There are many people who might think that condos are the same as apartments. But condos are different and in the true sense of the word, a condo is a modern recreation of an apartment. A condo has more space, more living area, more amenities, is higher priced than an apartment, and has a higher appreciation rate. But then an apartment is also as good a place to stay and in many ways is better than a single family home. An apartment offers independence, has ample amount of space and is a safe place to stay. It might not offer the luxury of condominiums but is still a hot favorite with the middle-class income group.
Let us take a look at some of the most important aspects of condominiums and apartments:
1. Price and Appreciation: The price of a condominium is definitely higher than that of an apartment although you can find some expensive penthouse apartments too. The cost of the condos and apartments vary depending on their size and location. An apartment situated in downtown Los Angeles will be more expensive than a condo situated in the suburb of Detroit. The condominium is normally bought by individuals and families while apartments are mostly rented out. Both apartments and condominiums will see a lot of appreciation and this will depend to a great degree on their location.
2. Maintenance: Both condos and apartments have their internal maintenance team. The management of the condo or apartment association is normally responsible for any maintenance issue but there is a degree of difference between the condos and apartments. In apartments, the association will take care of leaking taps, washing floors, keeping the lifts in running condition etc. In condominiums, maintenance can vary from repairing washing taps to cleaning snow, keeping the common swimming pool clean and many more. In both condos and apartments, you will have to pay a certain maintenance fee each month.
3. Amenities: This is one of the most important areas that differentiate a condo from an apartment. Condominiums have plenty to offer in terms of amenities like basketball court, tennis courts, gardens, small ponds, children's playground, Dog Park, cabana, car washing, athletic club, locker rooms, Jacuzzi, trails, children's pool, swimming pools, fitness facilities, aerobics center, volleyball courts, multipurpose rooms, conference room, massage parlors, dry heat saunas, grocery stores, and much more. You will not find most or any of these in apartments. Apartments will have the very basic like car parking and maybe a park or playground.
4. Investment perspective: From an investment perspective both condos and apartments are considered to be great. Of course, five years back apartments were more popular and condos are yet to catch on to the popularity of an apartment. Most people can find an apartment on rent with ease but not a condo. Another important aspect is that most apartments cater to a middle-class income group while condos can vary from middle-class to high-class income group.
The bottom-line is that both condos and apartments are great real estate investment options!
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