If you are seeking a new place to call home, you might be wondering which housing option - condo or apartment - is right for you. For first-renters caught up in this situation, here’s everything you need to know about condos and apartments to ensure you make the right choice:
What’s a condo?
A condo is a private residence in a building or complex. There are usually many condos in a building making up a community and owned by an individual. This housing option comes with several perks like access to different amenities like fitness centers, pools, BBQ areas, etc. That explains why the demand for new luxury condominiums in San Francisco's Cow Hollow is on the rise.
Are condos more affordable than apartments?
To be frank, there’s no significant difference in the cost of renting an apartment or condo. However, with the latter, there’s a monthly fee to the Homeowners’ Association (HOA) for the upkeep of the condo’s amenities and exterior maintenance like shoveling, painting, etc. but for an apartment, you won’t be paying monthly fees to the HOA, which means you are responsible for the maintenance.
Condos vs apartments: the differences
Let’s be clear, apartments and condos are units in a building. The main difference between both options is the condos are individually owned while apartments are managed by a company.
Apartments share the same design elements and features. Two apartments in a building will look alike in terms of layouts, floor plans, decorations, etc. On the other hand, condos differ from one another depending on the owner’s preference. Thus, condos, sometimes, come with a flair of class and elegance as owners integrate high-end appliances and finishes.
Another huge difference between apartments and condos is prompt maintenance. Apartments are maintained by companies, which means stand-by maintenance service available to come to resident aid when needed. For condos, your experience depends on the owners’ availability and principle. Also, you are more likely to wait for a longer period before your issue gets fixed, especially if the landlord is responsible for the repair costs.
On top of that, condos are a great way to build property equity, if the landlord is willing to sell. For apartments, there’s no buying one. The apartment complex is owned and managed by a company with no intention of selling a unit to an individual.
In the end, if you are looking to rent a new place to live, an apartment might be your best bet. But for folks looking for an entry into home ownership, a condo is the way to go.
