When it comes to choosing a housing type for you and your family, make sure you find the best fit for your lifestyle. Though condominiums and apartments share many similarities, they are also separated by crucial differences. To select which works better for you, it’s important to fully understand both options.
Ownership
You might be ready to buy your own space, or you might only be looking for a temporary living situation, or you might not be sure what you are seeking out. In order to decide, consider where you see yourself in the next couple of years. Are you wanting to settle down in one place? If so, a condominium is a solid choice for you. Could you see yourself relocating based on a job or new relationship? If that is the case, then renting an apartment might be your better option.
Rental Potential
Just because you are not ready to settle down, does not mean a condominium is out of the question. You should consider if renting out your property interests you. Many people buy condominiums in order to make passive income through rentals. Though some apartment complexes might allow you to run a short-term renting service (such as Airbnb) out of your unit, it is unlikely.
Amenities
The amenities a facility offers are based on each individual property, however, ones offered by condominium buildings are often of higher quality. With an increase in condominium conversions Washington DC, condos are growing rapidly in popularity. This means they are often new with recently developed or revamped facilities. Keep that in mind when comparing amenities, such as pools, business centers, and tennis courts, between apartment complexes and condominium buildings.
Whether owning a condominium or renting an apartment is better for you and your family is completely dependent on your circumstances. Think through the advantages and disadvantages of each as well as the long-term outcomes before making such an important decision.