Most home-buying decisions usually narrow down to two popular choices: condos and apartments. While the two share many similarities, they have some important differences that all buyers should know before committing.
In terms of similarities, both condos and apartments are situated in well–connected locations. But that’s where the similarities end (usually). While apartments are low-cost solutions for homeowners with a simpler way of life, condos are usually the slightly more expensive dwelling of professionals, retirees, and individuals.
For more on the decision making between condos and apartments, here’s our round-up of the four most common differences you should know.
1. Property Ownership
The main difference between Grimsby condos and apartments is the amount of space you get to own. This obviously affects how you manage your property.
Because of these differences in ownerships, apartments are often managed by a third–party corporation, and not the building owner. To lease a unit in an apartment, you may have to talk to the management company rather than the property owner.
Although condos are managed by the Homeowners’ Association, each unit has a separate owner. If you decide to rent Grimsby condos, the property owner is likely going to be an individual instead of a professional management company. The latter are always harder to get a hold of.
2. The Cost
When you compare the cost of renting an apartment and a condo, you’ll notice a stark difference in pricing. Renting an apartment is generally cheaper than renting Grimsby condos, at about $100 to $300. There are other factors that go into the cost of renting and ownership, for example, newer and older buildings will have very different associated costs.
But there are other factors to consider too. For example, renting an apartment merely gives you access to a place to stay. But when you get a Grimsby condo, you are also signing up for better facilities and amenities that will be covered under your rent and fees. A condo lease gives you access to different facilities such as fitness centers, swimming pools, lounge facilities, gyms, and much more.
Which one you choose ultimately depends on your lifestyle preferences. It may feel cheaper to go for an apartment over a condo, especially given their high HOA fees. But if you consider the cost of paying for all the above–mentioned facilities separately, you’ll be able to tell you’re actually saving in the long run.
If you compare the prices for all these amenities, along with other associated fees, condos will win hands down. Of course, the final decision really comes down to your lifestyle choices and budget.
3. Location and Development
Most waterfront condos in Grimsby are newer builds, compared to apartment buildings. Most condo developments entered the market after the mid-90s. Apartments, on the other hand, tend to be much older. This also means that most Grimsby condos are built in bustling neighbourhoods that are well connected to businesses, markets, and public transport.
By comparison, apartment builds are more prominently located in outdated areas and suburbs of Ontario. Also, apartments are spread out around the city while condos are concentrated in busier areas.
4. The Risks of Ownership
Apartments are typically rented from professional organizations. As such, they often have different procedures for dealing with different problems you may face. Imagine having to speak to a corporation before conducting major repairs. You’ll likely have a much tougher time getting someone to come over and approve major repairs.
Condo owners are usually more approachable, which simplifies maintenance issues and repairs. It is worth noting that if you’re renting a condo and the owner decides to sell the unit, you’ll have to vacate the premises after a notice period. Most condo owners see their unit as an investment, which means they are likely to give it up for sale if they don’t see returns and the economy starts to tank.
Apartments don’t usually have this kind of uncertainty, which could be a big enough difference to matter for many individuals.
Wrapping Up – Which is the Best Option: Condo or Apartment?
The decision ultimately depends on your needs. In ideal scenarios, you might find apartments in relatively new buildings with amenities that are comparable to condos in Grimsby. But these apartments are few and far between.
If you’re not too picky about the age of the building and its proximity to the city center, you may find apartments to be a good choice.
But if you care about all the amenities mentioned above and enjoy living in newer units that are just a few steps away from your work, then you’re much better off with a condo.