The difference between an apartment and a condo is often misunderstood. While there are many similarities between these two residential properties, they differ in terms of ownership, maintenance, associated fees, facilities, and amenities. It is important to understand the benefits and considerations for each. Here, we’ll go over the differences between these properties types to help you determine which one is best for you.
Choosing the best Chelan, WA Real Estate investment: Condo vs Apartment
Ownership
Condos and apartments differ mainly in terms of ownership. An apartment is rented by paying a monthly fee to a landlord or property management company. Condos, on the other hand, are owned by both the owner who is also the occupant.
Maintenance
If you’re renting an apartment, building maintenance and repairs, including plumbing issues, kitchen appliance repairs, and electrical issues, fall under the landlord’s responsibility. The tenant may, however, be responsible for some repairs if the damage was caused by improper use.
Homeowners’ associations (HOA) typically handle maintenance and repairs for condominiums and HOA fees are normally paid for by the owners. Those renting an apartment will normally have any HOA fees already factored into their monthly rent rates.
Fees
While renting an apartment doesn’t require you to pay HOA fees, there are certain fees associated with leasing an apartment, such as an application fee, and security deposit, on top of your monthly rent.
Condominiums come with many more fees than apartments, both upfront and during ownership. Down payments, closing costs, inspection fees, and HOA or condo association fees all have to be paid.
Facilities and amenities
Condos for sale and houses for rent in Chelan, WA are in high demand because of their first-class amenities. Many condos in the area feature amenities like swimming pools, fitness centers, saunas, playgrounds, outdoor spaces, and security systems.
Pros and considerations
Buying a condo
Pros:
- Access to top-end amenities
- Enhanced security
- An excellent investment for long-term growth
Considerations:
- Choose the right neighborhood
- Less storage space
- HOA fees can be costly and may increase over time
Renting an apartment:
Pros:
- No down payment apart from deposit
- No HOA fees
- Maintenance and repairs shouldered by the owner
Considerations:
- Your landlord can increase the rent at the end of a contract
- Finding a pet friendly apartment
- No tax benefits
Will you buy a condo or rent an apartment in Chelan, WA?
Whether you choose to rent an apartment or buy a condo depends on a myriad of factors. It may be that you are only looking to stay in Lake Chelan for a short period of time, possibly a couple of years or so. If this is the case, then renting an apartment is a perfectly reasonable option. That being said, if you’re looking to invest in a long term property, condos in Lake Chelan are a sound investment.
Let Coldwell Banker Lake Chelan properties help you make the right choice
If you’re looking for condos for sale as a primary, or secondary home; or if you need assistance with property management, our seasoned Lake Chelan Realtors can help. Call 509.682.7777 or send an email