Some important differences must be pointed out if you are looking to buy a condo instead of an apartment. If you are new to the condo market, you may not be aware of its advantages or disadvantages. This article will highlight both the positives and negatives of owning a Tridel group condo over an apartment.
Condo Vs. Apartment: Let The Debate Begin
The first thing you will need to decide is whether you would like to live in a single dwelling or own your own unit. The advantage to owning is that you can often purchase additional units on the same property. It is also less expensive to rent condos or apartments as the landlord does not have to pay for these additional units. One negative to renting is that you are likely to be under contract for a set period of time. If you ever leave the premises, you are still obligated to pay the monthly rental fees. The benefit of this is that you do not have to worry about these fees.
Another difference between owning and renting is Amenities and other extra extras that come with owning an apartment. These may include common areas, pools, fireplaces, elevators, and many more. When you rent a condo, you are not able to enjoy all of these amenities. You are merely renting the property itself. Some apartment complexes actually do not offer any amenities at all.
There are advantages to both owning and renting, though. For one, an apartment can be a temporary residence. This means that you are not obligated to stay on the property as long as you want. You can always move out if you want to or if the situation calls for it. This is not the case when you own a condo. You cannot just move out whenever you choose.
On the other hand, the landlord has the opportunity to increase the rent whenever the need arises. With an apartment, this is not possible. The landlord does not have the ability to raise the rent anytime he desires. He also does not have to inform his tenants of the current rates.
When you rent an apartment complex, most times, there are some amenities available for your use, such as a swimming pool and a trash dumpster. These things are usually included in your monthly rent. Furthermore, some complexes offer security and parking permits. These are usually provided to those who rent for the first time. This ensures that the tenant always has access to these things without having to worry about them.
When you own a condo, it is your responsibility to take care of all the property maintenance. This is why you are charged a maintenance fee. However, your monthly rent is higher than when you rent an apartment. This is because the maintenance fees are more expensive when you own a condo. As a result, the landlord may request that you pay more monthly rent when you decide to rent an apartment.
Both condo buildings and apartments have different rules when it comes to adding amenities to the property. If you are thinking of investing in both a condo and an apartment, you need to determine whether they will fit into your budget and provide you with the necessities. The choice is really up to you. The decision is important since you will be investing your hard-earned money into these properties.
There is usually a common area for condo owners that includes common areas such as playgrounds, parks, swimming pools, etc. Some condo owners choose to live in their units and rent them out for people to stay in. Others prefer to live in their units fully and allow tenants to use their units when they want. Still, others require tenants to use their units even when they are not there. Either way, these tenants end up paying the landlord’s commission.
Apartment complexes differ in that some have amenities such as swimming pools, gyms, tennis courts, special parking spaces, restaurants, etc. Other complexes do not offer many of these kinds of amenities. These complexes may have a common area, but the units are usually separated into smaller ones. These units may only have one bathroom or just one bathroom per floor. Apartment complexes can also vary in terms of size.
Apartment buildings are more popular because they usually require less rent per square foot than condo buildings. Apartment buildings are generally safer because of the fewer break-ins, drug activity, and other criminal activities in an apartment building. There is also the convenience of going to the laundry mat rather than going outside and then back to your unit. With all of these benefits to consider, you should seriously consider both renting an apartment and a condo if you are thinking of moving to another city or state.