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

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

When someone first goes to a condo, they are often amazed by how similar it feels to an apartment. It turns out, there is a good reason for the confusion as they are the same type of living arrangement! However, there are several noteable variances that may make one a perfect accommodation for you and the people you live with.

Is a condo or apartment in Indianapolis right for you? Let's check out what you need to know to make your decision.

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

As was already established, condominiums or condos and apartments are a similar style of living space. The biggest difference between a condo or an apartment in Indianapolis is ownership. Let’s break it down a little more.

An apartment is a rented unit owned by a property management company. This organization is then responsible for the whole complex. A management team is available on-site to attend to the property and its Residents. You won’t own the unit. Instead, you’re an occupant who agrees to rental terms with the ownership.

A condo is owned by a lone body, generally either a landlord or possibly yourself. Although your residence is within a larger community like an apartment, every condo is owned separately. You may have sole ownership of the condo, in the same way you’d buy a house.

To make it simple, the difference between a condo and an apartment in Indianapolis is that a condo is obtained in the same fashion as a house. That “house” is then part of a larger multi-unit building or housing plan.

Benefits To Renting An Apartment In Indianapolis

Modern gray living room at Spark Apartments 

Since the management team is ultimately responsible for the apartment, they have to complete the regular service and repairs. No need to buy a mower or leaf blower, they will perform all of the maintenance for you! You’ll also have maintenance staff to service or repair all of the items that come with your place, like the furnace, water heater, and air conditioner. Is the refrigerator not working? Simply contact your maintenance technicians and have the problem addressed at no added charge to you!

One more difference between a condo and an apartment in Indianapolis is the majority of apartment leasing has possibilities for various time frames. If you change cities often for your occupation, you could be able to find a flexible lease agreement, letting you bypass a lengthier commitment at every location.

Pros To Living In A Condo

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

Although it is nice to have benefits like maintenance professionals standing by, apartments come with restrictions on what you are able to do to your unit. On the other hand, If you are the owner of a condo, you can do as you please! You may update, paint, and renovate as you see fit! A condo might be the wise choice if you wish to establish yourself in an area and potentially benefit financially. It is a large commitment, so be ready to remain put for a few years to reap the most reward.

A Few Extra 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 will vary extensively between each apartment or condo community. Apartments may give you access to a clubhouse, workout room, pool, dog park, and sometimes some nature walks. Almost all condos are included within a neighborhood homeowner association, meaning you’ll likely still get advantages including a swimming pool or landscape services as a perk of ownership.

Excited To Discover Your Next Home In Indianapolis?

If you’re in the process of deciding between a condo or apartment in Indianapolis, you will locate a fantastic place to call home at . We have spacious floor plans, helpful staff, and excellent amenities. Call and speak with one of our friendly leasing specialists, or just schedule a tour to start.