Deciding between a condo vs. apartment home can be a tough decision. Both types of homes offer different benefits and drawbacks, so it’s important that you really understand the differences between them before making a choice. Ultimately, though, the decision will come down to how you use your home and how much money you’re willing to spend. Here are some benefits of condominium ownership, that you may not have thought about.
Renting an apartment is just the beginning of a relationship with your new landlord. In short, most condos are ideal options for people who value being able to have just one landlord instead of a large property management group. This means having more direct interaction with your new landlord, which often leads to a better interest in the security and upkeep of your unit. On the other hand, living in a condo vs. apartment can also mean that you’re in charge of your own living expenses, so this might be less desirable depending on your lifestyle.
ENOUGH FOR EVERYTHING
If you’re looking for a condo vs. apartment for just the financial benefits and lower cost of rent, you’ll probably be disappointed. Most tenants in apartments are required to pay extra for these types of benefits, including pet deposits, first month’s rent, and pet rent if your dog stays in the building while you’re there. On top of this, many apartment complexes offer amenities such as free weights at the gym, swimming pools, tennis courts, and other in-building activities that residents aren’t required to pay for with their rent. Condos usually don’t offer these extras, which means that you’re likely to pay a little bit more for each square foot of rent if you decide to rent there.
Many people find that they’re more comfortable living in apartments because they get more space and more belongings. However, most condo owners do not feel the same way. Living in a condo unit means that you have less space and less belongings than you would in a house. In addition to the lack of extra storage space, many condos actually have smaller back yards and parking lots than single-family homes, which means that you have to leave a larger area of your yard unsupervised at night or in the event of bad weather. If you choose to rent in a condo vs. apartment, make sure that you keep your belongings in a secure place until you move out or your lease comes up for renewal.
Just like with renting an apartment, some HOA fees can increase the overall cost of renting a condo vs. an apartment. Many HOA fees are based on square footage, meaning that the more space that you have to rent, the more money the association will charge you. You may also be required to pay extra for wiring and other amenities, so compare the cost of renting a condo vs. an apartment in your area when considering this option.
Overall, both HOAs and condos have advantages and disadvantages. Both offer a unique ownership option that you won’t find anywhere else in the world, and both have different pros and cons. Before deciding on one option, make sure that you research both. If you don’t feel comfortable with either of these ownership options, there are a number of different apartments and condos that you can lease instead.