What are Condos? Is it Better to Buy Condos or Apartments?
Condos are a short form of the condominium. The main thing that distinguishes between an apartment and a condo is that of ownership. Apartments are owned by a developing company, property management company, leasing company or an individual, and they are the owner of the whole building of some units. Notting Hill Condos is the one which is self-owned. It means that the tenant is the owner of the condo and everything in it is regulated by Homeowners Association (HOA) of the particular community.
Apartments or condos both are shared property; it means that both the buildings have individual living units. Only two shared units can make an apartment of a condo, whereas, it can be made by as many as the law and codes permit.
The main difference between both of them indicates to the ownership:
- A company or one person owns the whole apartment building. You will find the property manager in the apartments who will lease units, run the place, purchasing big appliances, taking care of maintenance, etc.
- One person will be the owner of his/her unit in case of condos. You can only be the owner of your unit; the next unit’s owner is another person. But it’s exactly not like ownership of a whole single-family home. Other than your unit, the homeowners will make an association and will be taken care by it.
Renting condos are not similar to apartments. Apartment renting is a straightforward process. You just need to pay the rent and the utility bills regularly, and you may get some amenities, such as free maintenance, parking spot, and on-site laundry. But condos are not the same.
Advantages of renting a condo
Many people prefer to rent condos for various reasons:
- Condos are taken care nicely as they have an ownership and people who own the unit takes well care of it. The reason is it is nature of human being to take care of own things. Therefore, you will be able to find condos with stylish modern appliances, nice finishing, etc.
- There might be more amenities with condos compared to apartments. You may even get pools, lawn care, concierge, etc. So, many people while renting condos try luxury options.
- The condos will be rented to you by the owner, so you will get personal time to meet the owners, and as they mostly don’t have too many properties, their attention will be on you.