Condo VS Apartment Rentals | DIFFERENCES EXPLAINED!
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- Опубліковано 6 жов 2024
- I noticed there is a lot of confusion about renting an apartment vs condo and most people don't know what the difference is. In this video, I will clarify so you as the renter, will be able to tell the difference hopefully decide which is right for you.
If you enjoy this video then check out my other videos I have listed below that you may like as well, and let me know in the comments, if you are interested in seeing a pros and cons of renting an apartment vs condo in the future 👍
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If you found this video helpful then check out my BUYING VS RENTING video here! ua-cam.com/video/5YfFWmlKNp0/v-deo.html
Great videos Michael!!
@@TheRalphie2020 Thank you very much!!
so if i buy a unit in a residence building
i can put it for rent and make money when im out of the country?
and sell it after 3yrs or so for possibly more or less than the amount i bought it for?
but i have to pay for the tax and electricity and other utilities for the duration that i own the unit?
@@chesteringosan7939 Yes that is all correct
I rented my condo , the owner wanted to sell it so I had to leave but I told him give me an offer , the offer was attractive and I bought the place . I am still there I like it
That is a pretty cool story! Doesn't happen too often, but sounds like it worked out pretty well for you
V
I wish we had that option! The condo we rent is beautiful
My biggest sticking point is a one year lease for many apartment s. Especially with moving to a new place and not sure where the job might be. A month to month would be best to start out.
Yes if you're moving somewhere new and not sure if you will be staying or for how long then a more temporary solution is better. There are condos that can be rented for just a few months at a time or even month to month, but it will cost you more
If you can find a small building like say 10 or less apartments it’s not bad cause most the time there’s a property manager that lives their and you get to know them since it’s small building and any issues can be solved pretty easily
Very true!
Yes please to a pros and cons list for apt vs condo!
Yes👆🏻👌🏽
pros for condo is you can do what ever you want with it.
Now that's really good content! It's great to see the progress of your channel man.
Thank you very much Leo! Really nice of you to say that 😀
I feel TOWNHOMES should have been included too. The difference being that townhomes allow a front-back dwelling minus the shared hallway.
Good point, I'll have to include townhomes in a future variation of this topic 👍
Hi Michael, in a future video, could you also talk about renting a house and how it compares to renting an apartment or condo? Btw thank you for making such informational videos. I always learn something new and useful 😀
Yes I like that idea, I probably will do that! You are so welcome, thank you very much for always watching and the fact you are learning something new lets me know I am doing things right 😊
If you rent a condo there would be a better chance of buying in the future.
Very informative hank you! We live in a "luxury" co op and its a nightmare! Never again! Because of the virus we are thinking of renting when we leave NY and dont know much about renting thanks for clarifying!
Glad it was helpful! Renting is more complicated than buying in some ways lol
Thank you so much . your video's have vary FRANK and to the point. i am about a month from moving from Canada to Florida and your video's have been priceless . video's on moving to Florida ? the best on UA-cam.
Thanks a lot Paul! I like to get to the point as much as I can, glad you appreciate that 😊 The fact that my videos have helped you so much, let me know I am doing things right👌
I don’t want a house due to maintenance & life style. I considered a condo but there’s HOA, taxes, maintenance, etc. Plus I don’t want to be stuck in one place for many years. Depends if I like it. But I want to build equity & don’t want to throw away money by just renting. Then there’s townhomes, which I’ll look into later. Decisions decisions
It's funny how so many people confuse these terms with a style of property. Then they throw town house in the mix, which is a design aspect.
Also, in most states an off sight property manager is required by law to hold a real estate brokers license. An on sight manager at an apartment complex is not required to be a licensed broker.
You just gave me more learning content and logistics and I did wonder how townhouses factored in
1 bed room apartment is for rent at $700
1 bedroom condo cost $100'000
Thank you! I had no idea about the difference.
You are so welcome!
👏🏽👏🏽YAY!!! You posted this. Thank u
Yes!! Glad you found it helpful 😊
I found this video as I am getting ready to retire in November. The retirement seminar teaches moving to another state rent first b4 buying. I own my home here in Wisconsin and looking to retire in another state. No way will I be able to pay rent and a mortgage here. This was helpful thanks
I agree with that advice Darlene, and I say that in a lot of my videos, better to rent for a bit first to make sure you like the area and are committed.
Hey Michael: Good video. One question: are there any laws to protect the tenant who rents a condo, and the owner happens to be in foreclosure on the unit, or after the tenant has lived in the unit for a while and the owner is being foreclosed on, and the bank or mortgage company gives an eviction notice to the owner’s tenant tenant (whose been paying his rent faithfully all the while). I’ve heard of this happening frequently a while back. Could be a resurgence of the problem given the state of the economy. Thanks.
