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Owning a Condo vs. Renting an Apartment: What's the Difference?

March 6 2023

condo bedroom

When it comes to finding a place to live, one of the biggest decisions you'll may need to make is whether to rent an apartment or purchase a condo. While both options provide a place to call home, there are significant differences between the two that can have a big impact on your lifestyle, finances, and overall satisfaction. In this blog, we'll explore the key differences between the two, and help you determine which option is the best fit for your needs and circumstances.

Related Blog: 9 Tips to Buying a Luxury Condo

 

1. Ownership Vs. Renting

When you choose to live in a condo, often, you purchase it outright. You own the property, which means that you bear responsibility for basic maintenance and other tasks. If your appliances break or you have storm damage, chances are, you will be responsible for fixing it yourself. In an apartment, those tasks often fall to the landlord, who owns the property and therefore has responsibility for maintaining it. On the other hand, when you own a condo, you are able to build equity in it over time. Improvements made to the property are improvements made to your property, not someone else's, which means you can reap the rewards of your investment.

 

2. The HOA

Most condos are maintained by a homeowner's association. The homeowner's association may have specific providers that they use for some tasks, like pest control or yard upkeep, that benefit all the members of the HOA. They may also have specific rules that you have to follow, including maintenance and upkeep on the condo itself and the lawn surrounding it as well as the colors you're allowed to use if you paint or decorate your home, the decorations you can show, and how and when you need to take your trash out. In an apartment complex, you probably won't have to deal with an HOA, but you will likely have specific rules that your landlord requires you to follow--often stricter ones, including the pets your allowed to have and the number of guests who are allowed to stay (and for how long).

 

3. Amenities

Apartments and condos often come with similar sets of amenities throughout Florida. The amenities available to you will vary depending on the place you've chosen to live, but may include:

  • Private swimming pools and playgrounds
  • Gated community access, which can help keep you and everyone else in your family safer
  • Security systems and guards to help improve safety
  • Community clubhouses and other gathering areas
  • Green initiatives, including group recycling
  • Free parking
  • Access to a gym or other exercise facilities
  • Car washes or on-site laundry facilities, especially for apartment buildings that do not offer in-unit laundry

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4. Cost

Often, cost is the biggest factor in deciding whether an apartment or condo is right for you. Evaluate the cost of the units you're considering. Keep some of these factors in mind:

With apartments, costs are usually fixed. You know what your rent will cost each month and can usually get a reasonable estimate of your utility costs each month. This can make it easier to plan your budget. While rent rates often increase over time, these increases are also predictable and make it easy for you to plan for them.

Condo costs may vary more. While your mortgage will likely remain the same and your utilities will become predictable over time, you may struggle with unexpected maintenance and repair costs. The cost of ownership is often higher than the cost of renting simply because of the other expenses associated with home ownership, including upkeep of the land around the condo, pest control, and repairs.



Finding a luxury condo that checks off everything on your home-home-buying list is as easy as scheduling your appointment with a knowledgeable and friendly sales executive at Grandview at Bay Beach.  Contact us today to learn more about how we can help you find a place to call home.

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