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The Difference Between Renting an Apartment and a Condo Many people refer to condominiums as apartments that you own, but that is necessarily the case. While they do have their similarities - both are part of a larger community of living spaces - there are also differences. Apartment buildings are typically owned by one individual or a single organization. Each unit within the complex is then leased to an individual renter for a set period of time. Condo units are commonly owned by a single party who has the option to lease that until solely to a third party. The condominium building was developed and constructed by a certain company, but then each unit is purchased, much in the same way a single family, free - standing home would be. Renting an apartment is often less expensive than renting a condo. This depends on several factors of course, such as location and lease term. But within an apartment complex, the owning party is simply making a bulk profit. They can charge you less because they have several other renters sending them payments, as well. In a condo, the owner is going to want to cover the mortgage costs, as least. If he or she is hoping to make a profit from renting the property, you can expect higher prices. Both apartments and condos - typically - have plans in place for maintenance. Apartment complexes have a fix - it guy on site, someone who is paid a salary to replace hot water heaters, change locks and troubleshoot problems with appliances. Condos usually have preferred vendors, one or two companies who are commonly called in to make repairs and updates. But this is not always the case. Many condo owners (or the individuals they rent to) are 100 percent responsible for the maintenance of the home, as they would be with a free - standing dwelling. One perk that both apartment and condo renters enjoy is the amenities. Swimming pools, tennis courts and fitness centers are commonplace in both communities. Other conveniences, such as onsite laundry services, parking and security, should factor into your decision of whether an apartment or condominium is right for you. When comparing the options, think about the homeowner's association. Most apartment complexes do not have an HOA, but it is rare for planned, long - term communities - such as condo buildings - to not have them. An HOA can be both a blessing a curse. A good, well -functioning HOA will be an excellent resource. Board members will have a grasp on the community; be able to give advice about local repairmen; and serve as an informative turn - to should you have questions about your condo or complaints about your neighbor. On the other hand, some HOA's charge exorbitant annual fees and are not very accessible. As a condo owner - probably not as a renter - you do have the option to sit on the board after a period of owning the property, thus having the opportunity to weigh in on matters affecting your home. There are pros and cons to renting both apartments and condos. To help you decide which is right for you and to get assistance locating the ideal property, consult an experienced property management company in your area.
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