Renting an apartment may seem like a carefree and easy choice for a lot of people. The common misconception is that they are saving money by renting an apartment instead of buying and owning a condominium unit. To make it simpler for you, here are some of the advantages of owning a condominium unit.
Overall Cost There are a lot to consider when it comes to comparing the costs of owning a condominium unit versus renting it. The most notable difference is the upfront cost. You may be required to pay at least 2 months of rent as deposit before you can move in as a renter. If you want to own a condominium unit, most of the time, you have to pay at least 10% of the total price plus other fees for legal compliance and insurance. This may make it appear that renting is more cost-efficient, but what you are paying for in buying are the equity and the freedom when it comes to customizing your home.
Freedom When you are renting a condominium, sometimes your landlords will have more rules for you to follow than what a new recruit has to deal with in the army. Those rules can be as simple as No pets allowed or as ridiculous as a curfew. When you own a condominium unit, the only rules you follow are the general guidelines set by the condo association. You will have more freedom to improve your unit and add value to your investment.
Long-Term Returns While paying for mortgage for years may seem a bit overwhelming and intimidating at first, it has a very big payoff. Knowing that you own a property after paying that mortgage is a big reward. You do not get that privilege in renting. Even if you pay rent consistently for years, the time may come when your landlord will force you out.
Flexibility When you decide to buy a condo unit, you are thinking of staying put for good or for a long time. During that time, you might start a family and may need a bigger or better place. Since you own the condo, you have the right and freedom to shape your place according to your needs through home improvements. This is a privilege that no renter can enjoy.
Amenities and Benefits If you choose to buy a condominium unit, you will have access to many luxurious amenities available in your neighborhood. Things like rooftop pools, recreational centers, gyms, and function halls are at your disposal because these are included in what you are paying for. These are benefits that renters may have restricted access to because they are technically not part of the condo association.
In conclusion, the advantages of owning a condominium unit outweigh the pros of renting one. It is a smarter choice for people who are looking for a long-term housing solution. It will show you where every penny of what you are paying for is going. A condominium unit is a great investment and you should always consider buying one instead of renting.