Humans have three main requirements in life: bread, clothes, and shelter. People plan and have a dream to get their comfort place. Due to the same reason, it takes a long time for many people to gather the investment and place it at the perfect location. A man chooses his dream home keeping in mind his budget, size of the family, space requirement, and social validations to an extent. So it is best to take your time and research the same so that you don’t regret it after a while. In today’s article, we will be talking about the major difference between Condos and Apartments.
Condos are the abbreviated and common name given to condominiums. Since it is a new concept, you may not know the meaning of condominium; worry not because I am here to help you. Condos and apartments are more or less the same in terms of structure. Like an apartment, a condominium may also have amenities like a swimming pool, parking area, playground, party halls, gardens and parks, banquet halls, etc. Now, you may ask, what’s the difference then? The difference is in terms of ownership. An entity or a person owns an apartment, but a condominium belongs to the one rescinding in it.
Now let’s compare these two on different grounds:
Condo or apartment both have the same amenities as mentioned earlier, like a gym, yoga centers, swimming pool, banquet hall, etc. So one cannot differentiate between a condo and an apartment simply by looking at the amenities made available to the public.
Since their structure and amenities can be the same, there is no difference in the location. You can find an apartment and condo near residential areas.
3. Cost and other expenses
Suppose if your home gets seepage in the monsoons. So in an apartment, it is the responsibility of the landlord or the society management to bear the expenses. This feature makes the condo more expensive and pretty unsystematic.
There is a strict rule followed in an apartment. The landlord may direct you not to nail on the walls, choose a specific color, and allow or not allow pets. In contrast to this, condos are independent in the approach. You can choose whatever color and pet any domestic animal as per your choice as there is no such harsh rule, regulation, or restriction.
I hope these points are enough for you to choose your property. Now let’s discuss some essential tips if you are buying a property for the first time.
Tips to buying a property for the first time
1. Hire an agent
Many people try to avoid real estate agents as they think it may be expensive, but the fact is something different. A real estate agent is a negotiation expert, finding the right place under your budget, helping you finance and plan the overall budget. It may reduce your overhead expense, and the commission charged by the agent is generally less than these expenses.
2. Credit Management
If you are going to buy your dream home, then it’s evident that you’ll have to take a loan. For this, you have to maintain a good report in the bank and maximize your credit score to make your loan approval seamless.
Once you have bought your property, it is essential to prepare a monthly or an annual budget regarding your property expenses. Improper planning may lead to substantial financial losses and maybe a big blow to your bank balance.
So here was an article about the Difference between Condos and Apartments. And now you can easily decide whether you have to buy Condos or Apartments.