Apartment and condo living is preferred by only 8% of the population, yet two out of every ten Americans (17%) live in one. You must know some things, especially if you’re trying to decide between an apartment and a condo.
While the two terms are often used interchangeably, they denote very different living situations. Don’t worry; we’ve got you covered.
Keep reading for a detailed breakdown of the differences between an apartment vs condominium. At the end of this, you should be able to make up your mind whether to go for apartment living or condo living, especially when you are moving with your family.
Ownership of Apartment vs Condominium
Start by asking yourself, “What is an apartment? It is a unit within a larger building that can be divided into several apartments.
While condominiums are buildings or complexes in which units are owned by individual people. The ownership of an apartment is different from the ownership of a condominium.
In an apartment, the renter owns the unit, but the landlord owns the building. In a condominium, the owner owns the unit and a part of the common areas, such as the lobby, hallways, and recreational facilities.
There are benefits and drawbacks to both ownership models. However, if you are more interested in luxury apartment living, then you may check out Park Fountains at Preston Hollow.
Apartments tend to have fewer amenities than condominiums. This is because they are generally geared towards residents who do not require a high degree of amenities or services. Common amenities in apartments include on-site laundry facilities, a gym or fitness center, and a swimming pool.
Condominiums, on the other hand, often offer a wider range of amenities, such as concierge services, 24-hour security, and valet parking. They may also have more luxurious features, such as a rooftop deck or private garden.
Apartment fees are typically much lower than condominium fees. This is because, in an apartment, a single entity or corporation owns the building and the land. This corporation is responsible for the upkeep of the property, including the common areas.
In a condominium, each unit owner owns their unit outright, but they also own a share of the common areas. As such, condominium fees are much higher than apartment fees, as each unit owner handles a part of the common areas.
Another key difference is in the way repairs, and renovations are handled. The owner or management company is responsible for all repairs and renovations in an apartment complex. This can be a benefit, as it takes the burden off of individual owners.
In a condominium, maintenance is the owner’s responsibility. This means that one needs to find the right people to make the repairs.
Have You Made Up Your Mind?
Overall, the main differences between apartment vs condominium come down to ownership and responsibility. With an apartment, you are typically renting from a landlord and are only responsible for the upkeep of your unit.
With a condominium, you own your unit and are responsible for the upkeep of the common areas and your unit. If you’re looking for a place to call your own and don’t mind being responsible for common area upkeep, a condominium might be right for you.
Did you find this apartment and condominium guide helpful? Check out the rest of our blog for more!