When you’re making the decision about where to live, all the options and considerations can seem a bit overwhelming! How much is the rent? What am I responsible for? What features and amenities will I have access to? Both apartment flats and condominiums are private residences within a larger complex or community, so the distinction might not seem important. But understanding the differences could help you decide which living arrangement suits you best. Let’s explore!
Ownership
The main difference is who owns the unit. Apartment units are leased, whereas condominium units are owned. Leasing an apartment means you sign an agreement to live there, abide by the terms of the lease, and pay the rent. You're unburdened with any additional taxes or fees on the property.
A condo owner would be responsible for paying the mortgage, property taxes, and various other expenses.
Maintenance and repairs
Leasing an apartment entitles you to maintenance and management services provided by the community’s owners. It often covers a wide range of routine services including plumbing, HVAC, appliance repair, and exterior maintenance. Monthly rent payments also include access to amenities such as a fitness center, swimming pool, and business center.
As a condo owner, you would be responsible for paying monthly homeowners’ association (HOA) fees that would go toward maintaining the common areas around the community (the lawn, clubhouse, and pool, for instance). You would also be responsible for covering additional costs for interior maintenance and repairs, and you would have to schedule and oversee those repairs or perform them yourself.
Easy living
When you live at the Flats at Spring Mill Station, you have the luxury of a spacious unit, free of the fees and hassles of homeownership. Additionally, your apartment’s on-site management and maintenance take care of the repairs. Our residents also enjoy 24-hour electronic package pickup, access-controlled entry, and private garage parking. If you’re interested in low-stress, maintenance-free living, call us at (317) 659-6883 to schedule a tour today.