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What Is The Difference Between An Apartment And A Condo In Lafayette

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

The first time someone goes to a condo, they are typically surprised by how identical it appears to an apartment. As you might have guessed, there is a logical cause for the puzzlement as they are the same style of living arrangement! With that being said, there are several important distinctions that may make one a better match for you and the people you live with.

Is a condo or apartment in Lafayette best for you? Let's explore what you should know to make your choice.

The Unit’s Ownership Is The Most Important Factor

As was already established, condos (or condominiums) and apartments are a similar style of living space. The most important difference between a condo or an apartment in Lafayette is ownership. Let’s investigate this in further detail.

An apartment is a rented unit owned by a property management corporation. That property management group is then accountable for the broader complex. A management team is employed to take care of the community and its occupants. You never own apartments. As an alternative, you’re an occupant who agrees to a rental contract with the ownership.

A condo is owned by a lone person or business, usually either yourself or a landlord. Though your residence is within a multi-family building similar to an apartment, all condos are owned privately. You can own the condo outright, much like you’d buy a house.

To clarify, the difference between a condo and an apartment in Lafayette is that a condo is bought and sold in the same fashion as a house. This “house” is then within a multi-unit building or community.

Benefits To Leasing An Apartment In Lafayette

Modern gray living room at Spark Apartments 

Because the property management group is in charge of the apartment, they have to handle the maintenance. You’ll never need to purchase a mower or snowblower, they will perform all of the upkeep for you! You’ll also have a maintenance team to help with all of the items that come with your place, like the furnace, water heater, and air conditioner. Is the refrigerator in need of repair? Just call the maintenance team and have the problem addressed at no extra cost to you!

Another difference between a condo and an apartment in Lafayette is the majority of apartment leasing has possibilities for various time frames. If you move frequently for your occupation, you could have the ability to find shorter lease terms, saving you from a lengthier rental arrangement every time you move.

Advantages To Leasing or Buying A Condo

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

Even though it is great to have perks like maintenance professionals on call, apartments include constraints on what you can do to your dwelling. On the other hand, If you have your own condo, the sky’s the limit! You may paint, update, and renovate as you see fit! A condo could be the wise choice if you wish to put down long-term roots and build equity. It is a big investment upfront, so be ready to remain put for several years to make the most of it.

Some Additional Things To Consider

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

An additional difference between a condo and an apartment in Lafayette is amenities. These will vary extensively between each apartment or condo property. Apartments may give you access to a clubhouse, workout room, pool, dog park, and maybe a couple of nature walks. The majority of condos fall within a community association, which means you’ll probably still enjoy advantages like a community pool or landscape services as an ownership perk.

Would You Like To Discover Your Future Home In Lafayette?

If you’re attempting to decide between a condo or apartment in Lafayette, you are going to find a great place to call home at . We have sizable floor plans, helpful staff, and sought-after amenities. Contact and talk to one of our staff members, or simply schedule a tour to start.