Are you deciding whether or not a Chicago condo or an apartment is the right move for you? If so, keep in mind that your lifestyle may differ depending on where you’re living. It’s essential to understand how these properties vary to determine which option is most suitable. Here are the top differences between condo and apartment living:

Differences Between Condo and Apartment Living

Ownership

To understand the difference between condo and apartment living, you must first understand the definitions of each property.

A condo, or condominium, is a collection of units that are each owned individually. This is similar to homeownership; however, the unit owners live in a shared building instead of on their own plot of land.

On the other hand, apartment units are found in a single building owned by one person or company. Those living in apartments rent from that person and company, meaning they temporarily lease the space but do not have legal ownership rights.

Costs

Because a condo involves ownership, this property involves much higher up-front costs than apartments. Buying a condo not only involves a down payment but also closing costs, monthly mortgage (if the property isn’t paid in total), property taxes & insurance, and homeowner association fees. 

While condos initially require more money than apartments, they may be a wise financial move if you have the credit or money up-front. Unlike apartment rental payments, condo expenses are going towards a personal investment. So, in the long run, condo owners will have accumulated equity to show for the added costs.

When renting an apartment, the only typical costs to expect include monthly rent, utilities, and occasionally a security deposit that is often refundable.

Maintenance

The beauty of apartments is the low-maintenance living. Because residents do not own the property, significant repairs or unit attention falls on the responsibility of the property owner or manager.

While ownership comes with many perks, condo owners also have to own the maintenance of their unit. If you’re considering purchasing a condo, you should be prepared to keep up with your home. 

HOA

Unlike renters, as a condo owner, you automatically belong to your building’s homeowner’s association (HOA), given you pay your dues. This membership also comes with benefits, including an added level of voice and connection within your community, increased property value, and access to amenities and services. 

Condo HOAs can fund shared spaces, such as pools or fitness centers and support the building’s exterior maintenance.

Thinking about moving into a condo from an apartment? LLCR can help you with the transition. We have a handful of eager and experienced brokers ready to help you find the home of your dreams. Connect with us today!