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

Apartments and condos are easy to confuse as there are many similarities between them. But they are actually two different types of property with some significant differences. Before deciding to move into one or the other, check out this list of differences between a condo and an apartment.

Ownership

The most important difference between condos and apartments is ownership. Condos are owned by individual people; the same way houses are. This means that, should you decide to rent a condo, your landlord will likely be the owner of the property. Apartment buildings differ in that they are typically owned by a corporation. The individual apartment units can only be leased, not sold separately the way condos can be.

Management

Due to the differences in ownership, condos and apartments are managed differently. When living in a condo, your landlord will set most of the rules, but a homeowner’s association (HOA) will probably be involved as well. Apartments, on the other hand, are typically managed by a third-party company rather than the building’s owner.

Maintenance

Because condos are owned by individuals, maintenance needs and expenses will fall on either the owner or the leaser, depending on the lease agreement. This could mean a greater hassle and cost for you should something in the condo need to be repaired or replaced. Living in an apartment building gives you the benefit of free maintenance, as most apartment communities have a staff in place to take care of maintenance issues.

Which Is the Best Choice?

Condos and apartments both offer their own benefits and drawbacks. When it comes to choosing between them, your preferences and living needs will likely be the deciding factor.

If you’re interested in learning more about the differences between condos and apartments, contact the Pepper Tree Apartments near The Villages, FL, today. We would be happy to answer your questions and schedule a tour of our beautiful community to help you learn more.