Before going to make a choice where to stay, first take a look at the difference between an apartment and a condo:
Although both are used for living purposes, a basic difference arises in the ownership, where an apartment is owned by a single entity or run by a corporation which is leased to tenants. An apartment is basically housed within a complex, whereas an XO Condominiums is a unit owned by an individual and managed by a condo homeowner association. As both, an apartment and a condo can be used for a tenant, there is some difference to keep in mind before investing money on the two.
In terms of Costing:
While it depends on the type of housing society an individual is interested in, the prices of an apartment and an XO Condominium, are quite similar.
- XO Condominium is the new society which is established to give a new experience to their owners as here one can have the privilege of higher-end appliances than what one can see in an apartment.
- It is due to the reason that in a condo, the owner before renting it to some other tenant, might do some extra changes in their area, thus an increase in the rents can be seen. Whereas, in an apartment, these changes are not seen more often, hence the difference in rental income.
- Another aspect of living renting condo will do some good to a renter as there are any extra charges which are to be paid by the tenant as part of the maintenance, utilities, and HOA fees as part of the monthly rent
Amenities in an apartment and a condo also plays a major role as in an apartment all the amenities are given at the time of the possession and disclosed prior to booking, be it an unfurnished, semi or fully furnished apartment. In the case of a condo, it depends on the owner of a condo and the house owner association about the facilities to be provided commonly. The condo is the perfect example of a condo which is full of upgraded amenities to help an owner to get a good amount of money if he is willing to put the property on rent in future.
While moving into a Condo, you will have the privilege of owning a concierge, gym, outdoor areas and of course, a pool.
A few more things to be considered while renting an apartment and a condo:
Opting XO Condominium will be a perfect choice as you can have a direct contact with the landlord of that condo, but you have to check in case the owner is out for some work, things might not work properly sometimes, while in an apartment will give an advantage of twenty-four hour service which can be availed offline as well as online, like paying the bills, paying for the maintenance online.
In general, it will depend on the preference of a person what he is actually looking for a better and profitable future.