If you’re interested in buying a flat or investing in property, it is important to know the difference between a condo and an apartment. Before making your investment, it is essential to understand the difference and variations between these two types of top property sites.
Let’s first understand the difference between a condo and an apartment, the two most frequently bought homes by average Indian citizens.
What is the difference between a condo and apartment?
In the condo vs apartment debate, the main difference you can mark is the ownership of the two properties. An apartment is a property within a building and a part of a residential society that is owned by either a person or a corporation and is often rented to tenants.
On the other hand, a condo is bought by one, unique owner or landlord and is operated individually by this owner and comes under the ambit of a homeowner association (HOA) of the condo group, depending on the norms of the property management firm.
Now that you know the key differences in the condo vs apartment debate, here are the top 4 features that set these two types of property sites apart:-
A condo in your city does not typically cost far more than an apartment. They are expected to be priced at around the same range. Depending on some features, such as a modernized layout or more services, the rent of a condo could be slightly higher only to accommodate these features.
The basic rent for an apartment includes the flat or utility rate managed by the owner and additional payments like gas, electricity & internet bills. While all are paid on a monthly basis, the flat or utility rate is paid to the owner and the additional bills are paid to the suppliers.
A condo has no standard amenities that it is bound to offer you as it completely depends on the owner and what they are willing to maintain and offer. Some fresh amenities like stainless steel appliances and upgraded flooring are offered, along with personalized paint color and interior design. It all depends on the owner’s preferences!
An apartment on the other hand has a standard interior design with no particular variation in the wall paints, home decor, or kitchen unit. However, the residential society that the apartment is a part of may offer you some great amenities like gym & wellness center, parks, swimming pool, sports grounds, etc., depending on the locality, area and other features of the apartment building.
Clearly, the maintenance and management of the condo is the responsibility of you while you’re living in the unit, and overall by the owner who conducts repairs and fixes whenever necessary, depending on various factors and agreements. This does indicate possible payments in the future out of your own pocket, however, most of these are resolved by the owner.
In an apartment, you’re likely to enjoy free, round-the-clock maintenance provided by the residential society or apartment association. This gives you a security that you are not solely responsible for the renovations as a renter. All you need to do is ring the maintenance crew or department and get the renovations done for you, free of charge!
4. Rules & Regulations
Ofcourse, the Homeowner association of the condo sets the rules & regulations, right from trash collection to pet ownership, etc. While the traditional guidelines can be assumed, it is best to enquire about the rules with the owner.
Every apartment corporation or society has a set of rules that need to be followed by the tenants. These rules & instructions formulated by the ruling committee, are followed with great regard to maintain a systematic society.
Now that you know all about the difference between a condo and apartment, it’s time to decide which one is the better pick for you! And while we have you, Casagrand is one of the best house buying websites offering a wide range of flats and villas for sale across various cities of South India, including the metropolitan hub, Chennai, Bangalore and Coimbatore! Check out the various real estate property options including flats and apartments for sale in Chennai, apartments in Coimbatore, apartments in Bangalore to buy the house of your dreams!