If you are looking to hire Toronto condo real estate agent to buy a condo or an apartment; you may be wondering what the differences between apartments and condos are. Essentially, both types of housing are houses within apartment complexes. An apartment complex is owned by one entity and leased to individuals. As a result, it is a more common form of housing than a condo. It is also more expensive than a single-family home. However, there are many advantages to renting an apartment over a single-family home.
1: The main difference between renting a condo and renting an apartment is that you don’t own the apartment. The condo owner is the same person who rents it out to different tenants. The landlord manages the property in an apartment while the renter pays the property management company. Moreover, the rules of renting differ between the two types of homes. You should check with the property management company to determine if your lease agreement allows you to pay through mail or cash.
2: Maintenance is another significant difference between renting a condo and an apartment. A condominium doesn’t have a corporate entity that monitors the property around the clock, so it’s up to you to maintain it. In an apartment, however, a maintenance person can call you whenever something needs to be fixed, whereas a condominium’s owner is not involved in the maintenance of the building. This is an important factor to consider when choosing between the two options.
3: Apartments and condos usually have a Homeowners Association (HOA), which means they are part of a larger complex. While they share walls and common areas, they don’t share 24-hour supervision. As a result, condo owners are responsible for any maintenance costs. However, they should have invested in the property and can provide the maintenance required. This way, they will take better care of their unit than the average apartment renter.
4: Amenities in a condo or apartment are additional features of a building that can enhance residents’ living experience. From basic kitchen amenities like a stove and refrigerator to event spaces that come with catering kitchens, amenities can increase the value of a unit.
5: One of the main differences between apartments and condos is their price. While most apartments are cheaper than condos, many condos share a wall with other owners. Condos in high-rise buildings may even be above or below other homes.