Condo Vs Apartment [The Winner Is…]

It’s the age-old debate, condo vs. apartment living. Generally, condominiums (condos) can be purchased while apartments are rented.  

Which Is Better, An Apartment Or Condo?

To see how they match up, we will evaluate the pros and cons of living in and renting an apartment versus the pros and cons of living in and purchasing a condo. 

The Apartment Experience

When I was younger we lived in an apartment for about a year. Apartment hunting wasn’t so bad.

Pretty painless. 

If your working and don’t have time to deal with the complexities of property maintenance and ownership, then apartment living is actually a pretty good idea. 

The Condo Experience

Generally, you have two options when it comes to living in a condominium. You can either buy a condo to rent out or live in, or you can rent a condo from an independent owner. 

What’s The Difference Between An Apartment And A Condo?

For this discussion, we are going to assume the debate is between renting an apartment versus owning a condo. 

Common Area Maintenance

If you live in an apartment building and you see something wrong outside your window, you call the property manager to fix it. If, after buying a condo, you see something wrong outside your window, you contact the property management company that does the maintenance, and they will fix whatever it is. 

Property Insurance

If you live in an apartment, you may need renters insurance. If you live in a condo and you own it and finance it, you will have to purchase homeowners’ insurance. 

Generally Speaking, Are Condo’s Nicer Than Apartments?

Again, the answer is: it depends. You get what you pay for, so generally, the more you spend on rent or mortgage, the nicer the place. But remember, apartments are usually a lot easier to walk away from than a condo. 

Swipe up now to read the full post!