Apartments and condos have many similarities, but there are also several differences. The biggest difference between apartments and condos is that there is a separate owner in condos. On the other hand, apartments are usually larger and cheaper to rent. Additionally, apartments typically come with a concierge and a building manager. If you’re deciding to buy new condos in downtown Toronto, read the following information.
Condos have a separate owner:
One of the main differences between condominiums and apartments is that the former have shared walls and common areas. This can cause noise problems, especially if the apartment complex has a strict homeowners association that limits who can stay overnight. Condos also have a lot of security, one of the biggest advantages. The cons of condos vary depending on the size and complex and the type of tenant. You may think of apartments and condos as the same, but the distinction between the two is important.
They’re cheaper to rent:
When comparing the costs of renting and owning a home, you will probably notice that condominiums are considerably cheaper than single-family homes. However, you may be worried about the upfront fees and large down payment. However, condominiums and apartments are also cheaper to rent for many reasons. First, condominiums can serve as an excellent starter homes. While renting is often viewed as a waste of money, it can be a much better option in the long run. Moreover, you can easily sublet an apartment or condo if you wish.
Despite the smaller size of these properties, they still have distinct advantages over one another. For one, a condo has character since its landlord likely lived in the building at some point. Furthermore, changing the interior of a condo is less difficult than that of an apartment. A long-term resident can also make changes, and the personal touch of having a landlord is a nice perk. This personal touch is often more rewarding than having an official landlord.
They have a concierge:
A concierge can be an invaluable resource in a condominium or apartment building. They monitor packages and may weigh them to ensure they’re delivered safely. They can also report suspicious deliveries and provide residents with peace of mind. Many of these services are paid for by maintenance fees, and understanding their role is vital to a well-informed purchase. Below are some examples of the roles and duties of a concierge. Read on to learn about each one.