Condos: Should You Rent Or Buy?

Condo living is a lifestyle choice that many city-dwellers opt for.

The turn-key alternative comes with several perks including underground parking, hotel-like amenities, and proximity to vibrant shops and restaurants. Not to mention, easily accessible grocers, schools, and other necessities.

Perhaps the more difficult decision when it comes to condo living, is whether or not to buy or rent.

Let’s take a look at the pros and cons of each option.

Buying

Pros

• The property is more likely to increase in value over time

• You have the freedom to renovate the space as you’d like

• Payments are consistent if you go with a fixed mortgage rate

Cons

• Added expenses including property taxes and insurance can add up

• You are faced with a more significant upfront cost

• There are ongoing maintenance fees and the possibility of unexpected and costly repairs

Renting

Pros

• Fixed monthly expenses

• You gain access to community amenities such as a pool, gym or party room

• Repairs and maintenance are covered by the property manager

Cons

• Condo fees may increase annually

• There are limited options for interior design alterations

• You must adhere to communal building rules

Interested in learning more about the process of purchasing or renting a condo? Speak with one of our sales representatives, who can assist you in determining which option is best for you. Contact Trantor Realty.