What You Need to Consider When Choosing Between Apartment or Condo Rentals

Finding the right kind of housing situation that works best for you may seem simple but with all of the different types of accommodations available today it can be a little overwhelming when it comes to rental properties. Not only do you have to find something within your price range, with the right amount of space, in the right location and have all the amenities you need, you also need to think about the kind of relationship you’ll have with the property owner you’ll have. When it comes to renting however, most people will have narrowed down their choices to either an apartment or condo rental. From the outside, it may seem that they are both exactly the same thing but on closer inspection there are some very important differences. According to Katie Bommarito Hartman,

“Both condos and apartments have benefits, and at first glance, the two may seem to be a lot alike. There are, however, differences in condo living vs. apartment living.”

Understanding the differences can help you to decide which type of living accommodations will work best for you.

Expenses

It is true that apartments and condos usually have comparable rents but the differences lie in what you get for your monthly payment. Condos usually offer more amenities than most apartments and often include at least some, if not all of the utilities. Condos also tend to have higher end and better quality appliances for their units than apartments. However, it is quite likely that you’ll have to shell out more cash for other things that you wouldn’t with an apartment rental. When renting a condo you may be hit with fees for landscaping, maintenance of the facility, and even fees for using the freight elevator or recreation room.

Ownership

Another major difference between apartments and condos has to do with ownership. When you rent an apartment you’re usually dealing with a business of some kind, either a property ownership business or a real estate company. However, when you rent condos you’re more than likely going to be dealing with an individual owner. Condos are part of a shared community where individual parties may each buy a separate unit. This fact could have a definite bearing on the relationship that you might have with your landlord In the future. Individual owners will usually have more flexibility than corporations in meeting your needs and expectations. However, regardless of the owner you have your lifestyle will still have to meet the requirements set aside in the Homeowner’s Association. As Cindy Pearce of Catalog.com explains,

“The downside of condo living is that you may not care for the restrictions imposed by the condo association. It is doubtful that you will have a yard. There are association fees and politics to deal with. You might not have an attached garage.”

Knowing who you will be doing business with should be an important factor in the type of rental you choose.

Freedoms

Because condos are individually owned you may find that you have more freedom to put your own design stamp on your unit. Most apartment units have some very strict rules about what you can do even to the interior; no holes in the walls and no changing colors for example. With these types of restrictions it is difficult for you to ever feel like it is completely your own. However, when you deal with individual condo owners you might find a higher level of freedom especially if you plan to rent for an extended period of time. As long as the building stays within the regulations of the Homeowners Association you may find that you’re free to decorate it to your liking.

Limitations

While renting usually gives you some limitations whether it is an apartment or a condo there may be some limitations you may not be able to live with. For example, if you would like some private outdoor space, chances are you won’t be able to find it. The little yard space that comes with condos will most likely be managed by the Association and those beautiful gladiolus you wanted to plant won’t be appreciated. Before you decide on either a condo or an apartment make sure that you fully understand the limitations that each one has and decide whether or not you can live with it.

Risks

There is one clear risk that is involved with renting from individuals that does not come with renting from a corporation. If the owner decides to sell the property, default on the loan, or even reclaim the property, the tenant may have little or no recourse in recovery beyond the term of his lease. If you plan on making this move a long term one, these are things that must be discussed and planned for before you make a final decision.

It is always a difficult decision when it comes to choosing the best living accommodations for you. The challenges come because of so many variables and each individual’s personal preferences. While there are pros and cons for both condos and apartments, there are a few factors that can make it easier for you to decide. Just looking at the physical features of both you’ll find that for the most part they are exactly the same but from the legal perspective the differences can be major. Before you make a final decision on renting an apartment or condo, it is essential that you fully understand what’s involved with each one. It will also help you to know exactly what kind of living situation will work best with your lifestyle before you begin your search. It would be good to give serious consideration to the comments of those at The Difference Between,

“In general, condos prove to be the better option if one is looking to permanently stay at one single place or at least not move for a considerable amount of time. An apartment, on the other hand, proves to be a better option if you are always moving.”

Whatever you choose for example Arbor Village, make sure that your choice will meet your needs and expectations so that you don’t end up a few months down the line suffering from renter’s remorse.