Ali Ata Differentiates Condos vs. Apartments: What’s Best for You?
Ali Ata has received the question of condo vs. apartment many times. Which one should someone go for? Both types of property have their pros and cons. And in the end, it depends mainly on the specific individual or family’s needs and capabilities.
Cost Concerns
To start, renting an apartment will always be far cheaper than paying or purchasing a condominium. Furthermore, an apartment’s rent is relatively straightforward—you make a deposit, begin your lease, and pay your rent for the duration of your rental. But a condominium is a different beast: you make a downpayment, closing mortgage costs, as well as a home inspection fee. Finally, don’t forget that there also may be homeowners association fees involved.
Maintenance
Ali Ata explains that although most people can easily do basic repairs in their apartment, the landlord or property manager is also responsible for more extensive and complex problems. Furthermore, if the apartment building has a dedicated maintenance staff, repairs would go more quickly. With a condominium, however, maintenance is entirely your responsibility as an owner. However, you’re able to do much more with the property as it’s your own. There are not many changes you can make other than the repairs mentioned earlier with a rental.
Location
The most critical factor in real estate is location. Apartment buildings aren’t usually easy (or cheap) to find in commercial districts or business centers, being more suited to suburban areas. But Ali Ata emphasizes that condominiums are found easily in these prime locations, and this convenience makes them so attractive. Furthermore, condominiums often have far more space available to them than a regular apartment would have. So you’ll have plenty of room and movement, along with freedom with the layout.