When it comes to renting, there really is no shortage of rental options - from single family homes, townhouses, Sengkang Grand Residences Showflat condo buildings, apartments, or even a single bedroom. But, not all rentals are created equal, making it important that you to understand what you really want from your rental, including who is involved while you're a tenant.
What is the difference between a Condo and an Apartment?
While at first glance, "condo" (a contraction of "condominium") and "apartment" may not seem different, and really they're not. While there may be a slight difference in the actual quality of the building, the main difference is the WHO is involved.
For the purpose of this article, we'll use the following definitions when referring to a "condo" and an "apartment:"
A condominium or condo is a form of property ownership that embraces a wide range of property types, including mixed-use buildings, townhouses, high-rises, etc., where the units are individually owned.
An apartment is a purpose built rental complex wherein the building is owned by one entity / company who owns all the suites with the intent to rent and operates all aspects of the building including maintenance, rent collection, and tenant screening.
Note that neither of these definitions refers to the actual quality of the building. Rather, they focus on WHO is most likely to be involved in the rental process.
Condo vs. Apartment Considerations
That said, there are a few items you may not have considered that will help you decide what's best to rent for you.
Relationship
To be as frank as possible, if you are dealing with a property manager of a condo and not the owner themselves, there may not be any discernable difference between whether you're living in a condo building or an apartment. However, it is important to ask yourself what you are looking to get out of a rental experience. For example, are you looking to speak with a real person when you need support in your suite or are you fine calling a call center, having your issue logged and "dealt with" at some point "soon?"
While this certainly isn't the case of all large apartment complexes or even condo buildings who use a property manager, what we want you to start thinking about is who do you want to deal with when you need support with where you live?
Maintenance
Maintenance might be one of the biggest influencers as to whether or not you prefer a condo or an apartment rental.
For instance, with an apartment, maintenance is typically more seamless as it is the building operator who is responsible for maintaining upkeep not just of the common areas of your building, but the interior of each suite as well in terms of appliances, finishing, etc. However, in a condo building, maintenance becomes more segmented, splitting responsibilities between the individual unit owner (who you'd be renting from and who is responsible for maintenance inside the suite) and the condo corporation itself, who are only responsible for the grounds, hallways and parking areas, the 'common areas'. Should there be an issue with your apartment, there may be more steps and coordination between you, the tenant, the owner (or property manager), and possibly the building manager to ensure repairs are made in as timely and cost efficient manner as possible.
