Real Estate GTA Real Estate Market Condos Apartment
In the current trend of varied housing facilities, one might get confused between a condo and apartment, which at most times seem similar to each other. However, it is important to note that there are major difference between condo and apartment that are important to understand before signing an agreement.
The very basic difference between apartment VS condo is that a condo is generally owned and managed by a landlord while an apartment is usually owned by a housing corporation better called a property management firm. Let’s carry you through the concept in detail and give you Tips for Buying a Condo in Toronto:
A condo, which is officially known as a condominium, is basically a private space for residence which is usually rented out to tenants who are in search of housing facilities. Typically, a condo is located in a residential building which is a private unit owned by an individual who later on becomes the landlord of the particular property.
In discussions concerning the condo owner, the owner enjoys all the rights of the property over the tenants, which in a way makes the process of renting a condo a far more one to one deal in comparison to renting apartments. Here is where another difference between condo and apartment exists.
An apartment is a real estate property which is owned and managed by a corporate management firm. Usually, apartments are located in a residential building or a community complex (based on factors such as country, locality, mode of preference etc.). The regulations, units and owner of an apartment building are the same and all tenants residing there will have to necessarily comply and live harmoniously with each and every member.
Every tenant needs to report to the respective property manager who are to be usually found with the employed leasing agents inside their leasing offices.
The concept in this section that we will deal with is simple; apartment VS condo. As we discussed, condo and apartment are parallel terms which are different based on the type of ownership. An apartment, to be specific, is based amidst a bunch of other complex apartments whose owner comprises a single entity; mostly a corporation who then leases them out to individual tenants. On the other hand, a condo is both owned and managed by an individual. This is perhaps why condo and apartment are hand-in-hand terms and are often mistaken for each other.
In simple language, when one rents, he/she rents under an individual entity, however, when one seeks to rent an apartment, then he/she is served by a landlord of the sort which serves the corporation. Now let’s move into the next section where we will be covering the characteristics of condo and apartment. Find the best condos for sale in Toronto here.
We have covered the basic difference between condo and apartment in the previous section which will give you a grass-root idea about both the terms. However, in order to get acquainted deeply with it, one also needs to consider these differing factors between condo and apartment.
Condo amenities: In general, condo apartments are owned by an individual owner which gives a more defined and personal touch to a condo. A condo is likely to incorporate updated features such as granite countertops, upgraded flooring, stainless steel appliances as well as personal touch of paint in walls. Renting a condo is beneficial as there are more incentives in it than an apartment since the owner might have previously resided in the condo which urged him/her to keep it in high standards.
Apartment amenities: In comparison to condos, apartments do not consist of any personal touch and are mostly identical with the same color pattern and kitchen flooring. However, on demand, people can acquire luxury amenities inside their apartments such as laundry rooms, outdoor pool and gym, dog park, tennis courts, valet waste among others. These amenities are based on the quality and area in which the apartment is located.
The most common question that arises in the mind of people is whether condos cost more than apartments. The answer to that is simply no. If both the properties are in the same locality of a town, then both condo and apartment are probably going to cost the same. However, it all depends on the quality and the number of amenities packed with each property. The better the quality and the more the amenities are, the more the cost will be; there’s not a question of apartment VS condo here. You can find the best condos for sale in Pickering here.