Most people don’t think too much about the difference between a condo and an apartment. Both of these types of residences share very similar characteristics. However, there are some key differentiating factors to be aware of. This is especially true if you’re interested in purchasing or building a condo or apartment and renting it out.
Apartments Hattiesburg published an excellent blog post last month. It was called “The Difference Between Condos and Apartments for Rent.” The five main differences have to do with ownership, maintenance, availability, amenities and knowing which one is right for you. Please read the excerpt below. And if you find it as interesting as we do, Please read the entire article at Apartments Hattiesburg. You will find a button at the bottom of this page, which will take you directly to the original blog post.
The largest difference between these two types of rental units comes down to ownership.
In a condo property, whether 4 units or 200, an individual owns each unit. Most owners have either purchased the property for investment purposes to rent out, or have once lived in the unit and are now renting it out. For a renter, the condo owner is your landlord and is responsible for all leasing, maintenance, repairs and tenant issues.
An entire apartment community, whether 4 units or 200, is owned by a single entity. This is most often an individual or corporation who rents out apartment units within that community to tenants. For large apartment complexes, owners hire property management companies to handle all leasing, maintenance, repairs and tenant issues. For a renter, the property management company is your landlord and whom you go to for all related issues.
Another major difference between condos and apartments for rent is who takes care of the property and any tenant issues.
For any issues inside the condo unit requiring maintenance, renters will need to contact the property owner directly. Some owners are handy and will fix the issues themselves, others hire outside vendors to take care of problems. For external issues having to do with the property structure (i.e. roof) and common areas, renters will still need to….