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The Differences 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

Whenever a person first goes to a condo, they are typically surprised by how close it feels to an apartment. As you might have guessed, there is a valid cause for the bewilderment as they are the same style of home! With that being said, there are a few important differences that may make one a better match for you and your family.

Is a condo or apartment in Indianapolis suitable for you? Let's explore what you should know to make the right call.

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

As mentioned above, condominiums or condos and apartments are virtually an identical type of living space. The most important difference between a condo or an apartment in Indianapolis is who owns it. Let’s break it down a little more.

An apartment is a place you rent that is under the ownership of a property management business. This organization is then accountable for the whole community. A management staff is on hand to attend to the property and its Residents. You don’t own an apartment. Instead, you’re a Resident who consents to a lease with the ownership.

A condo is under the ownership of a single body, typically either a lessor or yourself. Although your residence is in a building or community similar to an apartment, each condo is owned separately. You can have the condo under your name only, 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 manner as a house. This “house” is then located in a multi-unit building or community.

Advantages To Renting An Apartment In Indianapolis

Modern gray living room at Spark Apartments 

Because the property management group is responsible for the unit, they must complete the maintenance. No need to acquire a lawnmower or leaf blower, they will do all of the maintenance for you! You’ll also have maintenance staff to assist with all the features included with the unit, like the plumbing fixtures, HVAC system, and appliances. Is the refrigerator in need of repair? Simply reach out to your maintenance technicians and get it fixed at no extra charge to you!

Another difference between a condo and an apartment in Indianapolis is most apartment leasing has opportunities for different time frames. If you relocate frequently for your occupation, you might have the chance to find a flexible lease agreement, allowing you to avoid a hefty rental arrangement in each new city.

Benefits To Living In A Condo

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

While it is nice to have benefits like maintenance experts on call, apartments have restrictions on the changes you can make to your unit. But, If you are the owner of a condo, you can do as you please! You’re free to update, paint, and renovate however you like! A condo might be the right way to go if you want to get established in a community and build equity. It is a big upfront investment, so be ready to remain put for several years to make it worthwhile.

Some More Thoughts

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

One last difference between a condo and an apartment in Indianapolis is amenities. These will differ considerably between every apartment or condo property. Apartments could give you access to a clubhouse, workout room, pool, dog park, and possibly some nature walks. Almost all condos are a part of a community homeowner association, meaning you’ll probably still have advantages including a swimming pool or professional landscaping as a perk of ownership.

Excited 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 live at Block 20. We have sizable units, courteous staff, and excellent amenities. Call and speak with a member of our team, or just schedule a tour to get started.