Most of the youngsters are joining multinational companies away from their hometowns in lieu of a lucrative remuneration and a healthy lifestyle. But purchasing a house in a new city is not financially viable for many of them. The best way to deal with this crisis is the option of renting a place of your wish. The next question that pops up is the choice to be made between renting a condo or an apartment. So, let’s try to find some answers.

Condo

A condo is an abbreviation for a condominium. It is a private residence in a flat, community or society which comes under the ownership of a landlord. Condo has a clear structure. It has an extensive list of amenities available. It may include additional facilities like access to swimming pools, fitness centres, etc.

A point to be noted here is that a condo may be previously owned by the landlord himself. So, even after he/she opens it for renting, still his/her personal touch and interest in the condo can be rewarding for the new resident. For the betterment of condo as well as on the request of tenant, the landlord can agree to make amendments in the property as well.

Apartment

An apartment is a rented place in a building which have multiple other rental units. It is organised by a community sometimes or managed by a professional manager.

Condo VS Apartment

Ownership

The ownership of a condo remains in the hands of an individual who is known as the landlord. The building’s upkeep and rules are established by him/her only.

An apartment is owned by an individual or a company that owns and manages the whole set of apartments. All tenants in the apartments abide by the same rules and regulations and follow the same contract.

Layout and design

Condos may be or may not be homogenous. As they are owned by different individuals, so they have a specific touch of the owner. Some condos provide luxurious designs, great aesthetic setting to give the feel of a homely space.

Apartments usually have a similar layout, decorations and amenities. They generally have homogenous floor plans, same kind of floors, ceilings and other structural material. They are handled by professional companies and miss the personal touch that is given by one owner as in case of a condo.

Maintenance

Condos are owned by individual owners. The tenant has to, sometimes, stay on their mercy for maintenance work. Also, he/she may have to pay for the maintenance from his pocket.

As apartments are managed by professionals, so the facility of maintenance is available 24*7 and the fee is already included in rent.

Relationship between the owner and tenant

There are chances of budding good personal relationship between the owner and tenant of a condo because a condo is a house owned by an individual owner. He/she has sentiments attached to the place and the tenant also.

Apartments are owned by an individual or professional company. There are lesser chances of loving relationship between the tenant and managers as their dealing is legal and straight-forward in nature.

Which is cheaper?

Condo and apartment cost the same. The main difference lies in the payment schedule.

Condo is managed by Homeowners’ Association and it charges a fee for living in a condo. It means the rent includes the bill for utilities and fee for up-keeping of common utility areas. The tenant must pay rent per month to the landlord. Members of Homeowners’ Associations have a set of ‘CC&Rs’ i.e. covenants, conditions and restrictions. These includes various terms and conditions put forward by the landlords to save the property from any amendments beyond their wish. Negotiation of rent is possible as not all owners rent condo for profits. Some rent out only to cover the loan amounts or others for keeping the place full of life.

While renting an apartment, there is no Homeowners’ Association fee to be taken care of. The resident has to give monthly payment that includes property rent, electricity, water, gas and internet bills. All tenants of apartments under the same person or organisation have to pay same rent. There is no room for negotiation as the company and tenant are bound by a legal contract.

Conclusion Most people like to rent an apartment because apartments are run by professionals and are expected to be more organized. The professional companies provide a rent agreement also which stands legally accepted. So, the resident has security of stay for a term. Finding a condo to live in can be a tough thing to do because most Homeowners’ Associations don’t allow renting of residential units. Still it is not impossible to find a condo in a beautiful locale with unique designs and outstanding services.