Apartment renting vs Condo renting.. (Franklin: real estate, apartment complex, renter)

[ssd8278]

Hi,
We live in Franklin Park currently and were planning to move out of our apartment due to a recent increase in rent. I have been browsing many websites for good apartments around this area and came across some Condo rentals as well which were listed by Condo Owners or agents.
We are confused as to whether we should consider that option as well.We have never lived in a condo. Condo rents are lower than Apts. But we don't know how does it work when it comes to repairs, maintenance etc? Does the owner take care of that or the tenants have to pay for repairs?
As far as apartments go, the current apt maintenance is great but then higher rent!I also looked for some apts around like Barrett Gardens,Carriage run but not sure if these are good..
In short,we are confused.
Any inputs will be greatly appreciated!
Thanks

[bulldog15]

I'm not entirely sure, but I would think if it is something in the maintenance realm, i.e. the furnace breaks, the homeowner would be responsible.

If you decide to throw a chair through the sliding glass door, that would be on you.

Anything outside like grass cutting or any exterior repair that typically falls under the HOA, would continue to fall under the HOA.

Each situation could be unique to a certain extent, so you would probably want to ask if you see one you are particularly interested in.

[ocnjgirl]

It shouldn't be any different, the landlord is responsible for repairs. Even if you rented a house, the owner/landlord would be responsible for repairs.

[jasomm]

It is not as important whether you rent an Apr or a Condo as it is to know who own the property.

Typically an apartment is a property owned by a person(land-lord), or company that operates property full-time for profit, and often use a property management service if it is a large group of apartments. The owners are responsible for all repairs, but they hire the property managers to handle all of them.

For Condos, the outside maintenance (snow removal, landscaping, exterior repairs, etc.) are the responsibility of the Home owners association, and a rented condo's services are handled for you just as if you were the owner. The Condo owner is typically responsible the interior repairs, so you need to know if the particular unit is owned by an individual, or the Home Owners Association and rented as an apartment unit. If it is the HOA, than the unit will just be like any other apartment, If its an individual owner than they will be responsible, and will be a unique situation based on that owner.

The biggest difference is the length of time you can expect to stay somewhere. Most individuals who are renting a Condo out (or a single family home for that matter) are people that bought a home when prices were where high, and they failed at selling the unit recently because overall real estates prices have dropped, and Condo units are harder to sell now. So the thing to look out for is whether a Condo owner is just renting to you for a year or two until their home value goes up enough to sell it, and not renew your lease. An apartment will usually stay an apartment indefinably.

[NJGOAT]

jasomm summed it up very well. One thing to look at when it comes to repairs is to carefully read the lease. In most regular apartment situations, pretty much everything short of vandalism is on the apartment complex. In a condo you can end up with a much more complicated situation with the HOA and condo owner each having different purviews. Many condo owners that are renting out (as well as people renting private homes), will also now include a stipulation that repairs under a certain amount, usually $100, are the responsibility of the renter. Say the flusher on the toilet breaks, that would be on you to fix it at your cost. Say the furnace breaks, that would be on the landlord as long as the repair was more than $100.

Also, pay attention to what is and isn't covered in terms of utilities and what you have to pay. In an apartment these are usually pretty straight forward, but in a condo can become more complex. I have seen privately owned condos rented out where the renter has to pay the rent to the landlord, the HOA fee to the HOA and all utilities incuding sewer. Some can get even more complicated where the HOA may pay for some utilities, but not others, etc. Nothing to be scared of there, but make sure you understand the full extent of what you need to pay for when comparing places.

An apartment that rents for $1,000 but includes water, sewer and onsite management may be a better deal than a condo that is renting for $950, but you need to pay all utilities yourself.

[ssd8278]

Thanks a lot for all your inputs! Helps a lot...

[georges 2]

Who rent a Condo versus an apartment and what is the most important thing a Condo renter looks for . Location close to Supermarket , schools, to freeways access etc