Hi James, good question. Back when we had a ton of foreclosures here in FL, they changed the law so that when a condo owner gets foreclosed, the bank needs to give the tenant a 90 day notice to leave, they can just throw you on the street. But once the 90 days is up, then yes you do have to leave, but at least its ample time to find a new place.
I would NOT want a landlord knocking on my door every month. That is intrusive, imho.
For sure
My landlord showed up unannounced to collect rent. Refused to allow check to be mailed
@@back2the80s Mail it to him early so he won't knock on your door.
@@RG-hf4et he said not to mail it. He sold property recently so he is gone. New owners require rent mailed. A corporation that buy up properties, renovate and raise rent too high. No dishwasher, washer dryer and old outdated wires and not enough hot water. Must pay all utilities. No heat included anymore. All that for nearly $1600. Scam
Looking forward to your pros and cons video 😁
Really helpful video, you’ve convinced me multiple times over that Miami Beach is where I should go
Awesome! It definitely is one of the best in south Florida, no doubt 👌
Nice explanation...explains the homeless crisis in the US!
Drug addict
@@fofofofo3076 that’s a very bold assumption
The first house in the video, the one with a lot of tropical vegetation in the middle yard is freaking beautiful!!! Where does the house located plz😍
7850 Harding Ave in Miami Beach
@@MichaelBordenaro 10Q so much wish you all good today！
I want a pros and cons list
I'm honestly still confused on Condos vs Apartments. You did cover a lot in this video which was great! I just dont know what would be better when moving to Tampa if I should do an apartment or a condo? Especially with renting I'm not wanting to buy. Also what about HOA fees? Are the HOA fees included in the price of the rent of the condo or would the monthly rent go up? I do apologize I'm simply confused.
Well I do point out all the main differences, but don't worry about HOA fees if you rent a condo, the landlord pays that and already has that factored into the rental price. It will not be a separate cost for you.
Condos are houses apartments are not. So a condo is a small house with in a big complex you can own a condo or rent a condo. If you own one you’ll have a mortgage or you can rent to own one either way a condo you are paying someone or yourself mortgage. Apartments usually big buildings are own by companies and you just rent to be able to stay their a town home is a small building with probably 6 or 10 unit’s small that can be rented most the time someone owns it and the renters are paying the mortgage
Basically in a condo you are renting from a private unit owner. It’s a contract between you and a private owner that’s who you need to deal with. So don’t bug the condo manager about your problems because tenants try to make their problems the problem of the other say 100 unit owners in the building problem. Basically condo tenants can be a nuisance to the association they are takers but no skin in the game.
In general, a condo has more amenities.
Yes that is usually true
I agree completely!
so how i am taking it in is an apartment is rented and a condo is like an apartment but you buy it you dont rent it and its not owned by a company renting them out to people.
All correct, except, you can rent AND buy a condo. With apartments, you only rent
Condos are like houses just in one big building you can own them or rent them if you are renting them that means someone else owns the condo you are paying that persons mortgage off. Apartments you just rent it could be from a accompany usually the bigger buildings or if a townhome that say only has 6 units could be paying off someone’s mortgages too.
condo buying is tough. I would love to buy a condo in orlando, kissimmee, or melbourne...but with the hoa or condo association fee and the taxes, and the homeowner insurance, and sometimes a "special assessment fee"....its just tough...any condos in orlando without any fees or homeowner insurance or taxes required?
Unfortunately no, all condos have fees and you could avoid homeowners insurance if you buy the place in cash, and taxes don't end til we're dead 😉
Thank you for the video that you've made explaining the difference between a condominium and apartment is greatly appreciated!!
On my sons act and yep so true a 2BR 1BTH apartment thats 700 SQ FT for $850.00 a month..said
"You HAVE to make $85,000.00 per year. We rather have no stay at home moms we like each adult to make 85, grand per year anyone whos 18 and up. We also ban siblings from sharing a room.even if twins. "
Michael, if someone pays cash for the condo which eliminates banks, financing, etc. would their credit score not be a factor in the equation?
For the most part, no credit will not be a factor unless the building you're buying in, has credit requirements for resident approval. Most don't but some do. I would check that ahead of time if that is the only potential hiccup
@Hatchet Jack What questions in particular do you have about buying with cash? Let me know and I may possibly be able to make a video out of it once I know what type of info you're after.
@Hatchet Jack You're welcome! I will see if I can turn this into a video idea, it is interesting. You will save some money at closing if you pay cash, and then of course the biggest savings of all is monthly since you will not have a mortgage payment
What about if you are retired and don't have a monthly income from a job but may have a pension, ss, savings, good credit, etc.......?
As long as you can prove income, that is the most important thing. Many retirees live in FL and are in a similar situation.
Most landlords are flexible on the x3 principle because otherwise they wouldn't find renters.
