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The Differences Between A Condo And An Apartment In Noblesville

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

The first time someone goes to a condo, they are frequently amazed by how identical it feels to an apartment. Ultimately, there is a good cause for the confusion as they are the same sort of living arrangement! Despite this fact, there are some key distinctions that might make one an ideal accommodation for you and the people you live with.

Is a condo or apartment in Noblesville right for you? Let's check out what you ought to know to make the right call.

Ownership Is The Most Important Piece of the Puzzle

As was already established, condominiums or condos and apartments are the same living space style. The largest difference between a condo or an apartment in Noblesville is ownership. Let’s examine this in further detail.

An apartment is a place you rent that is under the control of a property management business. That property management group is then in charge of the broader complex. A manager is on hand to take care of the complex and its tenants. You don’t own apartments. Alternatively, you’re a Resident who signs rental terms with the building’s owner.

A condo is controlled by a single entity, usually either a lessor or yourself. Although your dwelling is within a multi-family building like an apartment, every condo is owned separately. You can have sole ownership of the condo, just like you’d acquire a house.

To clarify, the difference between a condo and an apartment in Noblesville is that a condo is purchased just like a house. This “house” is then located in a multi-family building or housing plan.

Benefits To Leasing An Apartment In Noblesville

Modern gray living room at Spark Apartments 

Since the property management group is ultimately responsible for the property, they have to take care of the maintenance. You won’t have to acquire a lawnmower or leaf blower, they will handle all of the upkeep for you! You’ll even have a maintenance team to assist with all of the items that come with your rental, like the appliances, furnace, water heater, and bathroom fixtures. Is your heater in need of repair? All you have to do is reach out to your maintenance technicians and have the problem addressed at no additional cost to you!

Another difference between a condo and an apartment in Noblesville is the majority of apartment leasing has opportunities for differing lengths of time. If you move regularly for your occupation, you may be able to locate flexible lease terms, allowing you to avoid a lengthier commitment at every location.

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 is helpful to have benefits like maintenance professionals on call, apartments come with constraints on what you are able to do to your unit. On the other hand, If you have your own condo, you can do as you please! You’re able to paint, update, and renovate as you see fit! A condo might be the right way to go if you wish to establish yourself in an area and invest in property. It is a large investment upfront, so be ready to settle for some time to make it worthwhile.

A Couple Extra Thoughts

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

An additional difference between a condo and an apartment in Noblesville is amenities. These will differ extensively between each apartment or condo community. Apartments may give you access to a clubhouse, workout room, pool, dog park, and possibly one or more walking paths. Almost all condos are a part of a neighborhood homeowner’s association (HOA), meaning you’ll probably still get features including a community pool or pre-arranged landscaping as a perk of ownership.

Excited To Locate Your New Home In Noblesville?

If you’re attempting to decide between a condo or apartment in Noblesville, you can locate a fantastic place to come home to at East Bank. We have spacious units, helpful staff, and sought-after amenities. Contact and speak with one of our friendly leasing specialists, or just schedule a tour to get started.