What's the Difference Between a Condo and an Apartment?

The differences between homes and apartments are very apparent. However, the difference between apartments and condos is not well known at all. Although studio apartments and condos might seem similar in terms of rental amounts or specifications, there are some significant differences between the two property types. Understanding these differences is crucial as they will affect your home, building, utilities, etc. Before we start understanding the differences, let us tackle what each term means.

A condominium or a condo is a private residence rented out to a tenant or tenants. It is typically located in a residential locality or a residential high-rise. An apartment is a residence that is usually owned/managed by a property management company or an individual. A single owner owns all flats, and the rules for each tenant are the same.

       1.      Ownership

The most significant difference between a condo and an apartment is the difference in ownership. For example, a batch of luxury apartments in Houston will typically be owned by a single owner or a unique property management company. As a tenant, you will either interact with the property manager/owner or the management company's representative. On the other hand, luxury condos in Houston will typically be owned by different owners, even if they are all in the same building. All homeowners in a condo arrangement share responsibility for common areas, but individual units get handled separately. Ownership is the most significant difference between condos and apartments.

       2.      Expenses and Fees

Another significant difference between Houston's luxury condos and luxury apartments is the difference in expenses and fees. For example, tenants who rent apartments generally pay two months' rent in advance along with the security deposit. There can also be additional expenses, such as a pet fee or an application fee. The application fee generally covers the cost of running credit checks, criminal background checks, administrative checks, etc. You will have to pay around three months of rent when you sign an apartment lease. 

However, the pricing model for condominiums is non-uniform because each unit has a unique owner. You will have to put down a security deposit, but generally, there are no pet fees and application fees involved. However, one exclusive fee that comes along with condos is Homeowners Association (HOA) fees, monthly/quarterly fees that go towards maintenance and upkeep costs for the entire building/complex.

       3.      Rental Policies

Who enforces the rental regulations is another significant difference between condominiums and apartments? For apartments, the enforcement is generally the responsibility of a building manager - who is either a representative of the building owner or the property management company. They are in charge of processing and handling complaints, maintenance issues, etc. They will also enforce rules regarding property damage, repainting, etc. In the case of condos, the specific regulations for individual units are decided by the owners. 

You will have to negotiate/agree with your landlord about the rules and regulations involved. The HOA and the condo association will handle any issues pertaining to the common areas.

Additional pointers

Apart from these significant differences between condos and Spring BranchHouston apartments, there are some smaller differences involved, like the amenities included, unit sizes, etc. For example, condo associations generally offer more amenities like gymnasiums, parks, car washes, etc. 
What's the Difference Between a Condo and an Apartment? What's the Difference Between a Condo and an Apartment? Reviewed by Pravesh Kumar Maurya on June 18, 2020 Rating: 5

No comments:

Powered by Blogger.