Ownership is the biggest difference between a condo and an apartment. An apartment refers to a residence that is rented out, usually as part of larger residential buildings. A condo has a similar structure to an apartment. It is usually located within a larger residential complex. However, condos can be owned and not rented. A condo’s property taxes are paid by its owner. Apartment renters pay the property taxes.
Condo and apartment communities often share similar structures, which means they have many of the same amenities and locations. Each type of unit may have benefits such as a pool, trash disposal and manicured green spaces.
A condo owner builds equity by paying monthly homeowners association dues. He is responsible for interior maintenance and building equity. An apartment renter pays rent each month and relies on his landlord to deal with maintenance issues.
Consider these things
- Renting an apartment is relatively easy. You will typically pay a deposit to start your lease. In some cases, you may also be required upfront to pay the first or last month’s rent. You then make monthly payments throughout the term of your lease agreement. Condo ownership is more complicated and costly. A down payment, closing costs for the mortgage, and a home inspection fee will be required upfront. You can pay as little as 3 percent down, or as much as 5 percent in closing costs depending on which mortgage you choose. Monthly HOA fees are required for condos. These charges vary depending on amenities and services.
- Maintenance: If you rent an apartment and something happens (think a leaking faucet or broken appliance), it is usually the landlord’s responsibility to fix the problem. If you are a condo owner, however, the cost of fixing these things will be yours. These are the top tips to avoid costly home repairs.
- Amenities Condo and apartment buildings are often similar in structure, with a few floors or high-rises. Consider what amenities you value most, such as a doorman or a gym, and then compare the offerings of different communities.
This post was written by a real estate expert from the Dotoli group. Josh Dotoli is Paramount Residences #1 Selling Realtor with nine sales in 2021, 3x more sales than any other Realtor selling in the building. The https://paramountresidences.net/ enjoys a prime beach area location. It is a Ft. Lauderdale oceanfront condo located across from the beach.