Apartment vs. Condo Living: Which Is Better For You?

Living in an apartment and living in a condo is entirely different from one another. Before a person chooses which home to live in, it’s important to go through their differences and benefits of each.

Here are two benefits of living in apartments:

1. Apartments Are Usually More Lenient On Their Leases.

When signing the lease for an apartment, they usually give their possible tenant a choice of either a short-term or a long-term lease. This means that people who know they are more likely to move sooner rather than alter have the option to choose the shorter lease and not have to worry about breaking their contract.

2. Apartments Have Their Maintenance Taken Care Of Through Landlords.

Because most rental agreements state that the landlord must take care of all of the maintenance in the apartment, the tenants do not have to pay out of pocket for fixes around the home such as a broken dishwasher, heater, or even extreme cases of dilapidation. Since they do not own the home, the landlord is responsible with making all of the fixes in the apartment, which means that unexpected circumstances will not ruin one’s wallet.

Here are two benefits of living in condos:

1. Condos Come With More Amenities.

Normally, condos come with more luxurious amenities than many apartments can come with. For example, condos are more likely to have more private areas like private pools, gyms, outdoor areas, and lounges such as the condos on the Upper East Side of Manhattan. Condos can also have more of their maintenances covered under their rent, lease, or purchase and are more likely to be able to be purchased entirely furnished and ready for a person to move in immediately.

2. Condos Are Investments In The End.

When one decides to purchase a condo, they are – in the end – setting up for an investment, as condos require an owner. Similarly to buying a house, every payment one puts towards their condo will help them in the future when they eventually decide to sell their condo and move. As an owner, one would be eligible for some tax deductions that renters would not have access to all because of the condo being a tax benefit to a person.

After looking over the differences and benefits of both living in an apartment and living in a condo, it can be easier for one to decide which suits their lifestyle better. Those who tend to move around more often and have a more flexible lifestyle may prefer to go through with renting an apartment whereas a person who knows they will need a place to live for a few solid years in the future and wants luxurious amenities may go with purchasing a condominium. For more information, visit 252 East 57^th.