«Home is where the heart is» they say. Therefore, choosing between an apartment and a condo is an important decision to make sure that you feel comfortable in your special space. It’s important to know that it is primarily a matter of the lifestyle that you wish to lead that distinguishes an apartment from a condo.
You can find your perfect property by gathering the right information, but deciding between a condominium and an apartment can be challenging! In order to help you make a wise decision and avoid second guessing, this article will examine major differences relating to apartment vs. condo living.
What is a condo?
A condo, or condominium, is a multi-occupancy building that is individually owned, but operates under the governance of a shared residents’ association.
Condo owners have a private residence all to themselves. When you purchase a condo, it means that you become the landlord of the unit located in a residential building or community.
The proprietor of the condo has ultimate power in deciding who is allowed to rent their unit, making the process of renting a condo more individual than renting an apartment. The landlord won’t be around unless they own another condo in the same building. In contrast to an apartment, a condo feels more like a community.
In the condo building, residents are privileged to experience an elevated standard of living, supported by our team of highly skilled and professional staff members.
Living in a condo complex managed by a condo corporation also means respecting the rules of the building in order to allow everyone to enjoy a beautiful living space of the entire complex. Condominium residents have to respect rules to relate to trash cans, noise, use of common areas, pets, etc.
Advantages of a condo
Close to amenities
Condos are commonplace in urban centers and there are few of them in the countryside or in more rural areas. Condominium buildings are therefore generally situated near essential goods and businesses.
Typically, condo towers offer common areas to hang out in to change the scenery. It is common to find terraces with barbecues, fitness centres, parking spaces, gyms, outdoor space, access to swimming pools or even large rooms to work, relax or meet other tenants.
Instead of needing to purchase separate gym memberships or travel to off-site fitness centers, condo residents can enjoy the convenience of a well-equipped gym just steps away from their front door.
One of the great advantages of condos is that they are fairly new, that is to say that the construction or renovation is recent. This implies that the materials used are mostly modern and stylish.
Wide-range of services
Living in a condo generally entails that a variety of services are included. Although paid for by the buyer, living in a condo means that your rent includes services as varied and practical as snow removal, weekly maintenance of common areas, annual maintenance of individual smoke detectors as well as fire alarms or repairs if necessary. All of this is taken care of and included in the rent, giving you much peace of mind.
Finally, living in a condo also rhymes with living in a community. Thus, tenants typically develop a sense of belonging within their environment. In a condominium building, most residents know each other, socialize at property management company meetings, respect each other, and practice good neighborliness.
What is an apartment?
In a residential building, complex, or community, an apartment is a rental property that is typically owned by a property management firm.
In an apartment building, every unit is the same and every tenant abides by the same rules for renting a space in the building.
Every renter reports to the same landlord, who is often found at the entrance to the complex or in the leasing office with employed leasing agents.
Advantages of an apartment
Despite having fewer amenities than condos, renting an apartment provides additional benefits such as monthly rent that might appeal to a different clientele:
There is typically a communal laundry facility for the entire floor or, in some situations, the entire building in most apartments, especially in big complexes. You can utilize additional space at the lodging by paying for this service.
A direct line of communication
Apartment complexes frequently have a single point of contact with no middleman, in contrast to condos where the building is managed by a property management firm and a board of directors. This makes requests or processes easier.
Living in an apartment teaches us responsibility. For instance, it is our duty to remove snow when winter arrives, it is crucial to take out the garbage on schedule, or it is necessary to make sure the smoke alarm is operational.
The rent is less for an apartment than a condo because there are fewer amenities. For students, young professionals entering the workforce, or immigrants to Quebec, apartments are more convenient.
What are the differences between them?
There are some differences between condos and apartments in Canada. Regardless of the one you choose to live in, you should know the main characteristics that will distinguish each one. Here are a few key differences:
Each condo unit in a given building is held by a different owner. Additionally, you frequently have the choice of purchasing a condominium.
Property taxes are an ongoing expense that helps fund local services and infrastructure, and they can vary depending on the location and assessed value of the condo. Additionally, condominium owners typically pay monthly maintenance fees to cover shared expenses like building maintenance costs, landscaping, and amenities upkeep.
Apartment ownership is entirely different because a single apartment cannot be purchased or sold separately. There will be just one proprietor of the entire residential complex.
When considering renting an apartment, it’s important to be aware of certain key aspects, such as the security deposit. A security deposit is a sum of money provided by the tenant to the landlord as a form of financial protection. It serves as a safeguard for the landlord in case of any damage to the property beyond normal wear and tear or unpaid rent.
Some flats are maintained by an outside company or property manager who must answer directly to the owner of the building, in contrast to condos which are run by a board of directors or property management firm.
The price of a condo varies depending on whether you own it or are just renting it. In addition to mortgage payments and maintenance fees, owning a condominium unit entails monthly condo fees for the upkeep of the building. As an owner of a condominium, it’s significant to have a clear understanding of the reserve fund and its role in covering repairs.
Condominium corporations may adjust fees from time to time to accommodate increasing maintenance costs, repairs, or improvements to the property. Staying informed about fee adjustments allows owners to plan their budgets effectively and understand the financial obligations associated with their condo ownership.
You must also consider the welcome tax and municipal taxes when moving into a new property.
You merely need to adhere to the lease terms and pay the fee in order to rent an apartment. On the other hand, there aren’t many apartment buildings that have communal areas.
Requests, such as fixing a hole in the wall, changing the smoke detector batteries or unclogging a drain are taken care of by the landlord or the owner.
At a condo, the owner, who is also the tenant, is responsible for the unit’s upkeep, his role is to avoid property defects. However, this does not apply to maintenance difficulties in shared spaces or the exterior maintenance.
As previously mentioned, condos are more likely to incorporate intriguing supplementary features, such as the following, in addition to many of the facilities listed above:
- Concierge services
- Car wash
- Pet area with services like dog washing
- Park or green space
- Swimming pool
All apartments will have certain condo amenities, although the number and quality may vary substantially depending on the price.
- On-site laundry
- Free parking
- Full-service concierge
How to know which one will be better for me?
With all this information in hand, it is up to you to decide where you want to make your nest. Of course, both options offer interesting characteristics, but it all comes down to where you truly feel at home.
Whether it be in a condo or in an apartment in Canada, know that a manager at Condo Stratégis is here to help you.
Feel free to contact us by filling up the application form on our website or calling us toll-free at 1-866-502-6636.