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Planning on moving into a new living space, but you can’t decide between moving into an apartment or a condo? Understanding the differences between an apartment vs. a condo is important to determine which one is right for you.
Apartments and condos have distinct living features that may help or hinder your living experience, so it’s important to weigh the positives and negatives of each.
This Moving Help® guide will help you make your decision by examining the differences between the two. Not only will you be more informed of your options as a resident, but you’ll be ready to transition into your new home.
What Is an Apartment?
The first fact you should know about apartments is they’re typically rentals. Tenants will sign a lease for one of the spaces and pay rent directly to the landlord. The owner of buildings can be property management companies or individual landlords. It usually depends on the building you’re reviewing.
Apartments will typically have certain amenities or selling points provided for tenants upon moving in. Tenants have access to these amenities which can include:
- Swimming pools
- Fitness centers
- Resident lounges
- Parking
These amenities are included in the tenant’s rent.
What Is a Condo?
A condo, often called a condominium, looks and feels similar to an apartment, but the difference lies in ownership.
Condos are characterized by the individual ownership of a unit within a shared building. Common spaces in the building are owned by all residents. These are areas like hallways, pools, and building exteriors, so homeowners are responsible for their upkeep.
A homeowner’s association will usually take responsibility for maintenance and care of common areas and amenities. The HOA is governed by a board of residents who will enforce rules on how residents should keep their units and treat the common spaces.
Apartment vs. Condo: Pros and Cons
Now that you know the key differences between the two, let’s weigh the positives and negatives of each to determine whether you prefer an apartment or a condo.
Apartment Pros
- The less expensive option
- Provided amenities/services
- Good short-term option
- Lower upfront costs
Apartment Cons
- Less customization
- No equity/mortgage — rent goes to a landlord
- Subject to possible rent increases
- Subject to landlord’s rules and regulations
Condo Pros
- Ownership of your unit
- Amenities
- Ability to customize your space
- Inexpensive homeowner’s insurance
Condo Cons
- More expensive than apartments
- Responsible to HOA rules/fees
- Large down payment
- Moving out is more difficult
Apartment vs. Condo: What Are the Differences?
Despite their similarities, apartments and condos have many differences too. These differences go beyond ownership and are points you should consider when deciding whether to move into an apartment or a condo.
Cost
Since condos are meant to be purchased, they typically require a down payment. For which, you’ll need a large sum of money to pay upfront.
Apartments are typically for rent and don’t require a large down payment. They may have you pay for one month’s rent or a security deposit, but it’s usually less expensive than a condo.
If you don’t have the funds for a down payment, renting may be the better option for you.
Purchasing a condo also will involve a mortgage and additional HOA fees, while apartment costs are typically included in the rent. Depending on your apartment, you may be responsible for utilities as well.
Rules/Regulations
As previously mentioned, condos can have HOA boards that take care of amenity maintenance. HOAs also make rules and regulations for how residents should treat their units and the common areas.
All HOAs operate differently, however, so when looking into purchasing a condo, you also should investigate the HOA. Make sure they don’t have any rules that you wouldn’t want to tolerate. Also, review their finances and responsibilities to ensure it truly adds value to the condo.
Apartments that have rules and regulations will be outlined in the lease before you sign. This could include rules on subletting and pet policies that residents are expected to follow.
Adjustment/Customization
Apartments give residents less freedom than condos. Since condo residents are owners of their units, they can make customizations like painting walls or mounting items. Some condo buildings may have different rules, however, so residents should check the bylaws or Covenants, Conditions, and Restrictions.
Apartment residents usually can’t adjust their unit with permanent changes. Residents have more limits to decor than condo owners do, so this is a factor to consider when deciding where to live. Many people want to make their homes their own to fully enjoy their living space.
Apartment vs. Condo: Making Your Decision
Before you choose whether to live in an apartment vs. a condo, you must be informed about each option to ensure you make the correct decision. Evaluating your lifestyle needs and the positives and negatives of each option are important to finding your next living space.
Once you’re ready to move into your new space, Moving Help can assist you with all your moving labor needs. You can find Service Providers on the Moving Help Marketplace to help you take this huge, next step.
