Renting an Apartment vs. Buying a Condo vs. Buying a House

Part of the process of adulthood is figuring out a living situation that is suitable for your lifestyle. Basically, you will have three choices to choose from. Everyone at some point thinks of buying a house, but there are certain responsibilities that go along with it that you might want to avoid. Renting an apartment is always an option, but you are often at the mercy of your neighbors and landlord. Purchasing a condo is a very possible choice, but it’s not for everyone either. Below are a few ways to determine which decision is right for you.

Why Do People Rent?

Most people often choose to rent an apartment when they are not certain they want to be tied down to a specific area. It is much easier to just up and move from an apartment instead of having to sell a house. Renting seems to be more for younger people though. If you are a middle-aged adult and renting, people might consider that a bit strange. Plus, if you have been renting for more than ten years, there is a chance you could have had a whole house paid for by then. With renting, you don’t acquire any equity. The owner of the apartment building does, but you don’t.

Why Not Purchase a House?

For many, purchasing a house is the first true sign of entering adulthood. However, not everyone has the ten to twenty percent down payment they need for something this costly. With student loan payments weighing heavily on college graduates, it might be quite some time before they can buy something this expensive. Furthermore, once you start making mortgage payments, you can’t fall behind otherwise it could be repossessed and you lose everything. If that isn’t bad enough, anything that goes wrong with the house is your responsibility. You will have to mow, shovel walkways, fix the roof, and repair the HVAC system. All of these expenses can quickly have you wondering if buying a house was a good decision in the first place.

You Could Always Go with a Condo

Condos are sort of in-between when wondering if you should buy or rent. While most condos will have you sharing a wall with a neighbor, it is essentially a family home. Most condo associations will be responsible for anything outside the house, including siding, yard, and driveways. You will never have to worry about shelling out money on these things. Plus, condos are usually much less expensive than buying a single-family house. And if you are considering purchasing a condo in Canada, condos in West Island are usually very nice. Condos come with certain amenities that you will not get with renting or buying a home. It is a nice compromise between the two.

 

 

 

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