Why Buying A Condo Might Make Perfect Sense For You
Renting may seem like a waste of money for many people. In some cases rent is nearly the same cost as owning. Check out some of these reasons why buying a condo could be the perfect alternative to renting.
- Rent rates are on the rise. Especially in popular cities and locations. Rent is increasing drastically. It is important to consider if renting is really the right option for you.
- Depending on the downpayment you make, monthly payments could be even cheaper than rent. In some popular cities condos reach upwards of $250,000 just to rent! There are many condos selling for just slightly more money.
- When owning a condo you will benefit from fixed monthly mortgage payments (in most scenarios) rather than constantly worrying about monthly rent that could unexpectedly increase. This makes it easy to maintain a stable budget and save money!
- In the long run it is a better investment. When making payments on a mortgage you are making payments toward something you will own, working out for you in the long run. Obviously, with renting you aren’t making payments toward anything in the long run, just paying to live there.
- In many communities condos appreciate at similar rates to single family homes. Meaning long term appreciation is solid for condos. Years from now your condo will still be worth a good amount, similarly to if you were to sell your house.
- While apartment complexes have transient residents frequently moving in and out, condo owners are more likely to invest in building a community. They will be neighbors that stick around for some time. You will be able to get to know them and become friends with them for years!
- Condos are managed by homeowners associations, where apartments are managed by corporate businesses or landlords. This piece gives you and your community more control, rather than answering to a landlord or standardized rules and regulations put in place by the company.
- If you’re a pet lover, consider that some rental properties have pet fees and breed restrictions. In a condo community, pets are family, too meaning they are always welcome!