A condominium or simply condo is a building owned and managed by an individual. Such a person administers every activity in the house as he is the landlord. Condos do have a great structure and contain an expensive list of amenities like car parks, pools, or even fitness centers. The owner of a condo might decide to live with his tenants or put a caretaker to help him monitor all activities in the house. It is important to make the right decision when buying or renting a house. Structures mainly constructed for rental motives are known as apartments.
Unlike a condominium which is owned by a person, an apartment is built by rental companies to generate income. It is necessary to understand different housing types to choose a condo or an apartment. The major difference between a condo and an apartment is ownership. You can own an apartment, but it’s not yours forever unlike a condominium that is owned, managed, and administered by you. Several factors which you must consider when renting or owning a building including cost, amenities, maintenance, location, and taxes. Choosing the right location is important when making housing decisions as you might prefer living in an estate or the major suburbs of a city.
An apartment and condo have similar traits regarding location. These buildings can be located near business places, commercial centers, or found in quiet places. You can find both in smaller suburbs or the major part of cities. An apartment has laid down rules which control the activities of residents in the house. These rules known as homeowners rules are set by homeowners to control the activities of residents. A condo has an edge over an apartment regarding homeowner rules because restrictions placed on condo residents are limited. Apartment landlord can set their own rules for their tenants without questioning.
Regulations set by apartment landlords can include restriction of pets, disapproval of building renovation, or painting. A condo resident can be the landlord which gives him total freedom. An apartment or condo can be likened to owning or renting a home. The cost of claiming ownership of a home is higher which makes an apartment better than a condo. It’s easier to find a rented home than one that has already been built for sale. Maintaining a condo is much easier than maintaining an apartment due to restrictions. Condos are usually located in remote areas or places close to commercial buildings like shopping malls, restaurants, bars, or recreational centers.
If what you’re looking for is walkability, a condo is more suitable for this. Unlike a condo, living in an apartment is also good as you can move out at any period. No fee is paid by residents who live in an apartment as it is the responsibility of the landowner. A major problem associated with apartments is noise from neighboring houses. Tenants might be forced to adapt to these changes as it might prove to be difficult. A condo is better than an apartment regarding equity as renters are not entitled to building equity.