If you know you’re not looking for a single-family home in Boston, but instead, you prefer a condo or apartment, it’s time to figure out which is best for you. While they may seem similar, they are actually rather different. Understanding the differences between a Boston condo and apartment may help you make the decision.
What is a Condo?
A condo or condominium is a larger building divided into several units, which are individually owned. Yes, condos can be rented out, in some circumstances, but they are still individually owned, in most cases.
While condos are often located in apartment-style block buildings, this isn’t always the case. Detached condominiums are becoming far more popular and they actually look much like a single-family home.
The biggest benefit of living in a condo is the ability to own your Boston home without the maintenance or responsibility for a garden or yard. Most condo buildings do have common areas that may include courtyards and other amenities, but it won’t be the condo owner’s responsibility to maintain these areas.
What is an Apartment?
An apartment may seem like a condo on the surface, but the biggest difference is the ownership. Most apartment complexes have a sole owner and the units are rented out to tenants. Apartment renters will have to play by the rules set by the owner, while a condo owner gets to set their own rules for their unit.
However, some may see it as a benefit that everybody in the apartment complex has to follow the same regulations.
Which is Right for You?
If you want to own your home, but you don’t want a single-family house to take care of, a Boston condo is the right choice. However, if you’re not ready for homeownership, renting a Boston apartment makes sense.
Condos tend to provide more amenities than apartment complexes and they tend to have a more luxury feel, in some cases. Both will often offer gyms, swimming pools, and parking, but the condo building will likely offer more common areas and more luxurious amenities.
With condo ownership, you will often get to vote on the upgrades to the building. This means you have some control over new amenities, while apartment dwellers have very little if any control over what the owner decides to do with the property.
Another benefit of condo ownership is the ability to have something a bit unique. Apartments tend to be exactly the same or very similar to each other, while condos have a bit more individuality. Apartments may also remain less up-to-date compared to a condo.
Of course, the biggest difference is ownership. If you choose an apartment, you’ll remain a renter. Choosing a condo means you’re an owner and you’re investing every single time you make your mortgage payment instead of helping the landlord make money.
If you’re ready to invest in a Boston condo, make sure you hire the right real estate agent. Your agent will be able to help you find the right building for you and negotiate the best possible deal.