You have a big choice in front of you. Should purchase a condo or rent an apartment? Do you want to invest in the future or have more flexibility in your living situation?
Choosing between a condo and an apartment is a choice that many people making in their 20s and 30s. There are plenty of benefits and drawbacks to both and which one you choose completely depends on your personal situation and your own wants and needs. However, below we have outlined some of the biggest differences and similarities between condos and apartments. Afterwards, check out Save with John and Dave if you’re in the Maple Ridge area and looking to invest in Maple Ridge houses.
Condos and apartments are going to be around the same price range. However, there might be some differences with what you will get for the money you pay out. Condos generally have been owned and personally decorated/renovated by previous owners. That means that there’s going to be some more uniqueness to various condos than with apartments that look the same in the same unit.
When looking at condos, the monthly rent is going to include community fees and utilities in the total cost of rent, which may not be the case with apartments. However, with apartments you will not have to pay the extra community fees as there are no community duties with apartment units.
The thing with apartments is that they will always come with a standard list of amenities that will be the same for every unit. No matter what, you will have certain amenities. For condos, the story is a little bit different. The landlord will be able to decide what amenities are going to be given for each individual lease.
This means that you’re going to need to shop around a bit to see what kinds of amenities you can get for certain condos. However, with condos, you will normally have large common areas with pools or spas.
The Idea of Investing
This is a completely personal decision for you to make. If you’re looking into condos, you’re probably looking to make a personal investment for the future. Because you’re in complete ownership of the condo, you have the opportunity to make interior renovations that will increase the value of the property. You’re making this investment with the future in mind.
However, when you rent an apartment, you’re not able to make many huge renovations besides adding some extra furniture. This means that renting an apartment is less of an investment than a short or long term solution for housing.
If you aim to make an investment in the future, then maybe a condo is the better choice for you. But, if you wish for a bit more flexibility in your living situation and don’t want to get into a mortgage right now, then an apartment is probably the safer option.
Relationship with The Landlord
When you own a condo, you’re going to get much more personal time for relationship building with your landlord. Unlike with apartments, which are generally owned by a rental company with representatives, condos are fully run by a landlord. He or she will be your point person when anything goes wrong or whenever you’re in the buying process. With apartments, you can simply put in a maintenance request through a 24/7 online platform. With condos, you’ll have to take any requests directly to the landlord.
Because of their crucial role in the condo and in community meetings, you’ll have plenty of time to build a personal relationship with the landlord, which has its benefits and drawbacks.
Condos and apartments have tons in common, but also some key differences that you need to keep in mind during the buying process. No matter what you choose, make sure it fits into your budget and future plans.