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

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

When someone first sees a condo, they are frequently taken aback by how similar it feels to an apartment. It turns out, there is a valid cause for the bewilderment as they are the same style of living space! However, there are some noteable distinctions that might make one a better accommodation for you and your family members.

Is a condo or apartment in Bloomington suitable for you? Let's take a look at what you should know to make your decision.

The Unit’s Ownership Is The Largest Piece of the Puzzle

As was already established, condos (or condominiums) and apartments are the same living space style. The largest difference between a condo or an apartment in Bloomington is who owns it. Let’s investigate this a bit more.

An apartment is a place you rent that is under the ownership of a property management company. That property management group is then accountable for the entire complex. A manager is on hand to attend to the community and its occupants. You never own apartments. Instead, you’re an occupant who agrees to a lease with the ownership.

A condo is under the ownership of a lone entity, generally either a landlord or possibly yourself. Though your dwelling is within a multi-family building similar to an apartment, each condo is owned separately. You can own the condo outright, just like you’d purchase a house.

To clarify, the difference between a condo and an apartment in Bloomington is that a condo is obtained just like a house. This “house” is then within a residential building or community.

Advantages To Renting An Apartment In Bloomington

Modern gray living room at Spark Apartments 

Because the property management group is in charge of the unit, they are required to handle the maintenance. You won’t have to buy a lawnmower or snowblower, they will handle all of the maintenance for you! You’ll also have a maintenance team to assist with all of the items that come with the unit, like the plumbing fixtures, HVAC system, and appliances. Is your dishwasher not working? Just contact the maintenance team and get the problem addressed at no additional expense to you!

An additional difference between a condo and an apartment in Bloomington is the majority of apartment leasing has possibilities for different time frames. If you move regularly for work, you might have the ability to locate shorter lease terms, allowing you to avoid a hefty rental contract every time you move.

Benefits To Leasing or Buying A Condo

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

While it’s helpful to have perks like maintenance experts standing by, apartments have limitations on what you are able to do to your dwelling. On the other hand, If you have your own condo, you can do as you please! You’re able to renovate, update, and paint as you see fit! A condo may be your best bet if you want to put down long-term roots and invest in property. It is a considerable investment upfront, so expect to settle for a few years to make it worthwhile.

A Few Additional Thoughts

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

One last difference between a condo and an apartment in Bloomington is amenities. You can expect these to vary significantly between every apartment or condo community. Apartments might provide access to a pool, gym, clubhouse, dog park, and sometimes one or more nature walks. Almost all condos are a part of a neighborhood homeowner’s association (HOA), which means you’ll probably still get advantages like an outdoor pool or landscape services as an ownership perk.

Excited To Discover Your Next Home In Bloomington?

If you’re trying to decide between a condo or apartment in Bloomington, you can locate an amazing place to live at City Flats at Renwick. We have spacious floor plans, helpful staff, and sought-after amenities. Call and speak with one of our staff members, or simply schedule a tour to get started.