With the tough economic times people are currently facing, most people cannot afford to buy a house for their own. Therefore sharing a house, renting an apartment or buying a condo has become a very popular option that people tend to go for in order to address their housing issues. For example, if you are with a family, it is better to look for an apartment with at least 2 bedrooms.
You should decide which option to go for. Whether it is going to be an apartment with 2 bedroom for rent or a condo. If you go through classifieds and other searching materials you would be able to find one of those two fairly easily.
Pros of renting
Flexibility: it is the option of selecting a short term or long term lease, whether it’s for a 2 bedroom for rent or other. While some apartment’s owners will allow you to pay the rent on monthly basis.
Lower upfront cost: It will cost you a lot less to rent out an apartment than choosing to buy a condo.
No maintenance: when you are renting and accidently breaks something, it is the responsibility of the owner to take care of it.
Cons of renting
Rent amount: with time, owners might raise your rent to cover other expenses or because of the higher rental cost.
Less stability: when you choose to rent, you don’t have any control on renewing the contract. If the owners decided not to renew the contract, you have to move on to a different place.
Pros of buying a condo
Payments: unlike rents, the monthly payment you have to do would not increase after the loan is taken.
Affordability: compared to a buying a house, purchasing a condo is much cheaper. Choosing a condo is a great first step if you are planning to have a home ownership.
Maintenance: condo homeowner’s group generally takes care of big messes like broken furnace, leaky roof and outdoor maintenance.
Cons of buying a condo
Association fee: once you purchased a condo, you automatically become a partner in that shared community. Therefore you have to take part in those activities. They will be asked you to pay a certain amount on monthly basis.
Challenging to sell: the down side is that a condo does not own any land. Therefore condos has a fairly low market price compared with single-family houses.
So before you decide which option you should go with, make sure you analyse all of the above mentioned pros and cons.