*Updated on Feb 23, 2024
Condos vs apartments—when we’re browsing listings, sometimes we see the word condo and sometimes we see apartment. So what’s the real difference? According to statistics from the 2016 Census of Population and Housing, about 10% (2,348,434) of Australians live in apartments.
For anyone looking to rent or buy a house in Australia, apartments and condominiums in Australia are the common types of buildings often recommended by real estate agents. Unfortunately, not many potential homeowners understand the difference between these two housing types.
What is a condo vs apartment? A condo, commonly referred to as a condominium, is a residential property or housing complex that comprises separate units, with each unit owned by a person.
Conversely, an apartment is a residential building in which all the dwellings are owned by a single entity or corporation.
If you are planning to rent or purchase a property, it is crucial to know the difference between condos and apartments to help you make informed buying decisions. Read on to learn more and set up your match profile on Soho so we can find you your next condo/apartment/unit/flat!
What is a Condo vs. Apartment?
A condo, commonly referred to as a condominium, is a residential property or housing complex that comprises separate units, with each individual unit owned by a person.
Conversely, an apartment is a residential building in which all the dwellings are owned by a single entity or corporation.
Differences between Apartments and Condos
Below are some of the differences between apartments and Australia condos:
Ownership
Apartment buildings are owned by one corporation or individual, which rents them to tenants or sells them to interested persons.
Condo buildings, on the other hand, have different owners who come together to form a corporate body, typically called the owner’s corporation.
Size and Design
Furthermore, apartments are generally uniform. Each dwelling in the apartment has identical interiors in layout and features. Also, each apartment block has more security.
Conversely, condo units differ from each other. Condos have different interiors that resemble a detached house. The design will be a reflection of the owners’ personal imagination and taste. So one might look completely different from another.
Maintenance
When it comes to maintenance in the condo vs apartment debate, the people in charge of repairs and maintenance in apartment blocks are different from those responsible in condominiums.
Typically, apartment buildings have property managers, so there is a dedicated staff member who is paid to ensure repairs and maintenance are carried out on each apartment. These people often live within the apartment and receive salaries from the rents paid by the tenants.
In contrast, those living in a condo don’t have a property manager. Rather, they have a corporate body that comprises the owners. They are responsible for carrying out maintenance on mutual areas. Often, external contractors are hired to perform maintenance or repair jobs such as gardening, plumbing, and pest control.
Additional Amenities
Many apartment complexes have excellent facilities such as gyms, lifts, rooftops, spas, and saunas. Although these amenities exist in condominiums, they are more rare.
Who is a Condo Best For?
Condos offer a unique blend of homeownership and community living, making them a good fit for various individuals and lifestyless, including young professionals, downsizers, and investors.
Pros:
- Affordability: Condos can be more affordable than single-family homes,especially in desirable locations.
- Low maintenance: Condo associations handle exterior maintenance, freeing up personal time and effort.
- Amenities: Many condos offer shared amenities like gyms, pools, and common areas, promoting social interaction and convenience.
- Security: Secure building access and on-site staff can provide peace of mind for some residents.
- Investment potential: Condos can appreciate in value, offering potential financial gain.
- Community: Condo living can foster a sense of community and belonging,especially for those seeking social interaction.
Cons:
- Limited control: Condo owners share common areas and must abide by association rules, potentially restricting personal preferences.
- Noise: Sharing walls and close proximity to neighbors can lead to noise concerns.
- Special fees: Monthly condo fees cover shared maintenance and amenities,adding to the overall housing cost.
- Limited outdoor space: Most condos offer balconies or patios, but private yards are uncommon.
- Less privacy: Living in close proximity to others can lead to less privacy compared to detached homes.
Who should consider a condo?
- Young professionals seeking an affordable and convenient lifestyle.
- Downsizers who want to reduce maintenance burdens.
- Investors looking for rental properties with potential appreciation.
- Individuals who value community and shared amenities.
- Those who prioritize security and controlled access.
Who is an Apartment Best For?
Apartments offer flexibility and often budget-friendly housing options for renters, including students, young adults, and those who prioritize affordability and flexibility.
Pros:
- Flexibility: Lease terms can be shorter than mortgages, offering flexibility for those with uncertain futures.
- Affordability: Generally lower rent compared to condo ownership or single-family homes.
