Condo vs. Apartment: What’s the Difference?
One of the most daunting tasks when buying a home is choosing the type of home. Many buyers feel stuck on the question of condo vs. apartment. Typically, both are the same and offer a cozy living space. However, the duo also has several differences.
To help you choose the perfect onIn this article regarding the age-old debate of apartment vs condo in this art about apartment vs. condo to help you choose the perfect one
Let’s start!
Condo vs. Apartment: What is a Condo?
When a large property gets divided into smaller units for sale- it is called a condo or condominium. Property ownership usually includes a nonexclusive interest in certain “community property” controlled by the condominium management.
A group of residents manages the property, and for this, they do things like lawn maintenance, snow removal, and building updates.
Condo vs. Apartment: What is an Apartment?
An apartment is a unit of a residential building that consists of its entrance, bathroom, and kitchen. These apartments are usually one-story property that is part of a multi-story building. Depending on the nature of the building, it can be residential or commercial.
The interior maintenance of an apartment is the responsibility of its owner. On the other hand, its outer maintenance is the duty of the building’s managing committee.
The definitions make it clear that although both are living places, the main difference is in the property ownership. In apartments, the residents have equal ownership of the land, while for the condos, the ownership goes to the landlord.
Well, it is just the tip of the iceberg. Here are some more distinct differences of the duo- Condo vs. Apartment
| Condo | Apartment | |
| Ownership | The landlord is the main owner of the land it is situated on, and others buy units of it. | Every flat or apartment holder is an equal owner of the land it is built on. |
| Unit Number | According to Indian law, the condominiums must have five or more units. | An apartment building must have 10 or more families to get the recognition. |
| Expenses | You might need to pay some extra amount for the property management. | Usually, a committee from the residents manages the property, and you don’t need to pay any charge. |
| Authority | If you want to rent a condo, you have to connect with the property management company or committee. | You can rent an apartment from the owner directly. |
| Flexibility | Offers more customization than any other form of property ownership. | Offers limited freedom of customization and flexibility to its owners. |
Condo or Apartment: Which one is Better?
As the differences are evident, most home buyers face a dilemma of which one to buy. Now, that depends on your necessity or preference. Take note that both properties come with specific advantages and disadvantages. Thus, considering every factor is crucial before making any decision.
Pros of Condo
1. Lesser Responsibility
As an owner or resident of a condo, you have to take care of the interior. You don’t need to worry about the property maintenance or upkeep. It reduces responsibility and expenses. It also makes this property ideal for elderly people.
2. Affordability
Depending on the city or place, condos are more affordable than apartments. Therefore, if you have a tighter budget, condos are ideal for you.
3. Community Feeling
Condos offer shared amenities for its residents. It ensures that residents interact with each other, provides a community feeling, and contributes to reducing loneliness.
These features make the condo ideal for people who prefer to stay alone but also love to meet and greet new people. If you are new in a city, you can always try a condo.
Cons of Condo
1. Limited Options
Condos are indeed getting recognition, however, it is still not widely accepted and are limited in number. Due to this, as a buyer, there is a chance that you have to select from a limited available option.
2. Lesser Privacy
In a condo, you have to share amenities with other residents. It limits privacy and makes an issue for some.
3. Higher Risk
In India, condos are not very popular, and as an owner, you might need to struggle to get a tenant or seller. It limits the income probability and increases risk.
Pros of Apartment
1. Budget-friendly Investment
\Apartments are one of the best budget-friendly real estate investments ever. For this, it is highly popular in India. Naturally, you will be able to get a tenet or seller effortlessly.
2. High Security
Apartments are one of the best places to live because of their security level. It offers features like CCTV cameras, gated entrances, and security personnel. It provides residents with mental peace and stability.
3. Location
You can get an apartment on a budget in any prime location of your choice. The easy accessibility contributes to making your life easier.
Cons of Apartment
1. Limited Freedom
Although you own the property 100%, you can’t restructure or reconstruct the outer portion. It limits the user’s freedom and also forces residents to live in a limited space.
2. Market Volatility
Apartments are one of the best ways of investment and owners can earn significantly through renting. However, if you fail to examine the trends of the market (locational and amenities), you will not be able to earn a lot.
3. Rules and Restrictions
Typically in an apartment, a minimum of 10 or more families live. Hence, you must follow some rules and regulations to live in the apartment. Many times, it limits freedom and causes dissatisfaction.
FAQs: Condo vs. Apartment
Can I get a condo in a prime location in Kolkata?
Yes, you can get a condo at your preferred location in Kolkata. However, as it is not as popular as other real estate properties, you might need some extra time to get the ideal one.
How can I get a luxury apartment in Kolkata?
To get a luxury apartment in the heart of Kolkata, connect with Vinayak Realtech. They have several luxury projects in the Newtown and Rajarhat areas. Also, all the projects are RERA-approved. It means, along with comfort, you can be assured about your investment security, too.
What type of amenities can I expect in an apartment built by Vinayak Realtech?
Vinayak Realtech pays the highest attention to the residents’ comfort, and for this, they offer facilities like a swimming pool, gym, community hall, etc. Depending on the projects, they also offer a kid’s play area, jacuzzi, etc. Connect with them to learn more.
Wrapping Up: Condo vs. Apartment
Slowly and gradually, condos are gaining attention, and hopefully, this blog helps to clear all the confusion. Lastly, we suggest taking ample time and reading the advantages and disadvantages clearly to make a wise decision.
Best of luck and happy home buying, folks.
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