Apartments vs Condos: The Showdown
Once we move out of our parent’s house, we are left to wander in the world of adults, and we will find ourselves bumping and making a lot of mistakes initially until we get used to living on our own. So, once we have gotten a hold on the reigns, we need to make sure that we steer them right and make the right decisions. When it comes to living situations, most young adults live in small apartments either alone, or with a roommate or more. This helps to divide costs and since apartments are the cheapest means of living, it makes things more convenient.
The trend over 20 years ago was for young adults to initially live in apartments, and once they have become financially stable enough, move out, buy and then live in a house in the suburb, and this had been the dream for most people at the time. However, current real estate trends have shown a major difference when it comes to people’s preferred living situation. A lot of adults, even financially stable adults are choosing to continue to live in apartments as opposed to moving out and buying a house.
This is an interesting trend, but it makes sense too. A lot of people do not want to spend money on buying a house and living so far away, so living in an apartment continues to make sense. However, this is where we provide you with a third option, and that is to buy a condo instead. Of course, we will do a comparison between the two below so you can go through that for a better idea. If you want to be looking at different properties or need professional consultation, then you can look into property central and see if the people there can help you out.
We will first talk about apartments and what makes them popular. So, for a list of advantages that come with having an advantage, you can keep on reading below:
- Apartments are considered to be one of the cheapest options when it comes to living situations.
- Apartments are temporary and are only valid till the lease expires. This means that you have the option of packing up and leaving if you find yourself unhappy with the environment or apartment and just go somewhere else.
- Apartments are closer to or in the city. This is convenient for people who do not want to spend their time or money having to commute.
- Apartments can be single-room studios, and they can be multiple rooms, spacious spaces. So, there is something for everybody.
- You do not have to pay for maintenance or repair costs in an apartment.
Now that you understand why some people choose to stay in apartments, it is also important to know the downsides as well so that you can get a complete picture.
- Apartments are only temporary living situations. So, once the lease is expired, you technically do not have a place to stay. So, the money that you spent in giving rent every month essentially went down the drain because it did not have any tangible results at the end of the day.
- Apartments usually have multiple units on the same floor, and that can cause a feeling of no privacy for some people.
- Apartments might not be suitable for people who plan to have a family or have a big family since there is not enough wiggle room.
Condos are also a popular option when it comes to real estate, especially amongst young adults, and this is because condos are the happy medium between an apartment and a house.
- Condos can be bought, so that means once you are done with all of the payments, you are a permanent property owner and the condo is yours.
- Condos are also located near or in the city, usually around malls, or other important locations as well.
- Condominiums offer many different amenities and this can include a shared pool or fitness center, a concierge, security, parking, etc. The number and type of amenities vary from condo to condo.
- Condos are more spacious and are more luxurious. Plus, the number of units on each floor are relatively few when compared to apartments.
- Condos are big enough so they are considered to be suitable for families too.
Of course, there are some downsides here as well.
- Condominiums have very strict policies and building rules that have to be adhered to.
- Apart from the monthly payment for the condo, you also have to pay an extra HOA fee which goes into maintenance and care for the condo.
- Some groups that are behind the construction of the condo do not do as great a job as others. This is where we strongly advise that you always tour the property first and ask a few real estate agents before agreeing to buy a unit.