Condo vs Apartment

Condo versus Apartment…

Why a Condo is the BEST Choice!

Considering an apartment when a condominium is a better choice? With a rented apartment you are bound by the owner’s rules and usually do not have full control over the unit you are living in, including interior design. As a condo owner you have the flexibility to do renovations and make changes to the interior of your home.

One of the greatest advantages of owning a home could be the tax break if your annual mortgage interest payment, plus any other deductions, is greater than your standard tax deduction. Rent is generally not tax deductible.

Your condo cost is controlled ( no rent increases), no one can put you out unless you didn’t pay your mortgage.

If you have plans to be in the same location for several years, buying a condo is better than renting apartment. Also, you will be paying yourself equity every month, and once you do go to sell the condo, you will most likely have made money on your investment, and be able to buy a nicer and bigger place.

Apartments are not as expensive to rent as the monthly mortgage payments would be on a condo you buy. But, if you purchase a condo, you will be amassing equity, which you do not have when you pay rent every month.

The condo association takes care of all maintenance, including lawn care and roof replacement. Condos are considered good lock-and-leave vacation homes.

You can buy condo as investment. It depends on what profit you want to get – from investment condos as rentals or from sales.

If you are buying as an investment, don’t expect to pay your mortgage and condo fees and make a profit – be happy that someone is helping subsidize your mortgage.

If you buy for sales in the future, buy as big a condo as you can afford, look for areas where there are very few new developments, think about a loft.