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When you are in the market for a new place to live, you might wonder what the differences are between condos and luxury apartments, since they are both typically situated in large complexes. However, these two housing choices have many differences that are important for buyers and renters to understand. Here are a few differences between condos and apartments. 

Ways Condos and Luxury Apartments Differ

1. Ownership

The main difference between condos and luxury apartments lies in the fact that condos are purchased like a home and luxury apartments are rented. While apartments have traditional leasing contracts, condos include a mortgage just like a traditional house. This enables condo buyers to purchase a property for a fixed price and pay it down over time. 

2. Maintenance

luxury apartmentsWhen you own a condo, you are in charge of your own maintenance. However, apartment renters can rely on management and maintenance teams to take care of repairs, saving time and money. Apartment lessees also typically put down a deposit that covers damage to the apartment. Condo owners are responsible to take care of every aspect of maintaining their property—with the exception of the exterior of the home and the landscaping. 

3. Flexibility

When you lease an apartment, you have a set amount of time that the lease is valid during. After your lease is up, you can talk with the owners about extending your lease, or you could decide to move. On the other hand, condo owners will need to list their property for sale with a real estate agent, just like a homeowner would.

If the property doesn’t sell, condo owners could be faced with paying two mortgage payments. However, if your apartment doesn’t sell after you move, the property owner is responsible for handling the marketing and future lease of the property. 

 

Whether you are in the market currently for a new place to live or you are wondering what would work best for your situation, turn to Traditional Trades Inc. in Onalaska, WI. With a variety of luxury apartments and condo rentals, this team of professionals can help you to choose the perfect place for you and your family. To learn more about the properties they have available, visit their website or give their office a call at (608) 783-4785.

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