have hour, on-call emergency maintenance so you can still get service after hours.
Issues are usually resolved in a timely manner and can even get fixed when you're not home. Not only do you save money in not having to pay for repairs, but you get to keep all the time you'd normally have to spend waiting for a repair person to come and address the issue.
For issues in common areas, maintenance requests are often handled the same way. You'd submit a request, should you notice something, and apartment maintenance would handle the repair. This is not something you have to do, though. Part of a property manager's job is to maintain the quality of common areas in the apartment building. Deciphering whether you should rent a condo vs apartment all depends on what you are looking for. In short, condos are great choices for those who value having a single landlord rather than a big property management company.
This means getting more direct attention when something goes wrong as well as a greater willingness to compromise when it comes to finalizing a rental agreement. Briefly, renting an apartment is a great choice for those who value having a fixed cost in rent as well as on-site maintenance meaning quick fixes when something goes wrong. There are also no HOA fees to worry about when renting an apartment which can sometimes add up.
Knowing the differences between renting a condo and renting an apartment can help you decide which type of living situation suits your lifestyle better. If you are looking for a new rental, Rent.
No matter your preferences or lifestyle, we will help you find the perfect place to call home. Lesly Gregory Lesly Gregory has over 15 years of marketing experience, ranging from community management to blogging to creating marketing collateral for a variety of industries.
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Condos and apartments may seem similar, but there are major differences between them that are important to understand before signing a lease. This can mean having to report maintenance issues you would typically handle yourself. In a condo, maintenance is the responsibility of each owner. While they might respond to your issues faster since they're not managing an entire building of units, it can just as easily take them longer since they have to secure an independent vendor to make repairs.
For issues in any common areas, the homeowner's association is often in charge of managing maintenance. If you have anything to report, you should contact them since they'll have protocols in place for issues in those areas. There are always fees when you sign a new lease. The amount you have to pay in an apartment is pretty standard, but that's not always the case for condo rentals. While your property owner should make you aware of fees upfront, it's important to ask if you're uncertain about how much money you should bring when you sign your lease.
The standard apartment fees include first and last month's rent and a security deposit. If you're bringing a pet into your new home, a pet fee is usually added to this initial payment.
Security deposits are usually equal to one month's rent, which means you'll need three times your monthly rent when you sign your lease. Your pet fee or deposit, if applicable, will vary in price, but is there to cover any extra maintenance from pet wear and tear after you move out. The other fee you may not think about is the application fee. This comes even before you get to the lease signing. According to Kaycee Miller from Rentec Direct, the application fee covers a few essential services, including:.
Condo fees are up to each unit's individual owner so they can vary. You may have to put down a security deposit, but no pet fee since they're pet owners themselves. You may also be able to negotiate whether you put down first and last month's rent and a security payment if that's more than you're able to provide.
The only unique fee you may end up paying relates to HOA fees. These can be due monthly or annually and the condo owner may incorporate it into your rent or ask you to pay it while you're occupying the unit. The layout of individual units between apartments and condos may not feel too different. If you're looking for a one-bedroom, it's a guarantee most options will have a bedroom, bathroom, kitchen or kitchenette and living space.
What varies more is the number of upgrades. Because condos are individually owned, you've got a better chance of things being a little more high-end. Units within a single apartment building will often have a cookie-cutter design. All the one-beds will look similar, as will the studios or two-bed units. A building with units of all the same size can rotate through two or three layout options much like the homes in a planned community.
If you're looking at a lease in an older building, you may get more variety in layout, but not as many upgrades as you'd find in a condo where it's less expensive for individual owners to make improvements in their own unit. There are a few probable similarities between a unit in an apartment building and a condo.
For instance, many condos are adjacent to others, so owners often share a wall and live in…proximity. And if you live in a high-rise building, your condo may be located above or below someone else's home," says Geoff Williams from U.
News and World Report. However, condos often vary on the inside from unit to unit since owner preference will influence appearance. Flooring choices, countertop materials, even cabinet built-ins will vary.
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