If you are interested in buying a dwelling for you and your family then, you must have heard that apartments are better than condos or condos are better than apartments. And you might have faced the dilemma of choosing between the two. However, if you have proper guidance getting out of this predicament is not a big deal. Before discussing the main differences between these two housing options, it is necessary to know what they are.
A condominium or a condo, in short, is a type of residence that is usually part of a large building and is owned by one person who is the landlord as well. However, an apartment though structurally similar to a condo is not owned by the resident rather it is rented and one hay to pay rent to the landlord (actual owner of the building).
Regarding the main question i.e. which one to choose between an apartment and a condo, there are several factors which one needs to keep in mind before making the decision. Some of these important points have been listed here:
The first major difference you see between an apartment and a condominium is that of ownership. As given above a condo is owned by the resident which means that all rights regarding the property belong to him and he can do whatever he wants with it. However, an apartment is a rented property and so do not even own a single brick of it. If you want to renovate your apartment you need to get the landlord’s approval
Another thing you can consider is maintenance. In the case of a rental apartment, all the maintenance is the landlord’s responsibility while the maintenance of the condo is mostly done by House Owner Association (HOA) except for the trivial things. The point here is that if you rent an apartment you are dependent on the landlord for house maintenance and whether or not they do so is a matter of their generosity. However, regarding the condos, HOA takes a little amount of monthly maintenance fee to keep all the common areas well maintained.
Designing Your Living Space
When you move into the place you like to change the place a bit according to your taste and comfort level. In this way, you invest some money in your dwelling to make it suitable for you to reside. The money you spend on your home not only improves its looks and makes your life easy but it also increases the cost of the property. But an increase in the cost of the property is beneficial only to those who own a condo while the increase in the cost of your apartment is of no avail to you (it only benefits the landlord).
Why Choose A Condo Unit
To sum up, it can be said that even though renting an apartment seems economical, it has its share of problems. And if you are looking for a home a condo is still a better option at the end of the day. If you are searching for condos that are within your price range and provide all the basic amenities, there are many resources online to kickstart your house hunt.
Be on the lookout for good deals, including secondhand units, pre-construction condos, or developing areas that would eventually boom into a thriving community. A great example of this are the QA condos in the Queen Coxwell area, where re-development is taking place and about to boost the community and surrounding neighborhood of the condominium.
Of course, while good deals would impress you, it’s important to have a feel of the neighborhood and the area itself. Make sure you pay a visit to prospect areas not only once, just to be more sure before deciding to purchase or not.