The Pros and Cons of Condo Renting

Condo renting may be a great alternative to living in an apartment complex. However, living in a rented condo comes with a very specific set of possible problems. Prior to renting a condo, seriously consider the following pros and cons.

Pro: Private Ownership

Most condominiums are owned by private owners, and private owners often have a bigger emotional and financial investment in the property. This can mean that you property will be maintained better or at the very least that you will have your landlords personal attention at all times. In a private condominium, carpets, windows and walls will be cleaned more regularly. Possibly, any funds you expend in caring for the property will be deducted from your monthly rent.

Pro: Better Appliances

A condominium was built to be owned, meaning that more care will have been taken into choosing the best materials and that it will house higher-end appliances. Granite countertops, marble floors and stainless steel appliances are not uncommon in condos but are extremely rare in an apartment. Luxury living at non-luxury prices is possible in a condominium.

Pro: More Room for Negotiation

An individual looking to rent a condominium may or may not be looking to make a profit from its rental. In the latter situation, you may find you have more room to negotiate your rent. The landlord may only be looking to cover the mortgage, taxes and other condo-related expenses, making your overall cost of living lower. In contrast, an apartment complex has more availability and more demand, often making them less willing to negotiate on rents.

Con: Lack of Professional Landlord Experience

Unless the landlord has rented in the past he will lack the necessary experience to efficiently manage the condominium. This could mean that repairs take longer or that the property will not be maintained as needed. However, an apartment building may have been built as condominiums and rented by a management company, which would eliminate this issue.

Con: Less Protection

Because they are typically entered into by a tenant and a management company, an apartment lease is more stable than leasing a condominium. An owner of a condominium can decide at any moment to offer the property for sale without caring that it will impinge on your rights. While the court system offers you recourse in such a situation, there is nothing stopping the landlord from selling the property prior to the case being heard.

Additionally, a private landlord may be over-involved in the property and show up announced. You may find that if you protest this behavior the landlord may become malicious, eventually making your life very difficult.

Con: Taxes and Other Payments

Often, a tenant of a condominium must pay enough rent to cover the other expenses included in the costs of the landlord’s ownership. These costs include taxes, condo association dues and insurance. These costs increase the amount of rent the landlord must collect each month to break even on the property, raising rents. Because of this, rents for a condominium may be higher than for an apartment.