Having a place to live in is one of the basic necessities of life. Nowadays, owning a condominium unit and looking for short term rentals Sudbury furnished apartments appeal to a huge fraction of the populace, especially those living in the metropolis.
But have you wondered what the differences are between apartments and condos, and what are the pros and cons they offer? We at Panoramic Properties would love to share some important knowledge about these topics.
The main difference between the two boils down to the type of ownership -- you buy a condo unit, while you rent for an apartment unit.
A condominium complex comprises scores of units that have different owners. While each owner has their own private places, they also share common facilities and amenities, like a swimming pool and gym.
In an apartment setting, a building is composed of rooms that are being rented out. The whole property is owned by a landlady or a landlord, to whom monthly rental fees are due.
Owning a Condo: Pros and Cons
- Safety and Security. One of the best features of a condo is security. The whole complex has gated entries with security guards.
- As already mentioned, condo owners jointly own shared amenities such as a clubhouse, a pool, and a fitness center.
- If you’re looking for convenience, a condo is a perfect fit for you. Apart from its strategic location that provides easy access to different establishments, you’ll also have other people to maintain your unit and the whole complex itself.
- Owning a condo unit will be of greater help if you want to build your equity. In real estate, renting an apartment offers zero investment potential.
- Monthly Dues. Apart from liabilities like mortgages, you’d also have to pay for your homeowners’ association fees. The money collected will then fund any maintenance and repair services needed by the whole complex.
- Confined By Rules. If you hate living by the rules, a condo might not be that suitable for you. Condo unit owners need to abide by a set of regulations imposed by the management.
Renting an Apartment: Pros and Cons
- One of the main advantages of short term rentals Sudbury furnished apartments is that you’d only spend relatively lesser money.
- Another huge benefit it offers is flexibility. You can also opt to move to another apartment after some time, unlike in a condo setting where you are bound to stay because it’s a long-term investment.
- In most cases, apartments are considered more spacious than condo units. Nowadays, real estate players tend to downsize condos to fit more units into one building.
- Limited Parking Space. Unlike condominium buildings, apartment complexes offer limited parking space -- a not-so-great news if you own a car.
- Apartments are typically located in relatively less accessible areas compared to a condominium complex.
Whether you’re planning to own a condo unit or scouting for short term rentals Sudbury furnished apartments, we at Panoramic Properties have something to offer for you. Reach us at 1-855-731-1201.