Miji Michael March 21, 2021
Many renters may not be aware of the differences between a condominium [condo] and an apartment. They are not one and the same, but they do share many similarities.
The most significant difference between the two is ownership.
A condo is owned and managed by a landlord, while an apartment is typically owned and managed by a corporation or
Ownership
Apartment blocks are typically owned and managed by a corporation or property management company, which rents them out to tenants. The corporation governs the complex and enforces its rules on what tenants can and cannot do inside their units. This includes rules that ban pet ownership, parties and renting out your flat without permission. Apartment blocks also tend to have a lot more security, such as security card access and a foyer.
A block of condominiums is owned by different individuals. They form a body corporate that charges fees for repairs and maintenance on common areas. Each individual is responsible for their own dwelling, but they must abide by the rules set by the body corporate.
Maintenance
An apartment complex has a property manager who is paid to maintain common areas and undertake repairs inside each dwelling. This includes plumbing, electrics and pest control.
Condos have a body corporate, which is made up of individual owners who are responsible for arranging maintenance on common areas. They usually hire contractors to carry out the gardening, plumbing and pest control.
Each individual unit owner, however, is responsible for the repairs and maintenance of their own units.
Amenities
Apartment blocks often have more extravagant extras. These may include gyms, lifts, rooftop barbecue areas, spas and saunas, which are not commonly found in condominiums.
Choosing between a Condo and an Apartment
The choice is yours, but now you have a better understanding of what makes them unique.
Happy renting!