CONDO VS APARTMENT: WHAT SHOULD BE YOUR HOME CHOICE THIS 2022

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CONDO

Are you looking forward to purchasing your dream home but can’t figure out which is the best option for you? No problem. Below we will discuss the key differences  between condos and apartments

If you are in the market for  a new condo or apartment, or condos for sale Fort Worth, this blog is something you shouldn’t miss out on! Let’s find you a dream home together.

CONDOS Vs. APARTMENTS: THE PRIMARY DIFFERENCE

One aspect that differentiates condos and apartments is – the ownership. Consider an apartment first. This home type is a part of an entire building, usually owned by an individual or a corporation. The apartments are then rented! Whereas, a condo is very similar to an apartment (in structure). However, condos are owned and not rented.

What else to consider?

Comparing the two residential types brings out five points of difference. These are:

1.   Cost

Renting an apartment is pretty much straightforward. The renters are required to pay deposits and even first and last months’ payments. Then, comes the monthly payments.

Owning a condo is much like owning a home. The individual has to make a down payment, acquire a home inspection, potentially mortgage the condo if you don’t pay cash, and pay closing costs.

2.   Maintenance

When renting an apartment, the landlord or owner is responsible for any repairs that may occur. Whereas, the condo is solely owned by you, so you have to pay for all the repairs.

3.   Amenities

Both condos and apartment buildings appear to be similar. Therefore, they come with common amenities. Think about amenities like a swimming pool, gyms, green space, community hall/area, and maybe security.

4.   Location

Searching for your dream home definitely brings up the question of location. Since condos and apartments appear to be similar and come with common amenities, both types of residential spaces are found in cities and smaller suburbs. One can easily find them near business hubs, parks, or local markets!

5.   HOA rules

The Homeowners Association (HOA) rules differ a lot for condos and apartments. Some common aspects of these rules are:

?       Behavior in common places

?       Pets allowed in the common spaces

?       Types of decorations allowed on the exteriors of the unit

Apartment landlords have the power to decide how renters can behave inside their units. On the other hand, the condo owners can choose to live however they want to.

WHICH OPTION IS BEST – CONDO OR APARTMENT?

Condos

If you are looking for homeownership, a condo is definitely a more affordable entry point. Condos are relatively available at a low price especially if you want to own a house and even downsize. Condos are also low maintenance as everything is taken care of by the property managers. For example, the landscaping and exterior of the condominium building.

Apartments

Apartments are best for those not looking for homeownership and the responsibilities that come with it. One of the pros of getting an apartment is you have the ‘flexibility’ of relocating! So, if you are not planning to stay at one location/place for the long term, you can choose apartment living. They are low maintenance and everything is well reachable such as shopping centers, restaurants, etc.

BUY A CONDO IN 2022

Planning to purchase a condo this year? Well, we have some tips to help you find the perfect home for you.

?       Consider your lifestyle and finances. Will you be able to buy a condo?

?       Ask a local realtor for help

?       Decide what amenities do you want

?       Review all the fees and regulations

Now that you know the difference between apartments and condos we hope you can choose confidently!

Happy home-hunting!

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