The world nowadays as we know it, tends to be overcrowded and overpopulated in particularly famous areas. Big cities around the world attract many visitors as well as immigrants looking for job opportunities with higher pay. Which is why they move there, however the most budget-friendly housing options would be modern condominium and apartment. Since there are very limited land spaces, buildings tend to be built tall not wide. Thus, modern condominiums and apartments are the only choices, aside from buying an actual house that costs way too much.
More than a decade ago in 2003, over 5 million American households live in a modern condominium (U.S. Department of Housing and Urban Development, 2003). After in 2013, only 8% (25 million) of total Americans actually preferred living in condos and apartments, whereas 17% (54 million) of them actually do live in condos and apartments. As you can see within a decade, almost 40 million people in America only, started living in modern condominiums and apartments. So imagine what the numbers would be in 2023.
Now compared to Cambodia, Phnom Penh city is getting so crowded that they are moving markets over to the outskirts of town. Even Borei(s) and flat houses are now at the edge of the city and Phnom Penh as the capital keeps growing in size and population. So now, the new trend is condominium and apartment complexes. By 2030, the amount of apartment and condo units will triple and it will grow at a 10 percent annual compound each year (Hin Piset, 2018). After hearing all this, you must be wondering, “What is the difference between modern condominium and apartment anyways?”.
Getting you started off on the right foot first, would be to define “Condo” and “Apartment”. The word “Condominium” aka “Condo” is a unit within a building or residential that is owned or for sale. Whereas, “Apartment” is a unit within a building or residential as well, but it’s for rental purposes only. That’s one main difference and the other difference left is ownership. Condominium owners have to pay homeowners association dues (HOA), which this money is then used for maintenance of the interior, however, apartment renters just pay monthly rent (Jennifer Bradley Franklin, 2021). Also, a modern condominium is great for those who can afford to be homeowners and wants to build their equity over time. On the other hand, an apartment is great for those who can’t afford to own a home or just those who want to avoid the responsibility and expenses, which might be a wise choice for some.
You are now fully aware of the definition, the differences, and who condominiums and apartments are great for, lets now compare their characteristics:
- Condo – is normally part of a building complex and is usually found in cities, urban areas, smaller suburbs, or near businesses, restaurants, shops, malls, and offices. Condominiums aren’t normally located in rural areas. They tend to be more located in city areas because that’s where people need to stay and want to stay most, to be closer to work, school and many other special facilities.
- Apartment – the same goes for apartments, the location would definitely be in urbanized areas or suburbs. Where there are plenty of offices, businesses, malls, hospitals, schools and etc. It makes it easier for them to commute since everything is quite close by.
- Condo – since condos are typically a part of a tall building or at the very least a few-story tall complex, they certainly do come with facilities or amenities. Those might include, fitness centers, doorman, cleaners, guards, elevators, swimming pools, playground for kids, greenspace, rooftop bar, and many more. Mainly because they are trying to lure customers in and beat their competitors with all these special facilities. Thus, for married couples and small families that like and could afford to live a lavish lifestyle, finding a condominium with better amenities would be great for them.
- Apartment – again, the same goes for apartments too. They go have amenities like greenspace, spa, gym, playground, cleaners, guards, and many more. But however, since you’re living on rent, therefore with a stable income/earning one could definitely afford an apartment complex with such facilities.
- Flexibility and Customization
- Condo – ownership is definitely the case for condominiums, which means you have the flexibility and ability to customize your individual unit the way you want. For that is your living space in which you have full control over, but the common areas of the building you can’t touch obviously.
- Apartments – renting on the other hand is a whole different story. You are paying someone rent to stay at their apartment, which means customization is off the limits. Instead, you could add furniture, plants, and decorative figures to enhance, yet you can’t change anything else that was there when you moved in.
- Condo – There is something called Homeowner’s association (HOA), which condominium owners contribute to, in order to keep the interior and the maintenance of the entire building. Purely because condo buildings have common areas where everyone uses, so everyone has the responsibility to keep it in tip-top condition.
- Apartment – There is no such thing as an apartment. The landlord or the building owner takes care of everything.
What are the benefits of owning a condo?
- Solid Investment: Owning a condominium will only appreciate in value in the future. The rise in demand for condos yearly as stated in the introduction would make purchasing a modern condominium a solid investment. Plus, you can rent it out to earn a stable monthly income, stress-free as well.
- Location: A condominium, as said, is often found in urban areas, cities, and smaller suburbs. Who wouldn’t want to live in such places, where moving around is easy and transporting from place to place takes up less time and expenses.
- Amenities: In most condominium buildings now, amenities are off the charts. Which include restaurants, spa, greenspace, fitness center, swimming pool, tennis court, sky-bar, playground, some even their own mart or mall. Also, cleaners, guards, and doorman too.
- Affordable: By affordable, it means that instead of owning a house or property that stands alone on a piece of land, you could easily use that money and get yourself a luxurious modern condominium. Plus, there are expenses that are being paid for collectively, in order to maintain and keep the building’s common area flawless. Then it all translates to less, in comparison to having to bear the burden of paying all types of expenses to manage the interior and exterior of a house.
- What are the benefits of renting an apartment?
- Relocate: Flexibility in moving around to stay in different places is an absolute pro for apartment renters. Some people like to travel and stay in different cities for work and to explore, thus being tied down by owning a condo, isn’t it for them. Paying rent just to stay a month or two is better for them.
- Maintenance – For that, it’s very low to zero in some cases. Purely because the landlords are the ones bearing all those expenses for their own equity.
- Transports: Just like condominiums, apartments tend to be in the cities and suburbs. Hence, commuting around won’t be such a hassle.
At the end to simplifier all of this for you, modern condominiums and apartments, both are mostly in building formats and condos are owned and apartments are rented. Condominium gives you more of your own freedom and space, where you can change things up/customize inside your private space as much as you want. However, apartment differs from that but the freedom that renters have is they can relocate to wherever, whenever they want. Both are urbanized and are less on the transport expenses. On the flip side, the condominium has a homeowner association and the apartment has a landlord. Mind you, condos are a solid investment and could be rented out as apartments, but apartments can’t do that. Hence, you should know condos are more preferable. Therefore, you now fully comprehend modern condominium and apartment definitions, differences, and benefits.