Apartment Living Vs. Condo Living: Pros And Cons
For a long time and by a lot of people, apartments and condos have been considered to be the same thing when in fact, they are vastly different. At face value, in terms of the physical structure, they are identical, however, probing deeper, one of the major differences between the two lies in the fact that while an apartment building is owned by a single party and is only rented out, individual condos can be owned by different parties. The difference between the two begs for the final question: Which is better? Thus, we have the basic pros and cons of both the apartments and the condos, as it is the most efficient way to determine which is better.
First and foremost, apartments are a lot cheaper to rent as opposed to buying a condo for a living, moreover, they are flexible, i.e. the resident is presented with an option to choose a shorter or a longer term of staying. Additionally, when it comes to apartments and repairs, it is the owner’s responsibility to fix it for you in a timely manner.
The cons of apartments include the fact that rent can increase with time as well as the fact that there are severe limitations to customization. Moreover, it is unstable as well.
Condos are way more affordable than a house and unlimited customization is also allowed. Moreover, the mortgage payments do not increase after you procure a loan. It is also the ultimate comfort package like most of the condos (like River and Fifth) do not leave it to the resident to tackle outside tasks like lawn mowing.
One of the prime cons of condos results from the fact that despite all its benefits, freehold homes are still more in demand and thus it can become quite problematic if the resident wishes to sell the condo and move immediately.