You probably came across condos and apartments last time you looked for a new place to live. From the outside, it isn’t always easy to tell these two housing options apart. How can two things that seem so similar have so many differences?
A few big factors separate condos from apartments, and each option has pros and cons. Whether you’re looking for apartments in Atlanta, GA, condos in Chicago, IL, or anything in between, here’s how you can decide which one is best for you.
1. You can rent or own a condo
A condominium, or condo, is a single unit that’s part of a larger complex. Like apartments, you’ll probably share one, two, or three walls with your neighbors. But a different person usually owns each unit. This means that the inside of one condo can vary quite a bit from the interior of another nearby condo, but the exteriors will look almost identical.
Condos can be owned or rented. You can buy a condo like you would a standalone house, with a down payment and mortgage. Residents usually need to follow specific rules set by the complex’s homeowner’s association (HOA).
Some condo owners decide to turn their units into rentals. They’ll require a signed lease agreement, security deposit, and monthly rent like a property manager would in an apartment. But a tenant usually rents a condo from a single landlord. Of course, renting versus buying comes with its own pros and cons.
2. You can usually only rent an apartment
Like condos, apartments are individual units within a larger building or complex. But apartments are more likely to be owned by a company or group of investors and operated by a property management group.
One of the biggest differences between a condo and an apartment is the ability to own them. Almost all apartment complexes are made up entirely of tenants (renters).
You won’t see apartments for sale very often. If you see a “for sale” listing that looks like an apartment, there’s a good chance it’s actually a condo.