Renting versus Buying a Condo: Here’s What to Consider
If you are a renter, it must be daunting for you to buy a home for the first time. Many people get overwhelmed by the questions of what and when to buy Parc clematis condo. These fears, yet sometimes logical help in clarifying what to opt for and making an informed financial decision.
- The pros of renting must not be overlooked. You can give a month’s notice and leave at a little or no cost at all. Sometimes, the renter is allowed to leave before the lease period ends. Renting gives you flexibility.
- When it comes to costs, renting is obviously cheaper than buying a condo. But when it comes to class, rental units are quite lower in standard than the condos. When renting a condo from its owner, always seek to rent a top notch unit. You get what you pay for.
- Renting will limit your ability to redecorate your space. The owner has all the rights to paint, put up a wallpaper, lay tiles or make any decorative changes they want to, but a renter doesn’t.
- The horrors of unemployment steers the people away from buying a condo. This is because if you lose the job, you won’t be able to pay for the mortgage and other monthly expenses of ownership. This is applicable on renting a unit as well. In short, no money means you are homeless. Always keep some emergency funds ready.
- When you have finally decided to buy, the biggest barrier to this is the down payment. This makes renting a preferable option. Rather than reducing the expenses to save some bucks, take some loan, ask for a cash gift from your family, and there are many options available.