The demand for condominiums is growing. With the comfort of lifestyle and excellent amenities that come with them, it is no doubt that more and more people are enticed to invest in such properties. If you’re one of them, you might have to weigh your options first – whether you should buy or rent a condo – before sealing the deal.
Property investments can be a huge leap. It is only necessary for people to place careful thought on such matters. To help you out, read this article that presents the advantages of buying or renting a condo.
To Rent or Buy: A Quick Guide to Condo Investment
3 Reasons Why Buying a Condo is Better than Renting
1. Generate Income
Relative to other forms of housing, condos are considered to be more affordable. For this, condo investments are especially ideal for first-time property buyers. Not only that, you can also turn them into income-generating properties when you decide to move out – either temporarily or for good.
It’s also worth noting that the equity of properties such as condos appreciates over time. Meanwhile, monthly mortgage payments gradually reduce in principal. If you’re renting a space, it means that you’re helping the property owners build their own equity and not your own.
Tip: Buying condos during the pre-construction phase will allow you to seal the deal for a much lower cost plus, you can always count on getting access to new amenities when they have already been completely furnished.
2. Enjoy Lifestyle Comfort
Living in a condo means that you gain access to amenities, since these properties are commonly located at or near the center of the city. For example, most condos are strategically located in areas proximate to work and business centers, healthcare service providers, and entertainment hubs. Basically, you get to live close to city life. Moreover, swimming pools, gyms, spas and saunas are usually included in a condo’s amenities.
As compared to renters who only get to avail of these amenities for as long as they stay in the property, owners get to enjoy such comfort permanently – given that they don’t decide to sell it.
3. Gain More Financial Security
With buying a condo, you already have a secured real estate investment that you can take advantage of in the long run. Just like other investments, you may have to take out a hefty amount of cash now but you get to purchase something of value you can call your own. It allows you to achieve stability and financial security.
3 Reasons Why Renting a Condo is Better than Buying One
1. Be Free from Maintenance and Repair Costs
One of the perks about renting a condo instead of buying it is that you need not worry about maintenance and repairs. These are the landlord’s responsibility so report to them when you notice leaks and other defects in the property.
2. Get the Freedom to Move Out Anytime
Renting a condo means that you attain flexibility in terms of where you want to live. Say, for instance, you’ve stayed in the property and decided to move out a month later. Unlike condo owners who are tied to their commitment to their property investment, renters have the liberty to leave anytime.
Another benefit of condo renting in terms of flexibility is that you can choose to move to another location at any moment. You even have the capability to downsize your expenses by transferring to properties that are relatively lower in cost.
3. Spare Yourself from Homeowners Association Fees (HOA)
Owning a condo means getting familiar with homeowners association (HOA) fees. You pay these every month for the maintenance and upkeep of your property and other investments such as additional parks for pets or resurfacing of parking lots. But as for renters, they no longer have to pay as this is also one of the landlord’s liabilities.
It can’t be denied that real estate is one of the ideal investments that are worth venturing into. Whether you opt for buying a condo property or renting one, there is no room for regret as you can still win both ways. These two options have their respective advantages that can cater to the needs of future condo owners and renters.
ALSO READ: The Rise of Condormitels: 5 Reasons Why You Should Invest
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