What’s the Difference Between Condo and an Apartment?

The question is what is the difference between condo and apartment? In the housing market of India, most people land on two confusing terminologies, condo and apartment, especially when seeking ideal homes. 

In India, a condo means an individual-owned property whereas an apartment is leased to the landlord. The two may appear to be alike but the two are different in ownership, costs, amenities, as well as lifestyle.

Whether you are visiting housing options or seeking an apartment in Rajkot this knowledge will assist you to make the right choice. This guide talks in easy terms.

Introduction to Condos and Apartments

In India, various types of housing have emerged with the growth in housing demand. A condo or short form of condominium ownership is a house which is owned as single property and an apartment is a house or a room which is rented and owned by an owner. 

This implies that although they can occupy the same building design, their way of living and their legal life are quite dissimilar. So what is the difference between condo and apartment?

1. Ownership

Condo: In a condo all dwellings are owned privately.Owners have the option to either live in the unit or rent it out. Simply put, you own your space as if you own a detached house, with the exception you are in a shared building.

Apartment: An apartment is always owned by a landlord or apartment management. Assuming you are looking for an apartment in Rajkot, you will be renting it and not owning it. As a renter, you have no ownership rights, only rights as a tenant or occupant for the agreed rental duration.

However, Condos are owned, apartments are leased.

2. Maintenance and Repairs

Condos: Interior maintenance of a condo (e.g. plumbing, electrical fixtures, or interiors) is the responsibility of the owner. However, the Resident Welfare Association (RWA) or housing society maintains outdoor premises such as: the garden, swimming pool and gyms.

Apartments: In apartments, repair and maintenance expenses of the unit are usually borne by the landlord. The tenants need to report only, and the landlord or property manager organizes repair.

Difference between condo and apartment becomes quite evident here: condo owners have more responsibilities, but tenants in apartments have less.

3. Luxury and Comfort

Condo: Condo frequently offer amazing amenities—swimming pools, gym facilities, landscaped gardens, community centers, and parking. Because owners pay maintenance fees, facilities are generally well taken care of.

Apartments: Amenities for apartments vary a lot. Lower cost apartments may have little in terms of amenity, while upscale apartment complexes may have nearly the same skills as a condominium, however, it depends heavily on the landlord for upkeep.

4. Customization and Interiors

Condo: Owners have full control. This means that owners can flip, renovate, or improve the interior at their discretion (including flooring, modular kitchens, and more!).

Apartments: Tenants typically are not able to make permanent fixtures themselves. In most cases, the tenants are only at liberty to utilize already existing furniture set-ups or removable fixture.

It is one of the factors that present the greatest difference between condos and apartments to those people who desire to customize their residential units, especially when investing in property in Rajkot.

5. Cost and Affordability

Condos: In case of condo purchase, it comes with a hefty investment upfront before registration, running costs and taxation.However, it builds equity over time allowing you to look at it as a long-term asset.

Apartments: Renting an apartment is less expensive either in the short or longer term. If you are new to a city or if you are searching for an apartment in Rajkot because of a job transfer, renting is likely the most affordable, flexible solution.

6. Rules and Regulations

Condo: Ruled by an HOA or society; owners must comply with the bylaws regarding noise, pets, parking, etc. In India, these are regulated by RWAs or CHS (Co-operative Housing Society)

Apartments: Tenants have to comply with rules promulgated by the landlord. For instance, some landlords can forbid pets or impose restrictions on interior modifications.

7. Investment Value

Condo: Condo are owned properties and therefore, ownership means the property appreciates in value. Owners can sell a condo many years later at a higher rate or rent it on a short-term or long-term basis to generate steady income.

Apartments: Renting an apartment does not create long term wealth. Tenants have the benefit of flexibility and limited commitment.

Those who are considering investing long-term in the upcoming cities in India such as Rajkot can consider buying a condominium or in fact a permanent apartment in Rajkot.

8. Lifestyle Differences

Condo: Living in condo maybe a source of sense of belonging and of community. Common facilities and the mastership of a common ownership tend to unite residents.

Apartments: Living in an apartment is mostly transient. The nature of tenants moving often creates less of a sense of belonging, and community is absent long-term.

9. Legal Differences

Condo: A condo sale involves a lot of legal documentation such as the sale deed, title verification, and property tax payment. Owners are documented with the local municipal authority. 

Apartments: When renting an apartment, the tenant usually enters into a rental agreement for 11 months. There are no ownership documentation by the tenant.

Condo vs Apartment: Quick Comparison Table

Which Is Better for You in India?

The choice is up to you:

• If you are seeking a long-term investment and control over your space, choose a condo

• If you are seeking flexibility, lower costs, or are a student or living somewhere temporarily, an apartment is a better option.

For example, young professionals who move to Rajkot usually begin by renting an apartment in Rajkot, while families that are looking to settle may purchase a condo for long-term security.

Conclusion

In conclusion, condos are more appropriate for long-term investment and ownership, whereas apartments are beneficial in affordability and flexibility. When you want a lodging place to stay temporarily, rent an apartment in Rajkot; when you want a secure life, the condo is the right choice.

Deciding to keep it within the budget, lifestyle, and long-term plans should always be taken into consideration.

FAQs

Q1. What is a Condo Apartment?

Condo ownership is personal property and an apartment is leased to a landlord.

Q2. In India Condo vs Apartment, Which is Better?

A condo is more of the long-term investment type; an apartment is more flexible.

Q3. Is a Condo Pricier Compared to an Apartment?

Condo is more expensive to procure, although apartment commuting is cheap.

Q4. Who Does Maintenance Condo vs Apartment?

Condo owners take care of the interiors; the landlords take care of the fixing of apartments.

Q5. Should I Rent an Apartment in Rajkot, or Buy Condo?

Stay short-term in an apartment rented in Rajkot, and long-term in a condo.

Read More: What Is Mutation of Property?