Buying A Condo Vs. Renting A Condo: Which Is Better?

Currently, condominiums are the booming property of the present, and for some, it can be considered home. With a condo, you can spend less time and money on maintenance. Some of its charms include amenities like pools, open areas, and convenience because most condominiums are near urban areas and central business districts. 

 

Most first-time property buyers may need help with purchasing and renting a condo. Which is better, though? It depends on you and the cons and pros of buying and renting a condo.

 

Buying A Condo Vs. Renting A Condo

The Pros of Buying A Condo

Buying a condominium can be a way of investing in it. It is a serious decision usually associated with preparing for the long term. There are several benefits to buying a condominium. 

 

These benefits are:

• Owning a condo helps you build wealth through home equity. If you buy a condo, you will get access to an asset. As an asset, the condominium unit will be very valuable because its worth grows in value annually. After some time, you can sell it. And when you do, you will make more money than the one you spent buying it. By buying a condo unit, you can establish ownership and also help build your credit.
• You can customize the condo space. Another benefit of owning a condo is that you can transform the space to your liking. If a room is too small for you, you can have it adjusted with the help of an architect. Moreover, you can also decorate your condo by your personal preferences. 
• No rent increase. You can no longer worry about rent increases with an owned condo unit! Instead, if you buy a condominium unit with a fixed-rate loan, it can freeze the majority of your housing costs. 
• Smaller space. Condominium units are often half the size of an average detached home. As a result, they are easier to clean, fix, and decorate.

 

The Cons of Buying A Condo

The cons of buying a condo include the following:

• Payment and fees. Payment options are a crucial part of buying a condominium. Would you rather pay a down payment and make monthly mortgage payments, or would you rather pay in full? In addition to the payment options, you must pay monthly fees to maintain the condominium amenities. 
• Smaller space. Condominiums take up less space than homes. In addition, it can be a neutral thing. However, if you are a maximalist, consider buying a condominium because it has a smaller space. That means it can only hold a few things.

 

The Pros of Renting A Condo

The pros of renting a condo include the following:

• It’s easier to move into. One great perk of renting a condo is that it is easier to move into. Since you will only be renting and staying for a limited time, you will bring over fewer things. That also means you will be spending less money for the move than if you are permanently moving into a condo unit. 
• More flexibility. If you’re a young professional climbing the work ladder and are still deciding whether to settle down, renting a condo is a great move for you. Renting a condo offers more flexibility with living. Moreover, whenever workers change jobs, they often switch locations. If you own a condo or home and switch the location of your employment, you may have to sell the condo or your home, which will be very time-consuming.

 

The Cons of Renting A Condo

The cons of renting a condo include the following:

• Increasing rent. One of the less charming aspects of renting a condo is the rent. Compared to the fixed mortgage payments you pay monthly as a buyer, rent for a condo tends to increase. When checking your contract, be sure to check and understand the terms well, especially since you are playing under your landlord’s rules. You must also worry about the security deposit you must pay your landlord before renting.

 

Cozy Condo Living With Tulip Garden Southwoods 

Buying a condo gives you long-term capital gains but is something you must be ready for. On the other hand, renting an apartment can give you short-lived and short-term gains. The verdict of which is better lies on your current station in life – and if you are willing to go big. Should you be financially capable, the wisest decision is to buy a condo, as it can help you gain wealth and a place to call home. 

 

Tulip Garden Southwoods is a five-mid-rise residential condominium project within Southwoods City in Carmona, Cavite, and Biñan, Laguna. Tulip Garden Southwoods is one of Megaworld’s new premiere condominium projects and is still pre-selling. Moreover, it’s only twenty (20) minutes from Makati Central Business District and Fort Bonifacio, nearby Alabang Business District.