Condominiums vs Apartments

Although they tend to look the same, an apartment is a particular unit in a building that is rented out and doesn’t generally have any kind of home owner’s association. Additionally there are NO extra amenities afforded to its tenants.

A condominium tends to look like an apartment; however, they are owned by someone rather than rented. Condo owners are typically treated to a plethora of perks such as pools, gyms and clubhouses, and property maintenance and repairs. A condo is usually run by an HOA and its residents MUST abide by the rules set forth by this HOA.

To answer the question of which is better for you: apartment rental or condo ownership, you must determine if you want to stay in your residence for a long time, or if you intend to move around a lot for one reason or another. If you will be moving around a lot, then renting an apartment is the best option for you. But if you want to settle down and you love the town you live in, you ought to at least look into buying a condo. There is more of a community-oriented atmosphere in a condo complex versus an apartment complex.

For some people, living in a condo complex is far too restrictive and they prefer the much more relaxed atmosphere of an apartment complex. For other people, they love the more orderly lifestyle a condo complex provides. The complexes also tend to be divided into specific communities; such as a retirement community or a professional community. If you are undecided about what kind of community you want to live in; or perhaps what city you want to live in, it is an excellent idea to rent for awhile first. You can find many condo owners who rent out their units. This is a great way to become acquainted with a specific location BEFORE you spend a lot of money and time buying a unit there.

Another thing you can do if you rent an apartment or a condo unit for awhile first is to save up the money to buy a condo of your own. Renting can be a good thing because you may not necessarily want to stay in your current town or city. Therefore, why spend the money on a more permanent location when you don’t have to? Take the time to get to know an area or a specific complex, get a feel for the community. Meanwhile you can make certain you have a permanent job or your own business going before you buy a condo. In other words, do all of your homework first. Do not just go into a purchase blindly. You will be much happier that way.