Renting An Apartment VS Getting A Condo
With the abundance of projects in today’s residential market, hunting for a new home may be quite overwhelming for first-time home-seekers. On the up side, this article is going to tackle one of the most frequently asked questions by a home-pursuant: ‘Should I opt for an apartment or a condo? Which is better?’ To answer this million-dollar question, we’ve rounded up 4 of the most significant elements an individual should consider when looking for their next investment.
Before going into the details, let us first differentiate an apartment from a condo:
An apartment consists of multiple rooms for lease and is owned by a single person. A condominium, on the other hand, is a complex composed of units owned by different title holders. Basically, an apartment is for rent whilst a condominium is designed to be bought.
To rent or to buy, that is the question.
1. Long-term needs
If an individual is in search for a temporary place to settle in, renting an apartment would be, by far, the wisest decision. It comes with a more practical expense rate compared to buying a condo unit but is more suitable for short-term arrangements, mostly ideal for college students and young professionals who are looking to dwell near universities and business districts. Although if a long-term investment is in mind, buying a condominium unit is considered a more affordable stride (compared to purchasing a house and lot property) to home ownership. Not to mention that buying a unit in a prime location means higher price appreciation.
2. Income, budget, and lifestyle.
The luxurious amenities of a condominium unit may be nice, but a home-seeker should assure that they are capable of paying the monthly expenses that come with it. Do they really need posh pools and bar lounges? If so, are they willing to pay for it? This includes monthly association fees, repair, security, and operation dues. Also, when there is interior maintenance needed, condo owners need to pull out money from their own pockets. Renters, on the other note, can entrust their interior maintenance to the landlord.
3. Location, location, location!
With the great increase in population and vehicle units sold in every country, traffic is expected to worsen. In fact, some countries are now hitting a traffic index above 280, this causes the residents to lose millions of dollars worth of productivity. So, when in the midst of home-hunting, it is only practical to settle within business districts. In this case, opting for a condominium unit is certainly an advantage. With a boom in the real estate industry, home-seekers are assured to find a handful of condominium projects in the city, whereas apartments run limited.
Before getting carried away by the thought of your next investment, take the time to think about the people you have to deal with, the lifestyle you want, and whether you can afford it. The answers to these questions may just end your search. Equipped with extra knowledge than before, you can now take on the challenge of home-ownership to the next level. Happy home-hunting!