Condos and apartments are popular choices for those living in shared buildings. However, the two have multiple key differences that make them distinct from one another. If you’re searching for cheap condos for sale in Ontario, it’s important to note that condos differ from apartments in ownership structure.
In this blog, we’ll closely examine what sets condos apart from apartments.
Ownership
Apartments are usually owned by a single entity, such as a property management company or a landlord, who rents them out to tenants. In contrast, condos are owned by individual owners who live in the units or rent them out to others. Condo owners have a deed to their units and are responsible for paying and maintaining property taxes.
Amenities
Condos offer more upscale amenities, such as swimming pools, fitness centers, and concierge services, while apartments may have more basic amenities like a laundry room or a small gym. Because condo owners pay for the upkeep and maintenance of the building, they often have more say in the amenities provided.
Cost
Generally speaking, condos are more expensive to own or rent than apartments. This is partly due to the ownership structure, as individual owners are responsible for paying their property taxes and maintenance fees. Condos may also have higher association fees, which cover the cost of maintaining common areas like the lobby or the pool.
Privacy
Condos offer more privacy than apartments, as they are typically larger and more spread out. In addition, condo owners have more control over who comes and goes from their unit as they own their front door. In contrast, apartment tenants often share common spaces like hallways or elevators, which can make them feel less private.
Flexibility
Renting an apartment tends to offer more flexibility than buying a condo. Tenants can usually move out with just a few months’ notice, while condo owners may have to go through a more involved process to sell their units. However, owning a condo can offer more stability and the opportunity to build equity over time.
Maintenance
Condo owners are responsible for maintaining their units, while the building’s management is responsible for maintaining common areas like hallways and elevators. In contrast, apartment landlords are usually responsible for all maintenance and repairs, including those in individual units.
Final Thoughts
Therefore, depending on your needs and preferences, condos and apartments offer different benefits and drawbacks. If you’re searching for options to invest in a property in Toronto, GTA, Canada, exploring the available Condos for Sale can help you find the perfect fit for your needs.