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What Is The Difference Between A Condo And An Apartment In Greenwood

March 15, 2023
Exterior view of a blue and brown brick apartment building at Ivy Flats Apartments

When someone first sees a condo, they are typically taken aback by how identical it feels to an apartment. It turns out, there is a good reason for the bewilderment as they are the same type of living arrangement! Despite this fact, there are several important differences that may make one a perfect accommodation for you and your family members.

Is a condo or apartment in Greenwood right for you? Let's check out what you need to know to make the right call.

Ownership Is The Biggest Consideration

As previously noted, condos or condominiums and apartments are a similar style of living space. The most important difference between a condo or an apartment in Greenwood is the owner. Let’s investigate this in further detail.

An apartment is a rented unit owned by a property management business. This organization is then accountable for the whole complex. A management staff is employed to take care of the community and its tenants. You don’t own an apartment. As an alternative, you’re an occupant who consents to rental terms with the property owner.

A condo is owned by a solitary entity, usually either a lessor or yourself. Though your dwelling is within a multi-family building like an apartment, all condos are owned privately. You can have the condo under your name only, just like you’d buy a house.

To keep it easy, the difference between a condo and an apartment in Greenwood is that a condo is purchased in the same fashion as a house. That “house” is then part of a larger multi-unit building or housing plan.

Benefits To Renting An Apartment In Greenwood

Modern gray living room at Spark Apartments 

Since the ownership group is responsible for the property, they must take care of the upkeep. No need to buy a lawnmower or leaf blower, they will do all of the maintenance for you! You can also rely on maintenance staff to assist with all the features included with your rental, like the plumbing fixtures, HVAC system, and appliances. Is your dishwasher not working? Simply call the maintenance team and get it fixed at no additional charge to you!

Another difference between a condo and an apartment in Greenwood is the majority of apartment leasing has opportunities for differing lengths of time. If you relocate often for work, you may have the chance to locate a flexible lease agreement, allowing you to avoid a longer rental contract at every location.

Pros To Leasing or Buying A Condo

A gray bed with blue pillows and black side tables in a bedroom at Highpointe Apartments. 

Although it is helpful to have benefits like maintenance experts on call, apartments come with constraints on what you are able to do to your place. On the other hand, If you are the owner of a condo, the sky’s the limit! You’re free to paint, update, and renovate the way you want! A condo may be your best bet if you wish to get established in a community and potentially benefit financially. It is a large upfront investment, so expect to settle for several years to reap the most reward.

A Couple More Thoughts

A bright blue pool and an exterior view of an apartment building at Echo Park Bloomington Apartments. 

One last difference between a condo and an apartment in Greenwood is amenities. These can differ considerably between each apartment or condo community. Apartments might come with access to a fitness center, pool, dog park, clubhouse, and possibly some nature walks. The majority of condos are included within a community association, which means you’ll in all likelihood still have benefits such as an outdoor pool or professional landscaping as an ownership bonus.

Would You Like To Locate Your Future Home In Greenwood?

If you’re trying to decide between a condo or apartment in Greenwood, you are going to locate an amazing place to come home to at Verge. We have sizable designs, helpful staff, and sought-after amenities. Call and talk to a member of our team, or just schedule a tour to get started.