For many Edmontonians, owning a condo is better than renting. But, many people still prefer renting a condominium apartment that buying it. The decision of whether to buy or rent a condo depends on several factors such as the affordability and duration of accommodation. If you are confused whether you should buy or rent a condo, you must consider the following points.
Discover Your Needs
The most important thing to consider to make the right decision is to first identify your need. Think about the future. For example, if you plan to add a new room to your house, you must consider buying a condo because if you rent a condo, you cannot make changes to its structure unless the homeowner gives you the permission to do so. When you rent a condo, you have to settle with the available space and layout. You cannot customize the rented condo as per your needs and requirements, whereas buying it gives you the freedom to remodel and renovate as and when needed.
Think About The Years
To buy or rent a condo, you must ask yourself for how long do you plan to stay in the house. Your job and family planning will help you decide the duration. If your job requires you to switch to cities and regions, renting a condo can be the best solution. Renting offers an option of flexibility when you are not fully settled in the area for a long time. But, if you have a fixed job and plan to marry, have kids, own pets, and expand the area, you must buy a condo.
Consider Maintenance And Repairs
When you rent a condo, the maintenance and electrical, plumbing, and structural repair charges are generally taken care of by the condo association or authorized maintenance personnel. But if you own a condominium, you are responsible for fixing the problems on your own or bearing all the maintenance and repair costs.
Look At Your Budget
Whether to buy or rent a condo circles around one major factor, money. You must first consider your budget and find out how much you can additionally spend with the help of loans and mortgages. It is unquestionable that owning a condo is relatively an expensive affair than renting. When you rent a condo, you usually pay the first and last month's rent as a security deposit, whereas when you buy a condo, you usually make a down payment, generally 10% of the purchase price.
If you still have some unanswered questions in your mind, you can get in touch with Edmonton real estate agents. We will be there to help you and make the right choice for your new house. If you are looking to buy a new house, we can take you through plenty of options and help you find the best house.