Condo vs. Apartment: Which One Should You Buy?

December 15, 2022
Table of Contents

In terms of locating a place to live in Toronto, there are many options. But two of the most popular choices are condos and apartments. Deciding to buy a condo or apartment can be tough.

Condos vs. apartments have been an everlasting debate for the public. Both have pros and cons, and it depends on your lifestyle and needs as to which one fits you the best. These two distinct concepts are some of the most perplexing in the real estate industry.

There are various factors to think about before choosing whether to rent a condo or an apartment. If you want to reside in the heart of the city, an apartment is your best bet. But a condo is better if you want a quieter, more urban lifestyle.

In this article, we will explore everything you need to know about condos and apartments to decide which is right for you.

Defining Condos And Apartments

There is a lot of confusion and uncertainty regarding the choice between condos and apartments. They are both types of housing that people can live in. But how exactly do these two types of living places differ from each other?

Condos are a housing category that is growing in popularity, particularly in larger cities. They are similar to apartments in that they are usually part of a multi-unit complex. Condos are usually part of a larger building or complex and are owned by an individual owner. People who live in condos have a lot of control over their living situations.

On the other hand, apartments are typically rental units within a larger complex. Their tenants usually lease them. There are many types of apartments in Toronto, from efficiency units to luxurious penthouses. Most apartments include a bedroom, kitchen, and bathroom.

However, it is important to consider your options before deciding where to live.

Pros And Cons Of Condos

Pros of Condo Ownership:

  • Condos offer more privacy
  • They provide more amenities
  • Building ownership
  • You have all the control
  • More privacy

Pre-constructed condo offers a number of advantages as compare to other investment types.

Cons of Condo Ownership:

  • Maintenance responsibilities
  • More expensive
  • Monthly pay

Pros And Cons Of Apartments

Pros of Apartment Ownership:

  • Easier to maintain
  • Less expensive
  • Can be more flexible with living arrangements
  • Usually located in prime locations

Cons of Apartment Ownership:

  • Less privacy
  • Apartments can be noisy
  • Strict rules and limitations

What are the Factors to Consider Before Buying a Condo or Apartment?

Many people make the mistakes of not doing adequate research. There are several aspects to take into account when deciding whether to buy a condo or an apartment. Here are some of them:

Maintenance

Who will be responsible for maintaining the property?

In an apartment, your landlord will typically be in charge of the majority of the maintenance. This means that if something breaks in your unit, you can simply put in a maintenance request and wait for it to be fixed.

On the other hand, with the condo, you are responsible for any repair and maintenance that needs to be done. This also means you have more control over when and how these repairs should be made.

Price

How much can you afford to spend?

When it comes to price, there is no clear winner between condos and apartments. Both types of homes can be affordable or expensive depending on the location, size, and amenities.

The cost of an apartment also depends on the location and amenities. Condos can be more expensive than apartments on average. This is because condos are often located in desirable areas and include luxury features like gyms and swimming pools. Apartments are generally more affordable than condos, but some upscale apartments can be as expensive as condos.

Location

If you are looking to purchase a condo or rent an apartment, location is one of the most important considerations. You will need to consider things like the surrounding neighborhood, public transportation access, and the overall safety of the area.

If you are looking for an affordable option, you should consider a location that is a bit further from the city. Further out neighborhoods are typically less expensive.

Safety is also a top priority when choosing a location to live, so be sure to do your research in different areas. It is also important to consider the noise level and pollution when making a decision.

Apartments are usually located in urban areas, making them convenient for commuters, while condos are often found in suburban and rural areas. However, the best way to choose a condo or apartment is to visit the particular locations.

Amenities

If you are looking for a home and not just an investment, you always wonder if it will provide you with all the amenities that you will need. Amenity is one of the most important considerations between condos and apartments, and it can differ widely.

When you are considering purchasing a condo or an apartment, there are certain amenities that you must take into account. For example, if you have children, you need to make sure that there is a playground in the location, and if you are someone who likes to stay fit and healthy, you must look for a gym.

Rules And Regulations

Some different rules and regulations govern condos and apartments. For instance, condos typically have stricter rules regarding noise levels, overnight guests, and pet ownership. That said, each building is different, so be sure to check with your landlord to see what the specific rules are for your building.

Condo buildings tend to be quieter and better maintained than apartment buildings. Each complex is going to have its own unique set of rules that residents must follow. Be sure to familiarize yourself with these rules before moving in so that you can be sure to adhere to them. Keep in mind that breaking any of the rules and regulations of your complex could result in penalties, such as a fine or even eviction.

How To Select The Right Option That Is Suitable For You

When you’re trying to decide whether a condo or an apartment is the best option for you, consider your budget first. Condos can be more expensive, both in terms of the purchase price and the monthly fees. If you’re working with a limited budget, an apartment is likely going to be your best bet.

Then think about your lifestyle. If you’re someone who likes having a lot of space and hates being close to your neighbors, a condo is probably not going to be the right fit. However, a condo could be a great option if you don’t mind residing in close quarters and you like having access to amenities like a gym or pool.

Don’t forget to consider your long-term plans. If you’re planning on staying in one place for many years, buying a condo might be a good investment. However, an apartment is probably a better option if you expect to move soon or if you’re not prepared to settle down for the long term.

Conclusion

The best way to choose between an apartment and a condo is to take your needs into account. A condo might be a better choice if you want more space and privacy. On the other hand, an apartment might be the best option if money is tight or you don’t want to commit to a long-term living arrangement. Whatever choice you make, make sure it fits your lifestyle and offers enough shelter for you and any family members who will share your home.

FAQs

Do condo maintenance fees and apartment maintenance fees differ?

It can differ depending on the type of apartment or condo you live in. Apartments typically have higher fees than condos because they include numerous amenities. But, if you’re planning to buy a condo, we suggest you to check out the maintenance fee before making your decision.

Are condo landlords responsible for the plumbing?

Yes, condo landlords are responsible for maintaining the plumbing in their units. This includes ensuring that all pipes and fixtures are working properly. If a tenant reports a problem with plumbing, the owner must take action to fix it promptly.

Is purchasing a condominium a wise financial decision?

Yes, it can be a wise decision. But, before making a decision, it is important to research and consult with a professional. There are many aspects to think about before purchasing a condominium, like location, amenities, monthly fees, etc.

Are condominiums a wise long-term investment?

It depends on your financial situation and your investment goals. Some condos are more affordable than single-family homes, making them a good investment option for buyers. And they can be expensive, as they may come with additional costs like monthly association fees.

So, only you can decide if investing in a condo is right for you. We suggest you communicate with your financial counselor.

Which is preferable, an apartment or a condo?

It depends on your financial and personal preferences. For those who would prefer to live in a house where they have full control over everything, condos are usually the best choice. But many factors will help you decide whether a condo or an apartment is preferable for you, like pricing, maintenance, location, size, and additional fees.

crosschevron-down