Should I Buy a Condo Or Rent An Apartment? We must point out some essential differences if you are looking to buy a condo instead of an apartment. If you are new to the condo market, you may not be aware of its advantages or disadvantages. This article will highlight both the positives and negatives of owning a Tridel group condo over an apartment.
Condo vs. Apartment: Let the Debate Begin!
The first thing you will need to decide is whether you would like to live in a single dwelling or own your unit. The advantage to owning is that you can often purchase additional units on the same property. It is also less expensive to rent condos or apartments as the landlord does not have to pay for these other units.
One negative to renting is that you are likely to be under contract for a set period. If you ever leave the premises, you are still obligated to pay the monthly rental fees. The benefit of this is that you do not have to worry about these fees.
Another difference between owning and renting is Amenities and other extra extras that come with owning an apartment. These may include common areas, pools, fireplaces, elevators, and many more. When you rent a condo, you are not able to enjoy all of these amenities. You are merely renting the property itself. Some apartment complexes do not offer any extras at all.
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Advantages of Owning or Renting
There are advantages to both owning and renting, though. For one, an apartment can be a temporary residence. This means that you are not obligated to stay on the property as long as you want. You can always move out if you’re going to or if the situation calls for it. This is not the case when you own a condo. You cannot just move out whenever you choose.
On the other hand, the landlord has the opportunity to increase the rent whenever the need arises. With an apartment, this is not possible. The landlord cannot raise the rent anytime he desires. He also does not have to inform his tenants of the current rates.
When you rent an apartment complex, most times, there are some amenities available for your use, such as a swimming pool and a trash dumpster. These things are usually included in your monthly rent. Furthermore, some complexes offer security and parking permits. These are typically provided to those who rent for the first time. This ensures that the tenant always has access to these things without having to worry about them.
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When you own a condo, it is your responsibility to take care of all the property maintenance. This is why you are charged a maintenance fee. However, your monthly rent is higher than when you rent an apartment. This is because the maintenance fees are more expensive when you own a condo. As a result, the landlord may request that you pay more monthly rent when you decide to rent an apartment.
The Differences
Both condo buildings and apartments have different rules when it comes to adding amenities to the property. If you are thinking of investing in both a condo and an apartment, you need to determine whether they will fit into your budget and provide you with the necessities. The choice is really up to you. The decision is crucial since you will be investing your hard-earned money into these properties.
There is usually a common area for condo owners that includes common areas such as playgrounds, parks, swimming pools, etc. Some condo owners choose to live in their units and rent them out for people to stay in. Others prefer to live in their units fully and allow tenants to use their units when they want. Still, others require tenants to use their units even when they are not there. Either way, these tenants end up paying the landlord’s commission.
Apartment complexes differ because some amenities include swimming pools, gyms, tennis courts, unique parking spaces, restaurants, etc. Other complexes do not offer many of these kinds of amenities. These complexes may have a common area, but the units are usually separated into smaller ones. These units may only have one bathroom or just one bathroom per floor. Apartment complexes can also vary in terms of size.
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Final Words
Apartment buildings are more popular because they usually require less rent per square foot than condo buildings. They are also safer because of the fewer break-ins, drug activity, and other criminal activities in an apartment building. That is even more convenient when it comes to laundry mat rather than going out. You should seriously consider both an apartment and a condo if you think of moving to another city or state.
I hope that this article helps you answer this question “Should I Buy a Condo Or Rent An Apartment?”. If you want to receive notifications when there is a new article, please subscribe to the Push Notification at your desktop screen’s right bottom.
