It is true that living in an apartment is the most cost effective option available for the urban dweller. Apartment buildings come up with all the basic facilities, right from central heating, drainage system, air conditioning to an internet connection. Most of them have central heating, which provides adequate warmth during chilly nights and throughout the year. Some apartments even have their own parking space. They are cheap compared to a house and easy to maintain.
However, it may not be possible to maintain all these facilities at a lower or cheaper price. Apartment buildings usually come with facilities like swimming pools, gyms, library, dining and parking lots. Though an independent property comes with additional values, like security, enough parking places, electricity back-up, well-equipped kitchens, water pipes and fire extinguishers, an apartment still requires extra effort to put in place all these facilities. On the other hand, maintaining and repairing all these facilities requires a substantial amount. Security also remains a major constraint for most apartment projects.
So, is it a better choice to invest in apartments? Are they worth the investment? To begin with, a closer look at the nature of these properties reveals a lot about its potential. An independent property is just that; it is completely separate from its houses. This means that tenants can move in and out at will and can choose their own cleaning schedule and so on. These apartments also ensure a much cleaner environment.
These qualities make owning condos a better choice than apartments for many. However, before jumping into ownership of these condos, a buyer should make sure of a few things. For instance, he or she should consider how long he or she plans to stay in the area. A condo owner is free to rent out his or her condo’s for the rest of his or her life, but this option is not available to apartment owners. Moreover, while living in a condo area, one is not limited to the kind of locality one feels comfortable in.
Condo complexes are generally managed by the same landlord who owns the buildings that comprise them. The responsibility of maintenance lies with this landlord, and the tenants are not under any obligation to maintain the cleanliness of the complex. While owning an apartment, on the other hand, you have to regularly pay your landlord for maintaining the condition of the apartment. This is a heavy financial burden that may hinder some people from renting condos.
The cost of maintaining the apartment buildings and the maintenance charges depend on several factors. For instance, the building may have to undergo repairs periodically, and the rate of rent may rise if the repair work costs more than usual. In addition, the landlord has the duty to pay for various expenses incurred in maintaining the apartment buildings, such as replacing smoke detectors, getting rid of mold and mildew, and hiring a building inspector for routine inspections. If the tenant fails to pay his or her rent for some months, this will be considered as a late fee in the rental agreement. It can also lead to a fine, which will have to be paid by the tenant in addition to the cost of the damages to the apartment building.
One other factor to consider when comparing renting an apartment to apartment living is the appearance of the property. If the complex is located near a park, or if the outdoor space is used frequently, it may be easier for neighbors to get along with one another. These factors can play a role in creating a more harmonious household environment.
When comparing these pros and cons of owning and renting, it would be wise to determine the level of commitment that each person is willing to make. If there are kids in the family, and if some members work full-time, it would be wise to invest in condos that require fewer hours of physical labor on the part of the owner. If there are pets, the choice between leasing apartments and owning a condo will need to be made. If there is little or no maintenance required and the yard is kept clean, then it may be a good idea to go with condos. Whatever the decision, keeping in mind all of the above pros and cons will make the choice much easier to make.
