When it comes to the big decision between renting or buying, many people are often scared about not being able to do the right choice. It’s actually all about your finances and your life goals. Usually, the choice between renting and buying is aligned with your life or work needs. For example, if you aren’t sure about living in your place for a long time, renting an apartment would be less effort-demanding than buying a property. Also, you would spend a fewer amount of money on a variety of costs. On the other side, you may easily decide to buy a unit in a condo if you think you will live there for a very long time. Also, if your job position earns you a good salary, you can afford to pay the property taxes of a condo. As you can see, getting to the right choice for you depends on a multitude of factors and it’s a strictly personal choice that nobody can take for you. For this reason, you should take your time before you start to look for any residential solution.
Plan for the costs associated with moving into a new apartment well ahead of time. Fisher and Shelly point out that most complexes require you to pay at minimum a security deposit and first month’s rent prior to moving in. Complexes may also require an additional month’s rent as well as other fees, such as pet deposits. You also need to consider the costs associated with connecting utilities in your new apartment and of course hiring an expert like this locksmith in dublin to change the looks the same day you start moving in since the last owners may still have a copy of the key. Martha Poage, in “The Moving Survival Guide: All You Need to Know to Make Your Move Go Smoothly,” explains that you will likely have to pay fees to initiate utility services, which may include electric or gas, water, garbage, sewer, and cable and phone services.
Securing Your Property, Tax Costs, and More…
You know it all – the main difference between an apartment and a condo is that apartments are rented while condos are owned. Both residential solutions are structurally very similar consisting of a unit within a larger building.
There aren’t any magic secrets to come to the right choice – you only have to understand what you need and for how long time. Then, all you have to do is to compare the features and costs of apartments and condos. From what you can see comparing the two types of solutions, you’ll get a precise idea of what you really need and can afford. We suggest you use the following criteria for a good comparison that helps:
- Improvements, maintenance.and security
If you are the owner, you can decide what and when to improve. It’s your property and you can upgrade it as much as you can. Security is a key point, regardless of what kind of residential property you own. Usually, today’s condos feature a lot of advanced security measures. But you may always feel that something is lacking in your property. In this case, you may want to call a residential locksmith and let him suggest you a good touch-pad door model or a state-of-the-art alarm system. Keep in mind that having a good locksmith turns always helpful in case you need emergency residential locksmith assistance, for example, for a lockout problem or a lost door key. When you are the owner of a property, you should take care not only of improving its level of security but also of getting immediate help for any emergency.
If you live in a rented apartment, you may talk to the owner about improving the apartment’s security or structure, but you won’t be the one to take the decision, which might be annoying as you can’t change or upgrade the structure of a property that isn’t yours. If something goes wrong, the repair services will be paid for by the landlord.
Apart from the fact that you have to pay for buying a condo, the financial efforts for owning it include also property taxes, that you won’t pay if you live in a rented apartment. From a financial viewpoint, the choice of becoming an owner of a property is much more demanding than paying for a monthly rent. Also, another typical cost for owning a condo is that you will pay monthly homeowners association (HOA) dues for interior maintenance services. Apartment renters don’t have to pay anything similar: they only have to pay rent each month. However, you have to pay a deposit to start the lease agreement of the apartment.
While condo owners have to apply for a bank loan to buy their properties, apartment renters don’t have to spend any more money than for the down payment and the monthly rents.
- A variety of amenities
We’ve told you that apartments and condos are very similar in structure. So, both feature a variety of amenities that are also similar. However, the number and types of available amenities may differ and affect your choice. Before renting or buying, make a list of the amenities that you think are most useful for you. For example, you may like a pool for swimming in the summer or on Sundays, you may want to have a doorman, or you may like having a green space to spend some relaxing time. Compare the amenities that local communities offer in your area.
Don’t forget that buying a condo may turn out to be a great investment opportunity if you think you may decide to rent it in the future.