Overview
- Condominiums offer ownership to potential residents while apartments are typically rented which can limit personalization.
- Apartments usually have lower initial costs than condos which need a substantial down payment.
- For those seeking long-term stability, condos are the better option. Apartments are usually intended for short-term living or flexible housing.
- Condos elevate residents’ lifestyles by offering upscale convenience with amenities.
- Most responsibilities in an apartment is covered by the landlord. Condo owners, on the other hand, are required to do their unit’s regular upkeep and maintenance.
Choosing between a condo and an apartment is an exciting and hefty decision. Either choice can directly shape your day-to-day satisfaction with your home. Plus, it also affects your financial commitments. But this crossroads shouldn’t be feared! It is only a sign that we are growing older with this much influence over our surroundings. While both options offer unique advantages, there are still considerations you need to mull over to make a final decision.
In this article, we dive into how to choose where to live between an apartment vs condo. From learning what you own to reviewing responsibilities, let’s begin this wonderful journey of choosing a home.
Ownership is the main difference between living in a condo and an apartment. With the rise of city living, condos are more favorable to own. This type of residence essentially makes you a property owner for your specific unit. You have full reign over this space. This means that you are allowed to design or renovate as you please.
Apartments, on the other hand, are generally more for renting. This means that you are under a landlord or a property management company. There are many limitations to this kind of living. Since you are not the owner of the space, you are dependent on rental agreements. This includes lease duration, rent amount, and terms and conditions of tenancy.
Money matters in this kind of decision. After all, a home is a necessity but also an investment. A few details you need to know are the financial obligations of each option.
Condos require a hefty down payment of at least 20% of the property’s purchase price. This price can be a daunting number. Beyond this cost, you also have homeowner’s association fees and maintenance costs. Since condos are primarily owned, you should also consider your monthly mortgage payments as well as property taxes.
Leasing an apartment requires a significantly lower price. Depending on the space, you need to put down a security deposit. This is the equivalent of down payment for a condo but still at a lower cost. Then you have your monthly dues predicated upon your contract or agreement.
However, between condos and apartments, the money you are putting down in condos gives you peace of mind about the longevity of your stay. It is because the money you put down consequently gets back to you, allowing you to completely own your home.
To dive into the longevity of your stay, we go to understanding your goals. This step is important to help you choose the perfect place to live in.
Since condominiums are more of a serious commitment, they are perfect for those searching for long-term housing. Families or individuals who want more stability often choose this option.
If you are looking for more flexible options, apartment leases can be for you. Apartments are usually sought-after by professionals who need to go to different places for their job. It is also a low-commitment option with leases ranging from six months to a year.
The place you are going to call home will have a huge influence on you. That is why knowing your lifestyle at the beginning will help you curate your daily practices.
For this point, condo living stands significantly better. It is because they are created with convenience in mind. This means that developers designed it to fit an array of lifestyles whether you are a young professional or a retiree. High-end condos offer residents upscale amenities such as concierge services, gyms, pools, entertainment spaces, and more. If you want to prioritize your health or have fun with friends, these shared amenities are in the palm of your hand to enjoy.
Most apartments do have this luxury. This may mean you need to find gyms, pools, and entertainment spaces close to your address, increasing your expenses.
Each option offers a unique set of responsibilities for you. Learning about them will help you get an idea of who to turn to in case of repairs or maintenance. Moreover, these requirements may also influence your lifestyle preferences.
Living in an apartment frees you from the maintenance responsibilities of your space. Upkeep and repairs are usually managed by the landlord. This means that the expenses would also be covered.
Responsibilities in the condo unit are all yours. This means your plumbing, painting, and modifications are at your expense. But shared spaces like the amenities are a communal responsibility. However, daily upkeep or maintenance of it is usually done by the management.
Understanding how to choose where to live between an apartment vs condo is a necessary stage. It is filled with careful consideration of various factors. Overall, these details mentioned above all line up to one thing and one thing only, a question of how you see yourself living at this point in life. In this crucial moment, it is important to take your time to weigh the pros and cons of each option. Finding a home isn’t easy but it is always worth the wait.
Condo units at The Rise are designed to be just that– a home. It is developed to be versatile and functional for each unique individual whether you are a young professional or a family of three. Makati living has never been more thrilling with our spaces. Contact us today and create the kind of home you want in the city!
