Here are a few pros and cons of renting.
Pros of Renting
Renting a condo allows you more flexibility than owning a home. This is ideal for those who could be faced with sudden changes such as job relocation.
Renting requires no long-term commitment, and is the best option if you don’t intend on staying in one place for a long time. Your landlord, not you, is responsible for performing nearly all maintenance and repair work on the property.
The biggest myth about renting is that you’re "throwing away money" every month. Not so. Realistically, you need a place to live, and that always costs money, in one way or another.
Condo renting versus owning usually costs less in the short-term because there are fewer upfront costs and no property taxes to worry about. It can be easier to save money when you rent.
Renting means that if the furnace breaks, it’s not your problem, it’s the landlords. There are no lawns to mow, gutters to clean, or sinks to unclog either, so you can save money on maintenance.
Consider home values fluctuate in response to changing economic conditions, and can decline over time. If you’re a renter, that’s not your problem – it’s your landlord’s.
Cons of Renting
Rental availability can be difficult for condos. Some HOAs and mortgage agreements don’t allow condo owners to rent their units. For this reason, finding a condo open for renting could be difficult.
Another con, you can’t renovate the kitchen or replace appliances or HVAC features. If any of those aspects are malfunctioning or broken, the property managers will have someone repair it for you. But if you take issue with the aesthetic of your stove or kitchen sink, tough luck. You can’t simply install a new one of your choice.
Since condos are typically located in more urban areas, parking is almost always an issue. You may only have one reserved parking spot for your unit, making it difficult to find a place for a second vehicle, guest vehicles, or a recreational vehicle like a boat or RV.
Parking garages and street parking may be available, but you’ll have to pay monthly or annually for these spots, which can be expensive.
other valuable tips:
Not having a basement, garage, attic, or additional closets might be a downside for residents who need to store items. Some condos can include small storage units assigned to each condo, but this isn’t always a guarantee, which means you may have to downsize your possessions or move to get more space.
Image Credit: by Pixabay
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