What to do? Look at the Pros of Buying A Condo
Tuesday Apr 05th, 2022
Condos are basically like owning individual units within a building or renting them for living. When you
have a condo of your own, you are required to pay a monthly amount to the condo association. The
association’s job is to manage all the common area maintenance and exterior. Whereas, when you rent
one, a desired amount by the owner needs to be paid to them on a monthly or yearly basis. Living in a
condo comes with many perks, such as urban areas designed to have a great walk, living in a community,
and so on. More clearly, the condominium is a residential complex with separate units.
Which is better --- buying or renting a condo?
The most important thing to know is that, whether you buy it or else go for renting it, the perks of getting
to enjoy a community lifestyle will remain. Now, which option is better depends on person to person.
Some people feel that buying is the best option, whereas others think renting suits them more. However,
let me tell you that both buying or else renting comes with their own set of pros and cons. Also, yes,
requirements and budget are equally important before deciding anything.
Both have their characteristics
1. On buying:
The value of any property always increases with time, and so does the equity. Even the mortgage, if you
took any of it, goes down slowly with time and reduces what you had initially been taken. So if anyone is
looking for buying one, then condos is one of the best options.
2. On renting:
On the other hand, if someone has a property on rent, they have to pay the fees of rent every month and
do not require to take any mortgage, so they don’t even have to pay it. So, only if they pay that amount
are allowed to stay on the property. Moreover, if you rent it, there is no need to worry about any possible
maintenance costs, mortgage payments, interest rates, and assessments, which change along with time.
Benefits of buying a condo:
1. Financially beneficial: If we compare buying condos with other forms of housing, they are
comparatively quite pocket-friendly. Moreover, they are also available at competitive rates. Also, even if
you are buying a house for the first time, it’s a sure hit to get some personal space. You can even earn
extra money by giving your condo on rent to someone else at a fair fee on a monthly basis.
2. Beneficial - in lifestyle: The best thing about buying a condo is that living there is almost like a central
location. You can be close to market areas, transport lines, and other necessities. Also, you get to use
amenities like exercise rooms, pools, saunas, lounges, game zones, etc. But, not everyone can use them
until they own a condo. Moreover, living in a condominium provides you with an opportunity to
experience heightened socialization and community spirit.
Therefore, choose whatever, be it renting or buying. However, you should surely experience living in a