Renting Vs. Buying a Condo – Pros and Cons

Renting Vs. Buying a Condo – Pros and Cons

Everybody wants to own a property, especially prime real esttae such as luxury houses and condos. High-rise living is becoming a thing for many professionals because of its practicality and affordability. New Toronto condos are continuously popping up because of its popularity in the Canadian real estate market.

In the economy we are in, buying or building a house has become too much of a burden with all the expenses most of us have to pay– taxes, mortgages, utility bills, and the like. So, condo-living has become more appealing especially to urbanites as it is less expensive compared to paying for a house, whether you’re purchasing it or renting either short-term or long-term.

If you’re thinking of switching to condo-living and you’re on the fence about whether to purchase or just rent the property, better examine your current situation to know which is the best direction for you. Below are a few pros and cons when it comes to buying or renting the condo of your dreams.

Buying a Condo

Purchasing anything major such as a home, car, or in this case a condo unit can be a big accomplishment, and can be a true measure of your current status in life. That in itself is a great advantage. To be able to call something your own, to use it, and live in it can totally boost your morale to do better in whatever career you have. But you also have to remember that buying a condo or any type of property for that matter has added responsibilities especially when it comes to regular maintenance and addressing concerns.

Some real estate buyers fear purchasing a condo because the risk is high as it can be sometimes impossible to do major repairs. Unlike with buying houses, you can tear the structure down to renovate or repair an issue and you will still have land, but with condos, it becomes harder because you only own a specific part of the building, not the whole condo building nor the land it is on.

The upside is, by owning a condo you can easily earn profit from it. If you do not want to live in a high-rise box, there is a market for those who prefer this kind of lifestyle. It is important to take advantage of this market while there is still a high demand.

Reasons to Rent a Condo

There is a stigma that comes along with renting a condo – either you’re not earning enough, you’re a transient or you are too irresponsible to embrace adulthood to buy your first piece of real estate. The truth is, in areas like Toronto, that idea is slowly fading especially because the market is booming. Renting is much easier especially if you have a fast-paced lifestyle. Repairs and issues can be left to your landlord.

Renting also allows you the freedom to pick the best place or environment for you without having to worry about dealing with taxes and expensive upkeep. Living in a condo allows you to budget your expenses better so that you can spend wisely on the things that matter.

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