Choosing between a condo and an apartment can be difficult. There are many factors to consider, such as the size of your family and whether you want to live in a high-rise or low-rise building. This blog post will compare the two options so that you can make an educated decision about which is right for you.
Some Factors to Consider Before Making a Choice Between a Condo and an Apartment:
How much space do you need?
What are your monthly expenses going to be?
Do you want to live in a high-rise or low-rise building?
Are you interested in having any shared amenities?
How easy will it be to maintain the property?
The Basic Difference Between a Condo and an Apartment:
The main difference between a condo and an apartment is that a condo owner owns the interior space of their unit, while an apartment renter leases the interior space. This means that when you are a condo owner, you are responsible for repairs to your unit, while an apartment renter does not have this responsibility.
Another key difference is that condos are usually newer buildings, requiring a higher level of investment. Apartment buildings can be older and may not have the same amenities that a condo building offers (e.g. pool, gym, etc.).
Condos:
Once you know the factors that affect the general choice for living space and the basic differences between both, check out these important aspects of living in a condo.
Condominiums typically have more space than apartments because they tend to come with one or two bedrooms as well as a living room, dining room, kitchen, laundry room, and sometimes even garage parking spaces. The spacing may differ depending upon the residential area you prefer. For example, Condos in Vancouver might have differences in spacing as compared to Condos in Edmonton.
The monthly costs of condos are usually lower than those for apartments because condo owners pay their utilities, whereas renters often have them included in their rental price.
Condos typically have a larger number of amenities than apartments. These can include swimming pools, fitness centres, and other recreational facilities such as tennis courts or basketball courts. Depending on the size of your family, you may be able to take advantage of these attractive features.
A few less positive aspects about condos are that they tend to attract more noise because of their shared walls and ceilings, and they can be difficult to maintain if you’re not the original owner.
Apartments
Apartments usually have fewer bedrooms as compared to condos. This could be an important consideration if you have a large family.
The monthly costs for apartments tend to be slightly higher than condos because they have their utilities.
Apartments can be more difficult to maintain, as you’ll likely need a professional property manager, and the apartment may not come with shared amenities such as recreational facilities.
Common Myths About Condos:
There are a lot of myths about living in condos. We will try to bust them one by one. So, here they are:
- "Condo owners don't own their land." False! Condo owners do have clear title to the land on which their unit is built, even though they may share it with other condo owners.
- "Condos are more expensive than buying a house." Not true! A condominium can be less expensive per square foot than a detached house.
- "You can't paint your condo or put up pictures because the board will get mad." Not true! As long as you follow the rules and regulations set out in your declaration (by-laws), you’re free to decorate your unit any way you please.
- "If there’s a problem in the condo, you have to call a board member." False! As the owner of your unit, you’re responsible for dealing with any problems that may arise. You can always contact the board if there’s a problem that you can’t fix.
- "If you live in a condo, you will be right next to your neighbours." Not true! While it’s important to be considerate of your fellow condo owners, you don't need to worry about living in close quarters with them.
The Condo is a Smart Investment:
If you’re looking for a good return on your investment, a condo may be the way to go. Their market is always more active than that of the apartments. But don't make any decisions without proper research. These market values can significantly vary with the location and city. If you’re considering buying a condo, do your research. Find out what type of price tag is typically associated with condos in the area that you want to live in and how much money it will take for maintenance purposes each month.
If you still need a professional guideline for deciding what type of property will best suit you, come to Novesta. We provide Vancouver pre-construction condos, new condo developments Vancouver, pre-build condos Vancouver, and the best custom home builders in Alberta. Contact us today for all your queries regarding the best selection of the property and lifestyle you prefer. Our experts will understand your preferences first and then guide you with the best of their knowledge and expertise.