When renting a new home, choosing between an apartment and a condominium can make a difference. Many investors prefer a condominium as their initial real estate investment property. But there are perks and cons of both types of properties. If you are wondering whether to rent a condominium or apartment, you first need to understand the differences between them.
Difference between a condominium and an apartment
The most significant distinction between a condominium and an apartment is who owns it. The condominium owner manages a cluster of condominiums. And a condominium unit from a larger building is owned by an individual. An apartment can be given on rent to tenants by a recognized leasing firm.
Considering the financial aspect, renting an apartment is less expensive. The rent is pre-determined, and the leasing agreement specifies a payment due date for each month. And you will need to pay the first and last month’s rent before moving in.
Renting a condominium could be more expensive. A condominium allows you to access various common facilities such as a gym, cafeteria, and fitness centers. You might not even need to leave your building since you have all the necessities on your doorstep. Renting a condominium is conveniently a better pick. So, if you are willing to pay extra for all the amenities, a condominium is an option for you.
While assessing residential properties, one of the most crucial factors to consider is location. Even though apartments and condominiums have similar architecture, their areas may differ. Condominiums are usually huddled in areas close to public transportation, shops, and other attractions, whereas apartments are spread across the city.
4. Maintenance issues
You must deal with professional organizations if you find issues with your apartment. The property owners resolve the issues that may result in a sharp rise in your rent. When it comes to a condominium, the owners are more friendly. But their responses may differ if you find any issues in your unit. It is because the condominium owners are all different people as a part of a group.
You can now decide which real estate property type to seek based on factors to explore. Finding an apartment for rent in Toronto can be challenging. See ‘Tips on finding an apartment to rent in Toronto.’ to get more tips.