Condos and apartments have many similarities: they tend to be smaller than a detached home, they’re usually cheaper, they offer more onsite amenities than a traditional house, and they’re often the top living choices for people looking to downsize.
But the differences between condos and apartments outdistance their similarities — and these differences can help you determine which one is right for you.
Here are some pros and cons for renting apartments and purchasing condos, and how to decide whether an apartment or a condo is right for you.
The Pros and Cons of Renting an Apartment
Apartments are more suitable if you want (and like) the flexibility that renting offers. If you have plans to move to a different city within the next five years, then you may prefer to renting over buying — and renting an apartment might be more in line with your lifestyle.
If you’re settled down but crave freedom and less financial responsibility, renting an apartment is something to consider.
Apartments are also good choices if you don’t want to shoulder any responsibility or costs related to home maintenance or upgrades. It’s comforting to know you can get a leaking toilet fixed by the maintenance crew at any hour, and at no cost to you when you’re renting.
Apartments give you mobility, but within the walls of your apartment, your freedom is somewhat limited. Your options regarding the layout are superficial: what you see is what you get. You don’t get a choice when it comes to appliances, and depending on your renter’s contract, you may be limited as to how much you can decorate.
Renting an apartment can also be expensive. While ownership may seem more expensive, keep in mind that most of your monthly payments are equity. But renting an apartment means that you are giving money to the apartment owner and helping the owner build equity.
The Pros and Cons of Purchasing a Condo
The primary benefit of buying a condo is that it becomes an asset. If and when you decide to sell the condo, you, your spouse, or even your children can reap the rewards of the equity built up from the condo.
Buying a condo is especially smart if you are settled and if you’re confident that you’ll live in the same area for more than five years. The price of the condo is more likely to appreciate while you own it, and it is less susceptible to short-term market fluctuations.
Condos are also perfect if you are retired and are looking to invest in a home away from home. And depending on your condo agreement, you can rent your condo when you’re not there and get some extra income.
A condo can offer the unparalleled balance of independence and amenities regardless of where you are in your life. The amenities that often come with condos are also unbeatable: from pools to fitness centers to communal BBQs; condo complexes offer a multitude of activity and sport-based conveniences.
You can remodel the interior of your space, opt for energy efficient fixtures, and customize it to meet your unique sense of style. Plus, the sense of ownership you’ll feel is priceless. And while you’re responsible for maintaining the interior of your condo, most condo companies take care of the exterior, helping to eliminate exhausting yard work that drains your time and energy.
Choosing condo living also offers an automatic sense of community. You may have neighbors when you live in an apartment building, but with condo associations coordinating regular complex-wide events, your engagement levels with others are much higher than in apartment-style living. This is great whether you’re new to town or are a lifelong resident of the area.
With condos, there are some potential cons. If you’re planning on moving anytime soon and don’t want to put down roots just yet, a condo might not be the right choice for you. Or, if it’s important for you to pass down your family home to your children, moving into a condo might not work.
Like apartments, condos also come with monthly costs. You’ll be responsible for a mortgage (unless you purchase your condo), as well as any taxes, utilities, insurance payments, and homeowners’ association/condo fees. These costs, however, are often lower than those associated with renting an apartment, especially when you consider that some money is going into your savings in the form of equity.
Which is Right For You?
Deciding between a condo and an apartment is a personal decision that will be dependent on some factors. Take a look at where you are in your life and ask yourself the following: are you settled, or will you be moving in the next five years? Can you afford the down payment for a condo on top of the monthly fees? Do you want to do the house repairs, or would you rather have a maintenance crew address them? How much flexibility does your lifestyle demand?
If the convenience and freedom offered by a condo appeal to you and your lifestyle, get in touch with Aderra today and schedule a tour of our luxury condos situated in a warm, welcoming community.