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

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

Whenever a person first sees a condo, they are often surprised by how similar it appears to an apartment. Ultimately, there is a good reason for the confusion as they are the same type of living space! With that being said, there are a few important variances that may make one an ideal fit for you and your family.

Is a condo or apartment in Bloomington right for you? Let's explore what you need to know to make the right call.

Ownership Is The Biggest Piece of the Puzzle

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 Bloomington is who owns it. Let’s investigate this a little more.

An apartment is a rented unit under the control of a property management company. This organization is then accountable for the whole complex. A management team is on hand to look after the complex and its occupants. You never own apartments. Instead, you’re a tenant who signs rental terms with the property owner.

A condo is owned by a single person or business, usually either a lessor or yourself. Even though your dwelling is within a multi-family building like an apartment, all condos are owned separately. You can have the condo under your name only, just like you’d acquire a house.

To make it simple, the difference between a condo and an apartment in Bloomington is that a condo is bought and sold in the same manner as a house. Your “house” is then part of a larger residential building or complex.

Benefits To Choosing An Apartment In Bloomington

Modern gray living room at Spark Apartments 

Since the management team is responsible for the unit, they are required to complete the upkeep. You’ll never need to purchase a mower or snowblower, they will handle all of the property care for you! You’ll also have maintenance personnel to assist with everything that comes with the unit, like the appliances, furnace, water heater, and bathroom fixtures. Is your dishwasher in need of repair? Simply contact your maintenance staff and get it repaired at no added cost to you!

Another difference between a condo and an apartment in Bloomington is the majority of apartment leasing has possibilities for different time frames. If you move often for your job, you might be able to secure flexible lease terms, allowing you to avoid a longer rental arrangement in each new city.

Benefits 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’s helpful to have benefits like maintenance professionals at the ready, apartments have limitations on what you are able to do to your dwelling. On the other hand, If you have your own condo, the sky’s the limit! You’re free to update, paint, and renovate the way you want! A condo might be the wise choice if you wish to put down long-term roots and invest in property. It is a considerable upfront investment, so expect to remain put for some time to make the most of it.

A Few Additional Things To Consider

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

Another difference between a condo and an apartment in Bloomington is amenities. These can vary considerably between every apartment or condo community. Apartments might give you access to a health club, swimming pool, dog park, clubhouse, and possibly one or more walking trails. Most condos are included within a community homeowner association, meaning you’ll in all likelihood still enjoy features like a swimming pool or landscape services as an ownership bonus.

Excited To Discover Your Future Home In Bloomington?

If you’re attempting to decide between a condo or apartment in Bloomington, you are going to discover a great place to come home to at City Flats on Tenth. We have roomy designs, helpful staff, and sought-after amenities. Contact and talk to a member of our team, or just schedule a tour to begin.