The Advantages of Buying a Condo over Renting One

 

Living in a condominium unit is arguably the in-thing among city dwellers nowadays. From young and single working professionals to those starting a family and senior citizens who are living away from their children, a condo unit can cater perfectly to all walks of life.

For sure, convenience must be one of the top reasons why many prefer to buy and rent condo units because they are built on the city’s prime areas where everything seems to be within an arm’s reach. The other reason to consider is you have a lot of alternatives to choose from. Condos come in different shapes and sizes. You can choose a unit where you can view most of the city if you have a condo on the last floors of a high-rise housing structure, or you can be just right on the ground floor where you can slip to your desired destination when you wish to.

There are two options when you choose to live in a condo. Either you buy the unit, or you rent it. Some condos can give you the leeway to buy or rent a condo unit, while some will only allow tenants who will buy the unit they occupy. Some condominium building also only rent out their units. The following reasons should help you decide to buy a unit rather than renting one.

 

Condos Are Good Investments

If you choose to buy the right condo, it can increase in value in due time. It is always said that there is never a losing proposition when you invest in real property. You just have to choose the best by considering many factors like location, structural integrity, and architectural design, among others. In the future, you can sell it or rent it out for additional income.

Ownership Is Guaranteed

After paying the final mortgage payment, you already have full ownership of the condominium unit. If you are renting a unit, you will be spending on monthly rentals, which can increase anytime if the owner decides to raise your rent. It may be best to add on the rent expense and pay for the monthly mortgage amount. After some time, the condo unit is yours, and that means the end of your rent expense too.

Other Perks

When you own a condominium unit, you can decide what to do, which you cannot do when you are only a tenant. You may not be allowed to bore a hole on the wall to hang a beautiful painting with sentimental value to your family. You may also have to wait for the actions of your landlord on urgent repairs like water system leaks if the contract states that all repairs are shouldered by the owner.

Indeed, there are many perks that come along when you own your own condo unit. And one of the most important things is freedom.