Apartment Vs Condo: Which One You Should Pick?

Condo-Vs-Apartment

Have you decided to buy a condo in Mississauga? Then http://www.mississaugacondosplanet.com is the right place to buy a condo unit. As stated by chancellors.co.uk, if you need any financial guidance about the right type of investment in properties you should seek the help of financial experts.

Deciding on an apartment or condo is difficult, but this article guides you to choose the right one based on your requirement. The physical appearance of both apartment and condo looks similar, but there exist differences regarding ownership. In the apartment, each unit is rented by landlords to tenants for the rental agreement.

The landlord allows you to stay in their units for a specific period. The condo is also owned by a single person who is the owner of the condo. The condo owners either rent it or live in their unit. So condo is the best option in an investment point of view. The major difference between them is ownership structure.

A Condo has a board of directors, and under this board of directors, there are some associations that closely monitor and do all the maintenance activity in and out the condo. The association head of the condo is selected by the residents of the condo. Funds needed to run this board and for maintaining the total condo buildings is collected from the owner of each condo unit.

Services like security, annual maintenance of HVAC, building, insurance renewal, Property tax, Swimming pool, parks, parking everything are taken care by association, and everybody has equal rights on this. If you want any alteration and want to add something in your condo, you can do it. But in an apartment, you can’t do any modifications in structure or even paint because the owner of the apartment has the right to do it. It takes some time to sell your apartment in the real estate market.

Renting an apartment is another way to run a peaceful life. If you can’t afford in a condo, or you want to stay for temporary, or you want to live a flexible life, then renting an apartment is the best way. You can either rent an apartment or lease it for a fair rate. The landlord does maintenance of this apartment. Securities, repairing charges are all by the apartment owner.

As a tenant, your duty is to pay the rent periodically and inform any issue in the apartment to them. Long-term progression and investment wise apartment are not suitable. Rent may increase every year, so there is less stability here. Most apartments have some rules and regulations, and it restricts your freedom.

So both options have pros and cons you can choose whichever option is the best for you for the future years, your financial status, your need, your interest, and availability, etc. The Condo association’s rules and regulations change from place to place, so before booking your condo, keep that in your mind. Even some places condo is also available for rent for the longer period.
You can consider a condo if you are looking for a place to live in short span of time or don’t have the finance to purchase, or your work requires you to shift from one location to another.