If you’re looking to rent an apartment or buy one for your use in Toronto downtown real estate, you may be confused about the differences between condos and apartments. While it is your responsibility to maintain your own home, landlords will handle the maintenance of your apartment or condo building. Most of the interior maintenance is handled by the landlord. You’ll be responsible for paying for utilities and other services, but some things are your responsibility as a tenant.
1: The main difference between apartments and condominiums is ownership. If you plan on staying in your apartment or condo for a long time, owning your own home may be a better option. However, this choice is not for everyone. If you’re renting an apartment, you’ll need to save for down payment, insurance, and taxes. If you’re renting an apartment, be sure to check the quality of the property. If you’re looking for a longer-term stay, a condo is the better option.
2: Apartments often have more flexibility in amenities and a sense of community. For instance, in an apartment complex, you’ll be able to communicate directly with the owner, which can be helpful if there are any issues with your property. Another big difference between an apartment and a condo is that condos have fewer rules and are more customizable. Lastly, a condominium is easier to maintain and sell, which means you’ll have fewer headaches.
3: While apartments offer more privacy and independence, you’ll have to deal with many parties in an apartment. If you’re renting an apartment, you’ll have fewer people around. You’ll have a sense of community and neighbor spirit in an apartment. On the other hand, a condo is owned by a single person. You’ll have a private landlord who manages the building, typically not on site.
4: In an apartment, each unit is privately owned. In a condo, you have multiple units. You’ll share common areas in an apartment, but the other tenants will be responsible for these. An apartment will have more communal space, while a condo will have no common areas. There are also fewer neighbors, which makes a living in an apartment more enjoyable.