Which is a better living situation; apartment or condo?

Answer 1

There are benefits to both, as well as drawbacks.

Generally speaking, apartments are rentals, which means you are paying for the privilege of living in someone else's property, without the benefit of alterations as you wish. My connotation of "apartment" tends to bring to mind a single level dwelling arrangement.

Generally speaking, living in a condo implies you have purchased that little corner of the world, in which you do have some control and authority over renovations and decorating. My connotation of "condo" tends to bring to mind a unit that has two levels: an upstairs and a downstairs.

In both situations, there are usually groundskeepers, and specific services included with the particular living arrangement. In both situations, there will be tenant rules to abide by, and financial responsibilities outside the rental/purchase agreement.

Only you can decide which is better, based on what fits your lifestyle and finances. Many people like the freedom of short-term obligations associated with apartments, while others prefer condos, because there's a stronger feeling of ownership, even if only for a longer term of residence.

If the condo you are considering is, in fact, one for purchase, you may want to consult with a Realtor to weigh out the benefits and options. For example, if you want or need to sell it in the future.

If the condo is, in fact, a rental unit, then you'd simply need to consider which is best for you, in your current situation, and the situation you anticipate in 3, 5, or 10 years down the road.

Answer 2

It's really a question of RENT vs. Ownership... If you rent an apartment, house, or condo. You are essentially throwing money away.

If you put money into a house or condo, you are building equity which means an investment. Something that you will get back hopefully when you sell the property.

Example: you rent an apartment or condo for $750 a month. Well, you could put that $500 towards a home or condo. You'd have $250 left over to save for retirement or additional investment in the property, thereby paying it off quicker.

Answer 3

Depends on your personal situation, and where you live. In some areas, prices rose really high on condos in the last few years, pushed by both a general rise in house prices, as well as by speculators who were buying condos to "flip", or sell quickly for a profit. Now they are overpriced, and you can do better by renting an apartment until prices fall further.

Other areas never experienced this spike in prices, and you might get a better deal by buying a condo than by renting. Check around.

Answer 4

Applies to renting :Apartments are better because you don't have to pay condo fees. This can include lawn care, security guards, pool maintenance. You usually have fees in an aparatment such as water, electricity, garbage but you'll have to pay these fees in a condo as well.
Applies to buying:Condo would be better in this situation so that you're not throwing your money away. Buying a condo and not paying rent makes more sense but it depends on your situation.

Answer 5

you rent a apt you usually buy a condo i have lived in both and I liked the condo better it had a better class of people

Answer 6

I would have to say condo which would be under your ownership, instead of an apartment, Which you are only renting, you might just be throwing away your money with one of those.

Answer 7

It obviously depends on your personal needs and the characteristics of the apt or condo.

Answer 8

Condo because you own it. Renting an apt is just throwing money away.

Answer 9

Probably condo, but I don't know, I live in a house...

Answer 10

Which one has an indoor parking garage, extra storage, dishwasher and a private washer and dryer and a balcony or patio? This is what I consider makes a "better living situation"