It does depend, some are some arent
Did u make pros and cons video?
im 7 minutes in -_- and realized its not thailand rent vs condo. hahaha i was waiting for him to talk about thailand renting places
Thanks, very helpful!
I live in a condo and I rent for 2 years it cost to rent is 2100 dollars I might rent for 5 years
Thank you Michael.
THIER BOTH WORST MY HOUSE IS PAID OFF LOW TAXES, HOA IS A RIP OFF, RENT YOU MAKE THE LANDLORD RICH
Your house is paid off but you pay taxes on right? You don't own your house the government does.
Do you live in a condo or apartment ?
Condo
While owning a house has its own separate set of additional expenses, renting is basically just throwing away money. And it doesn’t help renting costs itself are about 90% of what you would be paying just to own
I’m planning on moving to florida Fort Lauderdale in the next 3 months but I’m looking to rent first !! What ideas will you give me ?
That sounds awesome! What kind of advice are you looking for?
Great info
Thank you!
The whole building of an apartment has only one owner? so that means apartment can't sell by unit? Doesn't sounds right.
Thats correct
👍
Is 3x income requirement net or gross income?
Usually its gross
Is a condo safe because I'm afraid do they focus maintenance so the building safe and no damage because I don't know that
I wonder if I buy an unit in an apartment will it becomes a condo?
Either way as long as you're renting you're wasting your 🤑....
I paid $135 for rent for my unit
hey how're you ?? well i'm a student and i want to study in florida college or school but i don't know which city is best to live so i ask you which city is best miami or orlando or jacksonville and i want a part time job so please tell me which city is best ??
Do you rent for immegrantas with no papers ??? Like me if i come to miami and work without papers and i need a place to stay but i pay for my apartment I'm honest about it !! So you can do it or how does it work with immigrants ?? Someone explaine
I’m not expert but in south Florida u can find what’s call an “efficiency” is basically a garage converted into small studio apartment that people rent for extra income. I don’t think those ask u for papers. Just gotta build a relationship with the landlord. My friend did this to his house and he rents it for $800 cash. So I know it’s out there.
Yes I second Natalia's reply, that is a good strategy. Trying to move into an apt complex or condo will be much tougher, as you'll need paperwork proving you're legal
@@Natalia-oj6mm great thank you natalia 😊 do you have Instagram!!
My name is so rare that nobody has ever Spelt it right before before
And the people demanding 3 times the rent dnt even make that it’s crazy
I looking for a nice place Miami Beach, I like your videos a lot! How you can help me to relocate : info phone?
Hi! Go to my about section, and email me there exactly what it is you're looking for, and we'll go from there 👌
Micheal how do I get I. Contact with you? I am interested in a single family home in Miami Beach
If you go to my about section you can email me there, best way to get in touch 👌
@@MichaelBordenaro ok thsnks
🔥🔥🔥
💪✌️😎
Wow .
Why i have to travel to Eastover if T.Walker help me find a place with washer and dryer and someone was already living upstairs i dont see nobody esle going to wash their clothes they have one in the unit.
I didn't have to move again but I have to look for a different unit because no one suppose to live downstairs
T.Walker was a good case manager but she seen what was going on she didn't like it so she quit being my case manager because she felt sorry for me
We wanna condo
Ya but apartments disguised as condos all the time to get your money. Cheap thin walls and crappy hardwood floors
3:11 dang that laptop is T H I C C
Haha yep, its a dinosaur!
@@MichaelBordenaro indeed!
People keep thinking its ok to steal from people
I have to stop the voucher now that's wrong and I deserves justice
i like your youtube videos and i subscribe your channel so plz tell me ?? which city is best i'm a student. and which city have a part time job opportunity?? please tell me.
Your student check out Gainesville it's a popular college town and it's affordable and I'm sure you could find a part-time job there
@@MichaelBordenaro. hello jacksonville and Gainsville is same or different cities and Jacksonville is best or Gainesville?
@@zaidmujahid2020 They are different cities and if you want to go to college then gainsville is probably better, since it is known for their university
@@MichaelBordenaro thanks for give me information but ganisville have a job opportunity
@@zaidmujahid2020 You're welcome, you'll have to check it out and see if they have a job that you want!
750 credit is high ?? Looool
That’s a joke
They stealing my mail out my mailbox
The more you explained it the more it sounded the same lol
They are very similar so thats why. It really comes down to how the units are owned, managed for the most part.
They stole my government phone
The term “condo” is just cope for people unwilling to admit they bought an apartment.
The question I would like to ask you is, can you buy an apartment from the landlord who owns a three-story house my building but is a three story privately owned house that he owns?? If you're able to answer my question it is greatly appreciated thank you very much
i prefer townhomes .
That is a good happy medium