What Is The Difference Between A Condo And An Apartment In Indianapolis
Whenever a person first goes to a condo, they are often taken aback by how close it appears to an apartment. Ultimately, there is a logical rationale for the confusion as they are the same style of living arrangement! However, there are some important variances that may make one an ideal match for you and your family.
Is a condo or apartment in Indianapolis best for you? Let's take a look at what you need to know to make your decision.
Ownership Is The Most Important Factor
As mentioned above, condos or condominiums and apartments are the same living space style. The biggest difference between a condo or an apartment in Indianapolis is who owns it. Let’s break it down in further detail.
An apartment is a place you rent that is under the control of a property management corporation. This organization is then in charge of the entire community. A manager is available on-site to look after the community and its Residents. You never own the unit. Alternatively, you’re a tenant who consents to rental terms with the property owner.
A condo is owned by a single person or business, usually either a lessor or yourself. Although your dwelling is within a larger community similar to an apartment, each condo is owned by a private entity. You may own the condo outright, just like you’d buy a house.
To clarify, the difference between a condo and an apartment in Indianapolis is that a condo is purchased in the same manner as a house. That “house” is then within a multi-unit building or complex.
Pros To Renting An Apartment In Indianapolis
Because the property management group is in charge of the apartment, they are required to take care of the maintenance. You won’t have to buy a lawnmower or snowblower, they will handle all of the property care for you! You’ll also have maintenance personnel to assist with all the features included with your rental, like the plumbing fixtures, HVAC system, and appliances. Is your heater on the fritz? Simply call the maintenance team and get it repaired at no added expense to you!
Another difference between a condo and an apartment in Indianapolis is most apartment leasing has options for different time frames. If you move often for your job, you may be able to find flexible lease terms, letting you bypass a hefty rental contract at every location.
Advantages To Buying Or Leasing A Condo
Although it’s great to have perks like maintenance experts at the ready, apartments include constraints on what you can do to your place. On the other hand, If you are the owner of a condo, you can do as you please! You’re free to update, paint, and renovate as you see fit! A condo might be the right way to go if you are looking to establish yourself in an area and invest in property. It is a large investment upfront, so be prepared to stay in one place for a few years to make the most of it.
A Few Extra Things To Consider
An additional difference between a condo and an apartment in Indianapolis is amenities. These can vary significantly between every apartment or condo community. Apartments might come with access to a pool, gym, clubhouse, dog park, and sometimes a couple of walking trails. Almost all condos fall within a community association, meaning you’ll probably still get features including a swimming pool or pre-arranged landscaping as an ownership bonus.
Would You Like To Find Your New Home In Indianapolis?
If you’re trying to decide between a condo or apartment in Indianapolis, you are going to discover an amazing place to call home at StoneBridge Luxury Apartment Homes. We have sizable designs, helpful staff, and popular amenities. Call and speak with a member of our team, or simply schedule a tour to get started.