You’re ready to make the move to renting. Whether it’s your first time or not, you need to know the difference between and apartment and condominium. It’s vital to understand the differences when you’re renting your home.
An Apartment is Owned or Managed by a Company
An apartment is located in a complex, community or residential building. It may also be in a house. The rental space is typically owned by a property management company such as apartment rental company woodbridge va. If you are considering an apartment in a residential building, you’ll find that the units are generally the same.
The only time things will vary is in the apartment sizes such as one or three bedrooms. The tenants in the building must follow certain guidelines set out by the owner. When you rent an apartment, you will contact the property manager regarding certain issues such as paying rent or maintenance.
A Condominium is a “House”
A condominium, often times called a “condo,” is considered a private residence. Most people think of condominiums as their “house” because it is separate from the other condos in the residential building. Condominiums are also located in a community. However, they are always privately owned. This means that there could be several condominiums in one residential building, but they are all owned by different owners. This means that when owners rent out their condos, you pay them rent and not a rental property company.
What Makes a Condominium Different from an Apartment?
Well, in terms of the physical space, there’s not much of a difference. An apartment and condo can be housed in a residential building or complex. However, a condominium typically is managed by the owner of the unit or the building’s homeowner association (HOA). An HOA is similar to a property rental company because they outline the rules you must abide by while living in the condo. The owner pays dues to the HOA.
Now that you know the physical space is not different, let’s talk about what is different. The first difference is the physical attributes. In most condos, you’ll find a lot of updated features such as stainless-steel appliances, hardwood floors and granite countertops. In other words, there are a lot of personal touches the owner will put into the condo in order to rent it. In addition to updated features, you’ll find some amenities such as indoor or outdoor pool, concierge services and a fitness center.
Apartments are Becoming More Like Condos in Their Amenities
Not every apartment complex has luxury amenities like a tennis court, indoor mailroom and gym. However, many of the newer apartment buildings do have those condo-like amenities. Most apartments are available with the typical white walls and basic features. The type of apartment you get often depends on the quality of the apartment and neighborhood. Also, in an apartment, you typically don’t have to pay HOA fees.