The Difference Between Condos and Apartments

If you’re in the market for a new place to call home, it’s essential to understand the difference between condos and apartments. At Your Realty Group, a distinguished Diamond Award-winning real estate team at RE/MAX RISE Executives, Brokerage, we have over 45 years of combined real estate expertise to guide you through this decision. Our unwavering commitment to excellence ensures you make an informed choice. Let’s delve into the key distinctions between condos and apartments and discover which option is right for you.

Condos vs. Apartments: An Overview

Condominiums, commonly known as condos, are multi-unit dwellings available in various designs, including high-rise, low-rise, medium-rise, and townhouses. What sets condos apart is that you can purchase an individual unit. New construction condos are typically acquired through the builder, while resale condos are purchased from individual owners. Condo complexes are managed by a condo corporation, which collects monthly condo fees from unit owners.

Condos offer a broader array of amenities, such as fitness centers, swimming pools, rooftop terraces, and concierge services. These amenities are shared among condo owners and are maintained through condo fees. At Your Realty Group, we can help you find the perfect condo with the amenities that suit your lifestyle.

Apartments, on the other hand, are individual units available exclusively for rent. The building is usually owned and managed by a corporation that leases out the units to tenants. While some condo units are available for rent by their owners, apartments are dedicated rental units managed by property management companies.

Apartments may have more limited amenities, depending on the building and management company. Basic amenities like laundry facilities or a basic gym might be available, but they generally do not provide the same luxury or variety as condos.

Renting a Condo vs. Renting an Apartment

When it comes to renting, there are notable differences between condos and apartments. In a condo, your landlord is typically an individual owner, and you may deal directly with them for repairs and rent payments. On the other hand, apartment renters often interact with a superintendent for repairs and rent collection, as apartments are usually managed by property management companies.

Apartments typically offer more flexibility in lease agreements, allowing for month-to-month or short-term leases, providing you with the freedom to relocate or adjust your living arrangements with ease. Condos often come with stricter regulations set by homeowners’ associations and may require longer lease commitments, limiting flexibility.

Rules and Regulations

Understanding the rules governing your living space is essential, especially for renters. In apartments, rules are set and enforced by the property management company, ensuring consistency for all tenants. When renting a condo, you’ll need to adhere to rules established by both the condo board and the individual unit owner. These rules can cover various aspects, from pet restrictions and decor.

As a condo owner considering renting your unit, it’s crucial to be aware of your region’s landlord and tenant laws to ensure compliance. Always consult with the condo board before renting, as many buildings restrict the number of units available for rent.

Comparing Costs

When it comes to rental costs, there are distinctions between condos and apartments. Apartment rental rates usually remain fixed based on the lease length, with rent increases typically adhering to the rules of the Landlord and Tenant Act. The cost may or may not include utilities, depending on the specific apartment.

Condo rental rates are typically set by individual owners, often incorporating their HOA fees and utilities. In many cases, renting a condo can be more expensive than renting an apartment in the same location. However, condos offer the potential for property value appreciation, making them attractive to long-term investors.

Explore Your Options with Your Realty Group

Whether you’re considering a condo or an apartment, Your Realty Group is here to assist you every step of the way. As proud members of the RE/MAX network, we have access to leading support, award-winning resources, and a global network of professionals, ensuring unparalleled service worldwide. Our team’s extensive industry connections and deep roots in Kingston allow us to provide personalized, knowledge-driven service tailored to your specific needs.

For more valuable insights into the real estate market and helpful tips on making the right housing choice, explore our Helpful Guides and get to know some of our latest stunning condo developments including Terra Verde and more at Just.Condos