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 are the common types of buildings often recommended by real estate agents. Unfortunately, not many potential homeowners understand the difference between these two kinds of property.
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. 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.
Differences between Apartments and Condos
Below are some of the differences between apartments and condos:
Apartment block dwellings are owned by one corporation or individual, which rents them to tenants or sells them to interested persons. Therefore, the owner enforces strict rules and regulations concerning what each tenant can or cannot do within the apartment. Therefore, rules and regulations are strictly enforced in apartment buildings.
On the other hand, condominium blocks have different owners who come together to form a corporate body. Typically, the corporate body is called the owner’s corporation. The corporate body pays fees to a central fund for any repairs or maintenance done on the condos. Often, the rules and regulations enforced in condos are not as strict as those in an apartment complex.
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.
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.
Many apartment complexes have excellent facilities such as gyms, lifts, rooftops, spas, and saunas. Although these amenities exist in condominiums, they are more rare. So if you’re someone after the amenities, the chances of getting them are higher in an apartment than in condos.
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.