Condo vs Apartment: What’s the Difference?

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Condo vs Apartment

Deciding on your first independent dwelling is a moment of achievement. After all, it is a badge of honor for surviving adulthood with sufficient efficiency to achieve financial independence. Whether you achieve that status in your twenties or your sixties, the point still needs to be celebrated! 

Now that you are at the helm of the condo vs apartment debate, there are quite a few things that you must consider. From an independent house away from the prying eyes to a residential unit in a building, the decision-making process may seem a little overwhelming at first. But trust us, the decision making boils down to two things alone. 

It is often mentioned on real estate advisory blogs that you can choose an isolated condo for a luxurious, high-end for a later stage in life when your pocket allows you to be luxuriant in life choices. While on the other hand, an apartment is an ideal choice for the years of hustle. 

This conventional wisdom of real estate can be shunned to the side for the time being, though. You can take your time Googling’ condo apartment difference’ to get a better understanding of the variation in both types of housing. But we chose to help you out. 

Here is an overview of the differences between a condominium and an apartment that you must know before charting the timeline for your next move! 

The first difference is the concern of ownership.

The difference between condos and apartments can be understood through the dynamic of ownership. When you purchase an apartment, you actually receive its lease from a leasing company. Meanwhile, condominiums are owned by an individual entity. 

Like the leasing company maintains the records of ownership for the apartment, a condominium corporation steps in to manage the condo itself. They assign a condo board who supervises the process. 

You can rent either of these residential units, or you can take ownership of the condo, but can you move forward without knowing the next step?

Next up is property management.

Weightage on the apartment vs condo discussion is dependent on a few factors. Condos have a simple strategy. You purchase or rent them from the owners. Even the first call goes to the owner of the property. It is a tale of one and done! But when it comes to an apartment, the process is a little complex. Yet, it is safer than the former. 

When you rent an apartment, you are likely to go to a professional agency that has been in the market for a long time. The experienced businesses ensure easy transitions for rental leasing and the resolution of issues that may arise at any point. 

You must remember that the owner of a condo could be intrusive, and you will be morally forced to oblige their untimely visits! When the owners tend to be this nosy, you must ensure that a proper home inspection is carried out before you sign the lease. 

Perhaps, this point would go to team apartments!

Which of these is heavier on the pocket?

The rent of an apartment is lower than the rent for a condo. A couple of years ago, it was estimated that renting apartments in Toronto cost a couple of hundred dollars below the benchmark for condos. The higher rents for condominiums often come with additional benefits such as the availability of a gym and easy access to transportation. 

The differential amount can go as high as $1,000 according to the location of your choice. Condos are genuinely expensive, but they also come with consolation prizes in the form of amenities that you can enjoy. 

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The returns on investment

Prudence dictates that you get what you pay for. This is why you get various perks and amenities when you rent a condo instead of a pocket-friendly apartment. Meeting centers, movie rooms, outdoor patios, sauna, swimming pool, and barbeque sets are a few perks you can look forward to when you rent a condo. But if you go the expensive route of purchasing one, you get a win-win situation.  

Some condo complexes also have running tracks and sporting courts. If you are looking for a smaller unit that does not compromise on location and helps you cut costs on transportation from the city center, then an apartment is the ideal choice for you!

What matters more?

What is the difference between a condo and an apartment? Their age and locations!

Condos are usually listed after reconstruction and comprehensive renovation. The higher-end listings are usually built in the new millennium, with some being as new as the late 2010s. The newer construction and style of interior design adds value to the condos. 

Apartment complexes are mostly from the previous century. They look sturdy and practical because of the pragmatic approach towards construction often taken by the architects of the time. There is no denying that an apartment complex may seem like a compromise from the aesthetic perspective. Still, it makes up with the availability of transportation and other necessities of life such as stores and healthcare facilities. 

While most condos are nestled in the suburbs, apartment complexes dot across the cities for the residents’ convenience.

Final Thoughts

Whether you are leaning towards an apartment or have your mind made up for a beautiful condo in the Canadian suburbs, you can easily find a match for your preferences and pocket. If a fancy exterior and precision of the location are not on the top of your priorities, then you can quickly move into an apartment. 

A condominium would suit you better if you are looking forward to an expensive lifestyle and higher standard of living. At the end of the day, what truly matters is a residence that is easy to afford and maintain in the long run. 

Here’s a pro-tip for the conclusion of this article: Make your choice according to your financial goals so that you don’t end up regretting this decision at a later stage in life.

You can rent either of these residential units, or you can take ownership of the condo, but can you move forward without knowing the next step?