- Minimal maintenance: Landlords handle repairs and maintenance, freeing up time and effort.
- Variety of options: Apartments come in various sizes, styles, and locations to suit diverse needs.
- Convenience: Often located in central areas, close to amenities and public transportation.
- No shared ownership: No involvement in condo association rules or fees.
Cons:
- Lack of ownership: Renters don’t build equity and have limited control over the property.
- Potential for rent increases: Landlords can raise rent upon lease renewal.
- Limited customization: Less freedom to personalize the space compared to owning.
- Noise concerns: Shared walls and close proximity to neighbors can lead to noise issues.
- Fewer amenities: While some apartments offer amenities, they may be less extensive compared to high-end condos.
Who should consider an apartment?
- Students or young adults starting their careers.
- Individuals with temporary housing needs.
- Those who prioritize affordability and flexibility.
- People who value a convenient location close to amenities.
- Those who prefer not to deal with homeownership responsibilities.
Ultimately, the best choice between a condo and an apartment depends on individual needs, preferences, and priorities. Carefully consider the pros and cons of each option to make an informed decision that aligns with your lifestyle and goals.
What’s a unit vs. apartment?
In the context of real estate, a unit and an apartment are often used interchangeably to refer to a self-contained living space within a larger residential building. Both terms essentially describe a single dwelling within a multi-unit complex.
The main difference lies in the regional terminology preference. In Australia, the term “unit” is more commonly used, while “apartment” is widely used in other parts of the world. Regardless of the term used, a unit or an apartment typically includes living areas, bedrooms, a kitchen, and a bathroom.
What’s a condo vs. flat?
The terms “condo” and “flat” are used differently in various regions, including Australia. In Australia, “condo” refers to a condominium, which is a residential property or housing complex comprising separate units owned by individuals. Each condo unit is owned privately, and owners collectively form an owner’s corporation responsible for maintenance and management.
On the other hand, “flat” is a term more commonly used in the United Kingdom and some other countries to describe a self-contained residential unit within a larger building. Flats are often owned by a single entity or landlord who rents them out to tenants. In Australia, the term “apartment” is typically used instead of “flat” to refer to a similar concept.
It’s important to note that regional variations in terminology can exist, so it’s always recommended to clarify the specific context and location when discussing condos, flats, or apartments.
To sum it all up…
In Australia, the differences between apartment buildings and condominiums are not easily noticed by most renters and buyers. However, there are significant factors that separate condos and apartment buildings, such as size, designs, maintenance, and amenities. Knowing the difference between them will make it easier for you to make informed decisions when in the market for a property.
If you’re still looking for your dream condo or apartment, we can also help you out in that department. Browse our search page to check out some amazing listings available right now. But don’t just stop there, download our app to get the full Soho experience. Just remember to shortlist or swipe left on our listings so we can send you others that better match what you’re looking for.
FAQ Section on Condo vs Apartment
What is the difference between a condo and an apartment?
- A condominium, commonly referred to as a condo, is a type of residential unit that is owned individually, whereas an apartment is a residential unit that is rented out to tenants.
- The main distinction lies in ownership, with condos being purchased and owned by individuals who may choose to live in them or rent them out, and apartments being leased by tenants from the property owner or management company.
What is a condo called in Australia?
- In Australia, the terms “units” and “apartments” are used interchangeably to describe what is commonly known elsewhere as a condominium or condo.
- These terms refer to housing options that are smaller than houses, often consisting of multiple residences on a single level within a building that may have one or more levels, especially in highly populated areas or around capital cities.
Is a condo the same as a flat?
- In modern usage, a condominium or condo typically refers to an apartment or flat that is owned by an individual rather than rented from a landlord.
- While condos can be flats or apartments, the key characteristic of a condo is individual ownership, offering a more personal, one-on-one renting process if the owner decides to rent it out.
What is the difference between an apartment and a unit in Australia?
- In Australia and New Zealand, the word “unit” refers to what is generally known as an apartment in other countries. This encompasses a group of apartments contained within one or more multi-storey buildings, known as an ‘apartment block’, or a villa unit or home unit, which are groups of dwellings in one or more single-storey buildings.
- The term “unit” is commonly used to describe a variety of apartment-style living arrangements in these regions.
