At Cobalt Creek Property Management, one of the most common questions we get from people moving to Denver, Colorado, is whether they should buy a condo or rent an apartment. Apartments and condos can seem equally attractive at first because they have similar structures and amenities. There are significant differences, however, mainly around who owns and maintains your unit.
Renting A Colorado Apartment
A single individual or company typically owns an entire apartment complex. Apartment property management is handled either by the landlord or by a Denver property manager acting on their behalf.
You can’t build equity on the apartment you’re renting, but there are definite benefits to leaving ownership responsibilities to someone else.
- An excellent option for people who aren’t financially ready to buy.
- The costs of apartment renting are relatively straightforward.
- No need to worry about Homeowners Associations (HOA) or fees.
- Maintenance fees are bundled in with your rent.
- Maintenance is centralized – you follow the same process and deal with the same crew every time something goes wrong.
- Apartments have flexible living arrangements with leases lasting a year or less.
The biggest downside to renting an apartment is that you’re primarily at the whims of your landlord. It takes much longer for landlords to make sweeping upgrades to the building, and you may encounter rent increases at the end of each lease period, adding an ounce of unpredictability to your finances.
Landlords can also dictate what renters can do inside their unit, such as decorating or what kind of appliances they can install.
Why Buy A Condo?
In a condo, each unit has a separate owner. Condominium management is often handled through an HOA that governs the entire building. While people do rent condos, most searching for one are looking to own.
- Condos have a more luxurious reputation.
- They’re a natural entry point to homeownership for first-time buyers.
- Owners can make whatever upgrades they want: new appliances, decor, fresh paint, and even small-scale interior remodeling.
- Payments on a condo won’t increase until you’ve paid it off.
- Through association boards and committees, owners have the power to decide how to govern their community.
- You can rent out your condo for extra cash when you’re ready to move.
The largest point against owning a condo is that it can be more expensive, especially upfront. The costs involved are also more complicated. You’ll make a down payment, take out a mortgage, and pay property taxes, much like you would with a single-family home.
These payments are on top of the required monthly HOA fees. These fund repairs and upgrades for common areas and the building’s exterior, as well as paying for any repairs you need inside your unit.
How We Can Help
While we’re known locally as a property management company, we also offer a full range of real estate services to help you find your new Denver home, whether that’s a condo or apartment. When you’re ready to rent out your condo, our team can handle many rental property management tasks for you (marketing, tenant screening, rent collection, etc.) to make your job as a landlord easier.
We’re honored that so many Denver residents rely on us to help them on their journey from renter to buyer to investor.
Find The Right Denver Home For You
Are you looking for a Denver apartment or condo to call home? Contact us at Cobalt Creek Property Management to talk with one of our real estate experts and ask about our most up-to-date listings.