Condo’s and Rentals: Apartment Living In Both

Consider this: you’ve decided you like apartment living, and have seen a few condo listings, but don’t have the faintest idea as to whether it’d be better to look at condo listings or apartment rental listings. What’s the difference, anyway, and, importantly, what’s it like to live in each?

Good questions. Let’s first tackle a definition of both.

What’s The Difference Between Both Rental Properties?

Although both rental apartments and condominiums belong to the category “shared units”—which means that it’s not a single-family house, or other individual unit–a condo is not owned by one single person or entity or conglomerate, as are apartment buildings. They are individually owned by each and every dweller.

A condo may give the impression of being carefully cared for, because it is. There’s mutual ownership behind all those perks. The non-rental residents–and your erstwhile landlord, if you go condo–purchased their unit.

Yep, owning a piece of the pie means having a say in how it’s sliced.

What Are The Benefits To Renting a Condominium vs. An Apartment Unit?

Now you probably understand why the condos you have passed by in your neighborhood seem so, well, manicured, right? With so many owners not only LIVING there, but also having input into how the place should be kept up, it’s bound to mirror the myriad mutual concerns which owners have expressed.

An interesting aside is that many owners of condos actually buy the unit as an investment property, and prefer to rent out the apartment, rather than live there. You can imagine how attentive such a landlord would be, were something to need repairs. After all, the unit belongs to them! They have a stake in the condition it’s in, as well as in keeping you happy!

Another “side benefit” might be the following: you won’t have to deal with a go-between or a rental management person. Your go-to person won’t be a staffer of a large apartment building office. It stands to reason that you most likely won’t have to wait in line to have your concern attended to.

You will be able to have “quality time” of a one-on-one nature with your rental landlord. All you have to do is e-mail, pick up the phone, or text, and you won’t have to remind him or her which unit it is you’re living in.

Luxury Amenities Another Plus

You’ll also have access to amenities which might be deemed “luxury” and which you wouldn’t have, in a typical multi-unit rental facility. For instance, in addition to a well-cared for exterior, the condition of your walls should be pristine. Ditto your floors. You will probably also enjoy the latest gadgets and appliances

Additionally, if you have a hankering for a concierge, you stand a chance of getting it, in some condos. Or how about a built-in pool? Ditto.

What Are the Drawbacks (If Any) To Renting a Condo?

As it happens, the very pros of living in a condo are also what might be seen as the main cons. You’ll be enjoying the luxurious comforts of a top-drawer apartment, but this’ll cost you in monthly Homeowner’s Association fees. How much? Depends on the unit, and on how much the local HOA charges. Ask before you sign on the dotted line.

You’ll also need to weigh whether you like the professional anonymity of dealing with a management company which is well-versed in dealing with all things tenant-related.

With a large management company, there’s no guesswork. All of your issues will (eventually) be expertly taken care of.

The choice is yours!

Now that you know the difference, feel free to explore both options. Just remember to read your lease before signing and, if you are considering moving into a condo, talk to the owner to determine who’ll have to pay for the lawn care and other sought-after services.