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The Differences Between An Apartment And A Condo In Carmel

March 15, 2023
Exterior view of a blue and brown brick apartment building at Ivy Flats Apartments

The first time someone sees a condo, they are often surprised by how similar it appears to an apartment. Ultimately, there is a good rationale for the bewilderment as they are the same style of living space! However, there are several noteable differences that could make one an ideal fit for you and the people you live with.

Is a condo or apartment in Carmel best for you? Let's explore what you need to know to make the right call.

The Unit’s Ownership Is The Biggest Factor

As mentioned above, condos (or condominiums) and apartments are virtually an identical type of living space. The largest difference between a condo or an apartment in Carmel is the owner. Let’s break it down a bit more.

An apartment is a leased unit under the ownership of a property management business. That property management group is then accountable for the entire community. A management staff is employed to attend to the complex and its tenants. You never own apartments. Instead, you’re a tenant who consents to a rental contract with the ownership.

A condo is under the ownership of a single entity, typically either a landlord or possibly yourself. Although the unit is within a multi-family building similar to an apartment, all condos are owned by a private entity. You may own the condo outright, in the same way you’d acquire a house.

To keep it easy, the difference between a condo and an apartment in Carmel is that a condo is purchased just like a house. Your “house” is then part of a larger multi-unit building or housing plan.

Pros To Leasing An Apartment In Carmel

Modern gray living room at Spark Apartments 

Due to the fact that the management team is in charge of the apartment, they must take care of the upkeep. You’ll never need to buy a mower or snowblower, they will handle all of the maintenance for you! You can also rely on a maintenance team to assist with all of the items that come with your rental, like the appliances, furnace, water heater, and bathroom fixtures. Is your dishwasher not working? Simply call the maintenance team and get the problem addressed at no extra expense to you!

An additional difference between a condo and an apartment in Carmel is the majority of apartment leasing has options for different time frames. If you move often for your job, you may have the chance to find flexible lease terms, saving you from a hefty rental arrangement at every location.

Advantages To Buying Or Leasing A Condo

A gray bed with blue pillows and black side tables in a bedroom at Highpointe Apartments. 

Although it is nice to have perks like maintenance experts at the ready, apartments have restrictions on the changes you can make to your place. On the other hand, If you own a condo, the world is your oyster! You’re free to update, paint, and renovate however you like! A condo might be the right way to go if you want to establish yourself in an area and invest in property. It is a big investment upfront, so expect to stay in one place for several years to reap the most reward.

Some Additional Things To Consider

A bright blue pool and an exterior view of an apartment building at Echo Park Bloomington Apartments. 

Another difference between a condo and an apartment in Carmel is amenities. These can vary extensively between every apartment or condo property. Apartments could come with access to a pool, gym, clubhouse, dog park, and maybe a couple of nature walks. Most condos fall within a neighborhood homeowner’s association (HOA), meaning you’ll probably still have benefits like an outdoor pool or pre-arranged landscaping as a perk of ownership.

Would You Like To Locate Your New Home In Carmel?

If you’re trying to decide between a condo or apartment in Carmel, you can discover a great place to call home at Lakeside Apartments. We have roomy units, helpful staff, and excellent amenities. Call and talk to one of our friendly leasing specialists, or simply schedule a tour to get started.