Rent or Own a Condo

Rent or Own a Condo

Rent or Own a Condo

Real estate agents cannot lie; today's housing market can be tricky. The ability to get loans from banks is increasingly difficult and even if you bite the bullet and decide to buy, no one can predict the value of the property in the years to come. So, how do you decide whether or not to rent or purchase a condominium in this market? Here are a few tips to take into consideration before taking the plunge.

Know Your Neighborhood

If you've been renting a condo in the same neighborhood for a number of years and have seen no changes for the better or worse to the area, chances are purchasing in your neighborhood would be a sound decision, but do your research first. Attend any local owners meetings to find out about any large projects that may be coming up that could either drive the value of a condo up or down in the years to come.

If you are looking at a new neighborhood, spend some time in the community. Shop at their stores, eat at their restaurants. Make sure that you feel comfortable in the area at night. Many people choose to purchase condos in transitional neighborhoods due to the price and sometimes these neighborhoods fail to transition. Understand the plan for the community before you purchase, or possibly rent in the neighborhood before committing to buy.

What's The Plan?

Sure, now could be a great time to buy a condo in a specific neighborhood, but it's also important to be honest with yourself with your life plans. If you've lived in a certain community for five years but have always wanted to live in a different city or state, purchasing a condo will tie you down, making that move impossible for the time being. The same holds true for jobs. If you don't love your job and find yourself frequently looking at opportunities elsewhere, now might not be the right time for you to settle down. It's easy to break a lease when you rent, but finding trustworthy people to sublease your condo is a lot harder.

Do the Math

You may think that by purchasing a condo, you'll be saving from paying rent every month, but before you make the decision, you need to do the math. Many condos have fees associated with them, not just your mortgage. Condo fees can include anything from monthly maintenance of the building to all of those fancy amenities that sold you on the condo in the first place. Be sure to read the fine print and know what you'll be paying for.

Buying a condominium is a big decision and one that cannot be made on a whim. As much as many of us resent paying rent, until you know what your plans are, having the freedom of renting might be just what you need for the moment.

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