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The Major Differences Between Apartments And Condos

Are you looking for a new home and consider moving to an apartment or a condo? But don’t know the difference between the two of them? Although they may look similar on the outside and inside, and cost almost the same, there are differences. 

To help you, we are breaking down each feature so that you can easily decide which home is the best. If you are looking for a place to call home, you will see a variety of offers to rent. They are important enough to influence your home’s day-to-day operation and the building it is in, so it is important to understand them and get a professional house moving service to help you move in.

Now let’s learn the difference between an apartment and a condo.

Ownership

The main difference between an apartment and a condo is ownership. The management of the property also has a difference. Condominiums are usually managed by the Homeowners Association (HOA), but each unit has a different owner. Just like a house, you have the opportunity to buy a condominium. When renting a condo, the owner is different than the next unit.

Individual apartments cannot be purchased individually. Instead, the apartment building usually has one owner (probably a legal entity), and the apartment is rented to individual tenants. 

Due to this difference in ownership, apartments are often run by a third party company rather than the building owner. Rent an apartment often means working with a management company rather than a real estate owner.

Costs

Standard apartment fees include the first and last month’s rent and a security deposit. The rent of an apartment is almost always a fixed amount for the duration of the lease. Some apartments offer monthly or short-term leases, but agreements are usually for one year.

If you are bringing pets to your new home, pet fees are usually included in this initial payment. Read more on how to move with your pet. If your pet fee or deposit applies, the price will vary. Utilities are also often not included in your rent. According to Joe Roberts of Move.org, “People renting apartments spend between $100 to $150 (sometimes more) per month on utilities.

Meanwhile, if you are renting a condo, your payments will also be a fixed amount for the rental period, unless otherwise stated in your agreement. The property owners decide the cost of renting a condo, which can vary from unit to unit. 

You may be required to pay a security deposit, but there is no charge for pets as they are the pet owners themselves. If you can only pay the first and last month’s rent and security, you may be able to negotiate it from the property owner.

Moreover, some condo owners include HOA fees and utilities as part of the flat fee rent so that you will pay once a month for all the basic things. According to James Chen, “Usually, the HOA fee covers the cost of maintaining common areas of the building, such as lobbies, patios, landscaping, swimming pools, and elevators.” HOA fees can range from $100-700 per month, depending on the level of service. The company provides and what kind of facilities are included.

Rental Policies

In an apartment, the property manager makes sure that all the building policies are followed. They will also review any complaints. The same rules apply to each unit and include tasks such as noise restrictions, rules for living with pets or guests, and the need for tenant insurance. Even painting or perforating holes in walls can be banned, and failure to follow these principles can have serious consequences on the tenants.

Meanwhile, in a condo, HOA guidelines set rules for the common areas. You should make sure you follow it when you move even though you are the only tenant. Any additional rules in the unit come from the owner and may vary from unit to unit. So look at your rental agreement carefully. 

Maintenance

Free maintenance is one benefit of an apartment. Some apartments provide emergency maintenance 24 hours a day. Problems are usually resolved in a timely manner and can be fixed even when you are not at home. You can save money from repair plus maintenance at any time of the day. 

In a condominium, maintenance is the responsibility of each owner. Although property owners can respond quickly to your problems because they are not managing the entire unit building, it can take longer because they need to secure an independent technician for repairs. 

For problems in any common area, the HOA is often in charge of it. If you have anything to report, contact them as they will have a protocol for issues in these areas.

How to pick between the two

Knowing the difference between an apartment and a condo is vital and narrow down your list and worries. Renting an apartment provides a more professional experience than usual. While a condo is more relaxing, but it has less service than an apartment. Both have their pros and cons, so it’s important to know your tastes. 

Planning on moving today? One of the best Chicago moving services is here to help you!

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