What Is the Difference Between an Apartment and a Condo?
If you’re tired of apartment living and thinking about buying your own place, you might be wondering why you’d look at condominiums. After all, isn’t “condo” just a fancy word for “apartment?” Actually, no. Apartments and condos have little in common. Here’s a quick primer on the differences between apartments and condos.
Who owns the property
The most significant difference between apartments and condos is who owns the property. If you live in an apartment, you pay rent to a landlord—you hold no ownership interest in the property. While it’s also possible to rent condos, most of them are owned by their residents. It’s just like owning a house, except that the condo is in a larger building.
How payments are managed
Since condos are typically owned, not leased, the payments are managed differently from apartments. A rental apartment typically requires a security deposit and the first and last month’s rent upon moving in. The renter then sends out monthly rent checks.
A condo can be purchased with a mortgage, just like a house. You’ll make your monthly payments to the mortgage lender. Each time you make a monthly payment, your equity in your home grows.
Who maintains the property
There are a lot of disadvantages to renting an apartment. One of the few advantages is that maintenance is included in the rent. Of course, some landlords choose to inadequately maintain their properties, causing headaches for the tenants.
If you buy a condo, you will be responsible for the maintenance of everything inside your home. However, in many cases, condos are included in a homeowners’ association (HOA). You’ll pay the HOA fees and the HOA is responsible for the maintenance of all common areas.
How you can personalize your space
Another main difference between apartments and condos is the personalization options. Tenants who rent their apartments have little to say about how their homes look. It’s typical of a landlord to prohibit tenants from putting up shelves, creating built-ins, or even changing the color of the wall paint without prior authorization. Some landlords won’t even allow tenants to use thumbtacks in the walls. In short, tenants have little control over what their home looks like.
In contrast, people who live in condos own their own property. If they wish, they can install new built-in bookshelves, upgrade the kitchen cabinets, retile the kitchen floor, and paint the walls to their heart’s content. There is a great deal more freedom involved with owning a condo versus renting an apartment.
Shopping for a new condo in northern Delaware?
Montchanin Builders is pleased to offer luxury condominiums for sale in our highly sought-after community of Darley Green. If you’re looking at new construction homes in New Castle County, Delaware, you need to check out our beautiful townhomes and condos. They’re nestled within a neighborly, walkable community close to schools, shops, restaurants, and other convenient amenities. Our new homes in northern Delaware offer everything home buyers need!
You can schedule a viewing or inquire about our special financing offers by contacting our knowledgeable associates today. Be sure to ask us about our special $15,000 incentive program for new home buyers!
Additional resources for home buyers:
- The Nest, What Type Person Is Condo Living Right For? https://budgeting.thenest.com/type-person-condo-living-right-for-25380.html
- Money Under 30, So, You Wanna Buy a Condo? Five Questions to Ask Before Buying, https://www.moneyunder30.com/so-you-wanna-buy-a-condo-five-questions-to-ask-before-buying