|
|
The real difference between a condominium and an apartment has to do with the form of ownership. You can't differentiate condos from apartment rentals by just looking at them. A simple definition would be that a condominium is one of a group of housing units where each homeowner owns their individual unit space, and all the dwellings share ownership of common areas. So, while condominiums are owned, apartments are part of a complex entirely devoted to rentals. However, you can find rentals that are condos for both short- and long-term occupancy.
If you are looking to rent long term, condos might also offer a viable alternative to living in an apartment complex. Your landlord is usually your complex manager as well, and the rental arrangement is typically more flexible.
While individual condominium units can be owned or rented, condo complexes offer a variety of shared facilities to their inhabitants. Typically, these facilities and common areas are maintained by an owners' association or condo council requiring a monthly or annual fee. Shared areas may include a gym, pool or sun deck, park or playground, basketball or tennis courts, or on-site laundry facility. These facilities are common bonuses to renting a condo or apartment because you can enjoy the amenities without taking on full responsibility for them. For the average renter, such facilities are a great money-saver and boost to quality of life. Instead of shelling out money every month to a gym or pool membership, or instead of driving to a park or Laundromat, you can enjoy the privacy and close proximity of your complex's facilities.
Condo rental complexes also typically feature security systems and secured parking garages. These benefits provide the sense of living in a private community as well as safety for residents. Some condo buildings even have doormen or full-time security personnel who walk the grounds or check visitors in and out of the premises.
Swimming pool and laundry facilities are typical amenities offered by both apartment buildings and condominium complexes. Both living situations also feature similar complex-style communities, covered or secured parking, and security systems. Full-time maintenance staffing is also a perk of both styles of rentals. Having full-time maintenance for the building is a great source of peace of mind for renters because you don't have to worry about taking care of plumbing problems, gutters, infestations, and other expensive repairs.
While condo rentals and apartments share many features of complex living, there are also several differences between the two types of rentals, such as: