You see, all of these three options are quite similar which makes choosing either one a difficult process.
However, the good news is that there are some key differentiating factors that you can look out for to distinguish one from the other. Let’s take a look at these differentiating factors, as well as the advantages and disadvantages of each option.
The True Difference: Loft, Condo and Studio Apartment
The following are just a few of the differences that exist between a studio apartment, a loft and a condo.
What About the Size?
Studio apartments are known for their small size, and usually have only one or two rooms to offer. On the other hand, lofts are much roomier and have an open-space design with nice high ceilings, which is due to the fact that they’re typically converted from factories and office spaces. So they allow for more creativity in how you organize the space, enabling you to create different sections for different purposes. Condos are quite versatile and often offer different options for you to choose from, including 1, 2, 3 and 4 bedroom options with multiple bathrooms.
Location, Location, Location
Lofts are almost exclusively located in urban areas that have a very young, hip and fresh vibe, plus they’re not all that common. On the other hand, studio apartments can be found pretty much in any area because they come in many forms. For example, a homeowner can choose to convert their backroom into a studio apartment to rent out which makes it a very affordable option as well. Meanwhile, condo communities are an ideal option for single families that are looking to live in an urban area without being cramped into a studio apartment.
Functionality Worth the Price?
As we touched on earlier, studio apartments tend to be very small in size, which is why they’re often recommended as a starter home for young professionals or couples who are looking for an affordable option. Lofts give you more freedom in terms of what you can use them for, and it’s quite common for people to rent them out for mixed-use purposes, which means that they can live and work out of the space. In fact, you can use a loft as a dance studio, a mini fashion studio and even an office. Condos are also quite limited when it comes to functionality, and are usually utilized for residential purposes, and almost every condo community has its own set of rules for tenants to follow, so you never know what you’re getting in that regard.
The Price Tag
Because of their small size and widespread accessibility, studio apartments are typically cheaper to rent and maintain than lofts and condos. Not only does a loft require more furniture than a studio, but the heating and cooling costs of a alone can cost you an arm and a leg because of the high ceilings and wide open spaces. Now, since your landlord will have to pay Homeowner Association Fees to maintain the common areas of the condominium, you as the tenant will probably have to cough up more in rent.
So, What Should You Do?
As you can see, there are some distinct differences between a studio apartment, a loft and a condo — if you know where to look! Obviously, a studio apartment is an ideal option if you only need a bit of space to hide your head in without having to purchase a ton of furniture. Studio apartments are also a preferable option for nomadic couples or individuals because they require minimal commitment in terms of the lease amount and the maintenance.
However, if you want to have enough space for you and your family and perhaps even a home office, then a loft apartment or a condo is the way to go. It might be a bit more expensive than a studio apartment, but it’ll give you the flexibility you need to live comfortably and with more space to suit your needs.