Condo Living: Pros and Cons of Buying or Renting
Are you stuck in your current home and looking forward to a condo unit? Living in a condominium is one of the popular choices among people with varying incomes. While the younger generation prefers condos in downtowns for accessibility to and from workplaces, the older population is in love with the coziness of condo living.
But the question that often comes up is whether you should buy or rent a condominium. For first-time buyers searching for new condo developments in Kelowna, buying may be a preferred option, primarily due to low prices. What about the other buyers? There are pros and cons to both options.
So, here is how you should make the right decision and rev up your condo living ideas.
1. Pros and Cons Of Renting A Condo
If you are not keen to invest in real estate right now, you may be contemplating renting a Kelowna condo. But even the renting scenario may change. So, you need to consider the key factors and understand their pros and cons.
2. Pros of Condo Renting
· Affordable Option
For renting a condo unit, the monthly payments you make are usually cheap, allowing you to save up for down payments. Moreover, renting is a stress-free option. You can stay in a house and avoid huge payments.
· No Burden Of Maintenance
Being a renter, you need not worry about maintaining the unit as a portion of it is in the hands of the owner. Say goodbye to damaged walls or leaky faucets.
· Enjoy The Flexibility
When you rent a condominium, you are in control of your living and have less to worry about the prospects or the value it may fetch during a sale. You can switch to a new home anytime if you are not satisfied with condo living.
· Strategic Location
Check the Kelowna condo developments and you will find them in strategic locations, which is a major consideration of people trying to rent properties. One of the major questions that pop up is how long will it take to commute to the workplace? Renting may benefit those who may not prefer staying in one location for long or change jobs often. If you belong to the same league, all you need to check is whether the unit is close to the essential establishments.
3. Cons of Condo Renting
· Not Make Changes In The Property
When you rent a condominium, you will not have any right to make changes to the property. Whether it is changing the flooring or painting the house, you cannot make changes to the property.
· Not Enjoy Equity On Homes
If you rent a condo, the property will not build any equity nor will you enjoy an increase in the value of the house.
4. Pros of Condo Buying
When buying a condominium, you may feel super excited about everything from making the down payment to owning your house. Here is why buying a condominium is a meaningful decision:
· Equity
Own a house and you pay towards mortgage and equity and enjoy the increase in the value of the property in the long run. The value of the property appreciates even when you are yet to pay the mortgage.
· Enjoy A Stable Life
Switching from one home to another may have a huge bearing on your financial stability. When you buy a condominium, you get an opportunity to plan your future finances.
· No Restrictions
If you are already exploring Kelowna luxury real estate and planning to own a condo, get proactive. Not only will you own the place but remodel it to suit your specifications. Don’t skip the listings of Justin O’Connor Group to find real estate agents who can help you find the best Okanagan homes for sale.
5. Cons of Buying A Condo
· Maintenance Hassles
One of the major obstacles to buying a condominium is bearing maintenance hassles. You may have to cough up a substantial amount for conducting repairs and maintenance.
· Down Payment
For beginners, making a huge down payment may seem challenging. So, if you are not financially viable to pay a huge amount toward the down payment, get a rented one.
· Difficulty In Moving
If you buy a condominium, you have to sell the belongings before you move, especially if you have lived there for up to five years.
If renting or buying a condominium is haunting your thoughts, read this guide for the right information and make a calculated decision to make your investment worthy of your efforts and finances.
