Are you looking to rent out a place in Ontario? It is crucial that you know the difference between condos and apartments. In this blog, we will list the reasons why a Condo is different from an Apartment and vice versa.
Condos are multi-unit homes that come in a variety of architectural styles, including high-rise, low-rise, medium-rise, and townhouse. A new condo is usually purchased directly from a builder as a pre-construction. You can also buy it from the owner if it is a ‘resale’. Condo corporations administer condo complexes and collect monthly condo fees from unit owners.
It is only possible to rent individual apartment units. A corporation owns and manages the building, which then leases out the flats to tenants. Many condo apartments are available for rent by their owners, which can be a little perplexing at times. Despite the fact that the condo is owned, the owner has the option to rent it out.
What’s the difference between renting a Condo and renting an apartment?
When it comes to renting a condo versus an apartment, there are a few distinctions to be made. First, whereas your landlord in a condo is usually an individual, you rent an apartment from a property management firm. Second, with a condo, you may deal directly with the landlord for repairs and rent payments, whereas with an apartment, you will normally deal with a supervisor. The supervisor will be handling the repairs and the rent collection.
That is a particularly crucial question if you are a renter. The property management business sets and enforces the restrictions while renting an apartment. Every tenant and apartment in the building is subject to the same rules. There are a number of variables to consider while renting a condo.
First, the condo board will establish rules that will apply not only to the unit you rent, but also to how you treat the entire complex. Second, you must adhere to the rules set forth by the landlord. No dogs, no smoking, no nails on the walls, no painting are examples of these rules.
To guarantee you are not breaching any laws as a condo owner who wishes to set the regulations, be informed of the landlord and tenant act in your area. Also, if you want to buy a property and subsequently rent it out, make sure to consult with the condo board first. The number of units that can be rented in many buildings is limited.
In the case of apartment rentals, your rent is fixed for the duration of your contract. Although some flats provide month-to-month or short-term leases, most residences require a year-long commitment. After the lease expires, the landlord can increase the rent as long as it does not violate the landlord-tenant legislation. Prices will differ depending on the location, demand, and current market rates. Rent may include utilities in some circumstances, but not in others.
When you rent a condo, you normally have the same fixed monthly rental rates, but if you and the landlord agree, customized arrangements can be arranged. The monthly rent is established by your landlord, and it usually includes their HOA fees and utilities.
When looking at the same general location, you will almost always spend more for a condo than an apartment. In areas like Toronto, this can cost up to $700 per month. In fact, in many locations, buying a condo is often less expensive than renting one in the long run.