When it comes to settling in a place for living or basically, building a home, there are a number of options that one has to do so. An individual could opt for a standalone house in a less populated area, or, opt for a shared unit is a tower to have a budgeted living.
However, if you wish to stay central, there are two highly popular choices that you are likely to opt for- a condominium or an apartment. The discussion between condo vs apartment has always been a big confusion amongst many.
That difference is a condo property happens to be a high-end, rich dwelling that is expensive to manage while an apartment happens to be a low-cost and simpler way of life.
There are many other significant differences when it comes to this topic, which you might not be aware of. But really, what is the difference between a condo and an apartment?
1. Dissimilarity in Ownership of the Spaces
There is a major difference in the ownership of an apartment vs condo. A single condo unit is typically owned by a condo owner.
An organization or firm known as the condominium corporation is responsible for managing the condos that fall under the supervision of a certain circle of condo owners that are chosen as per location similarities and these owners form up the condo board.
An apartment, on the other hand, is owned by a registered leasing company. This company leases out individual units owned by it. This implies that an individual looking for a space can rent an apartment from the leasing company. Or, he/she can rent a condominium suite from the condominium owner. Also, the individual has the option of becoming a condo owner himself/herself too!
2. The Property Manager
This difference of condos vs apartments is a major concern if you are looking out to rent a space rather than buying one.
An apartment is owned and managed by a professional, reputed organization that probably has great experience in the field for a long time. Thus, you express your requirements, check out the apartment building and pay the necessary amount to rent it officially.
However, when it comes to renting a condo unit, you will have to deal with an individual condo owner who could be any citizen. Since condos are individually owned by different owners, they might vary in their look and appeal. There is a lot of personal effort and investment involved in setting up a beautiful condo unit. Hence, the facilities that you are likely to get in a condo on rent will be more than those in an apartment.
When it comes to solving the problems that you might face after renting the property, the management would be different for both, too. For an apartment, you would have to get in touch with the organization that has leased out the property to you. For the condo building, these problems will have to be discussed with the concerned owner itself.
3. The Dissimilarity in Costs
There are quite a few dissimilarities in the costs and pricing of renting condo vs apartments.
As per the rates observed in Ontario in different regions, there are certain financial constraints applied at varied places. When you are renting an apartment, it is most likely to cost you about $100- $300 lesser as compared to renting a condo unit. The saving costs are going to differ depending on the region you are renting a space in especially when you consider an older property or building. (1)
However, there are various other factors connected to these costs. For example, renting an apartment would mean just renting out a space to stay. But, when you rent a condo unit, you get access to better amenities and facilities in the renting costs too. A condo lease gets you to access to different facilities such as gym, a party room, lounge facilities, fitness centres and much more!
These are added utilities that come automatically as a part of renting out a condo. Thus, the cost and saving actually reverses in the two cases. The better-suited option for an individual would vary in Condo vs Apartment as the needs and priorities of each individual would differ too.
4. Facilities That You Get for the Money You Pay
There is no doubt about the fact that the facilities that you get in case of a condo are way more in number and extremely better than those that come with an apartment.
Even if you go for an expensive apartment choice which falls in a higher category of apartments, the facilities that you would get would be a parking space, probably a gym and at maximum, a swimming pool if you are too lucky. However, nothing much apart from these things. But, when we consider a condo on rent, the facilities on offer these days are endless!
In addition to the basics like parking, gym, swimming pool, etc., you also get plenty of other exciting amenities. Few of these would include a concierge service, party rooms, fitness and yoga centres, lounge facilities, workroom and many more! Some you can’t find in any apartment building in the metro.
Moreover, if you opt for an expensive and luxurious condo building, you get many more amenities than these also! There might be a lush park, an indoor jogging track, meeting rooms, etc. None of the amenities offered in apartments even match a little to the ones in condominiums!
… [Apartment] residents are only entitled to rent units, but usually at cheaper rates than comparable condominiums due to the difference in facilities. – Lion Real Estate
5. Location and Age of Development
When we talk about Condo vs Apartment, there is quite a lot of difference in the ages of condos and apartments. By age, we mean there is a difference in the time they were developed.
Condos are generally developed in more recent times than apartments. Condo developments came into the market much later than apartments, that is, after the mid-90s. On the other hand, quite a lot of apartments were developed before this period.
The age can also be seen in the appearance and architectural styles of the two housing options. Condos are present in more favourable locations as there is a great network on subway lines, streetcars and everything else that would facilitate better transport and commute options. Apartment buildings are more prominent in suburbs and outdated areas of Ontario. Also, apartments are more scattered around the city while a lot of condominiums are concentrated in bustling areas such as downtown Toronto.
6. Risks and Intricacies Involved
There are different uncertainties involved in renting out apartments and condos. As discussed in the article earlier, apartments are rented from professional organizations and thus, might have different procedures for approaching in case of any issues that you might face.
While the condos are individually owned by owners who are much more approachable under any circumstances, also, condos are usually purchased for investment purposes with some considerations. (2) Thus, there are chances that the condo owner decides to sell the property at some point in time. In this case, you’ll be asked to vacate the building with a proper notice provided beforehand itself. Apartments do not have this kind of uncertainty.
Repairing and maintenance facilities can be asked for, in a much less formal and approachable manner for condos and might have to be asked for formally in case of apartments.
You can also watch this video by Realtor & Blogger Mark Savel to learn more about the difference of condos and apartments.
Condominium vs Apartment: Which Should You Choose?
Both condos, as well as apartments, have their own set of features and requirements. Ideally, it completely depends on you as to which one would fit your needs better.
For example, if you do not wish to pay more and want a budgeted option, your probable pick would be renting an apartment. However, if the living status matters to you, you are likely to pick a condo unit!
In today’s times, however, condos are generally coming out as better housing options as compared to all the other options. The reason for this is the amenities on offer and the accessibility as well as ease of living that these spaces offer. Of course, there are exciting facilities that one can avail, have a better living standard and the location would be a more favorable one, too.
The Condo vs Apartment debate is not very difficult to understand today. There are certainly significant differences between the two housing types. It is necessary that one understands these differences before making a decision about which one is better for him/her for a living. From the differences discussed above, condos seem to be the best pick in all categories.
When it comes to the pricing, the cost seems well-justified because of the additional facilities provided in condo units to the individuals planning to rent it. Be smart and vigilant before you make a decision. Have a clear understanding on what’s the difference between a condo and an apartment for yourself. After all, it is you who is going to be living there!
For news, updates, and exclusive access on all new and upcoming condos in Canada, visit Precondo.
1. Lauren Pelley, How to find a great apartment in Toronto on a budget, retrieved from https://www.cbc.ca/news/canada/toronto/how-to-find-an-apartment-in-toronto-1.4004591
2. Joe Richer, Registrar, Real Estate Council of Ontario, What to consider when buying a condo as an investment property: Ask Joe, retrieved from https://www.thestar.com/life/homes/2019/04/06/what-to-consider-when-buying-a-condo-as-an-investment-property-ask-joe.html