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

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

The first time someone visits a condo, they are typically taken aback by how identical it seems to an apartment. Ultimately, there is a good cause for the confusion as they are the same sort of living arrangement! With that being said, there are several important variances that could make one a perfect match for you and your family.

Is a condo or apartment in Indianapolis right for you? Let's take a look at what you need to know to make your choice.

The Unit’s Ownership Is The Most Important Factor

As previously noted, condos (or condominiums) and apartments are virtually an identical type of living space. The biggest difference between a condo or an apartment in Indianapolis is who owns it. Let’s investigate this in further detail.

An apartment is a place you rent that is owned by a property management business. That property management group is then accountable for the entire community. A management staff is available on-site to take care of the property and its tenants. You never own an apartment. As an alternative, you’re a Resident who agrees to a lease with the property owner.

A condo is controlled by a single person or business, usually either a landlord or possibly yourself. Though your residence is in a building or community like an apartment, every condo is owned privately. You are able to own the condo outright, much like you’d buy a house.

To keep it easy, the difference between a condo and an apartment in Indianapolis is that a condo is purchased in the same manner as a house. This “house” is then within a residential building or complex.

Advantages To Leasing An Apartment In Indianapolis

Modern gray living room at Spark Apartments 

Since the property management group is responsible for the property, they have to take care of the upkeep. You’ll never need to purchase a mower or hedge trimmer, they will handle all of the upkeep for you! You’ll also have a maintenance team to help with all the features included with your place, like the plumbing fixtures, HVAC system, and appliances. Is your heater on the fritz? All you have to do is reach out to the maintenance team and have the problem addressed at no extra cost to you!

One more difference between a condo and an apartment in Indianapolis is most apartment leasing has options for different time frames. If you move regularly for your job, you could be able to secure flexible lease terms, letting you bypass a lengthier rental arrangement in each new city.

Advantages To Living In A Condo

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

While it is great to have benefits like a maintenance team on call, apartments have limitations on the changes you can make to your place. However, If you own a condo, you can do as you please! You may paint, update, and renovate the way you want! A condo could be your best bet if you are looking to put down long-term roots and potentially benefit financially. It is a large investment upfront, so expect to settle for several years to make the most of it.

Some More Considerations

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 Indianapolis is amenities. These can differ extensively between every apartment or condo community. Apartments might provide access to a pool, gym, clubhouse, dog park, and sometimes some nature walks. The majority of condos are a part of a community homeowner’s association (HOA), meaning you’ll likely still get advantages like a swimming pool or pre-arranged landscaping as an ownership bonus.

Would You Like To Discover Your Future Home In Indianapolis?

If you’re trying to decide between a condo or apartment in Indianapolis, you will find a fantastic place to come home to at The Edge. We have spacious floor plans, courteous staff, and excellent amenities. Call and speak with a member of our team, or just schedule a tour to start.