Buy a Condo or Rent an Apartment – Which is Right For You?

Buy or rent a condo?Many people, at one time or another, contemplate whether it’s a better idea to buy property or rent property. Condos and apartments are two popular choices for those wanting a home that requires little or no outdoor maintenance and that’s on the smaller size for real estate. Saskatoon has much to offer when it comes to condos and apartments, so which is the best choice for you?

Let’s take a closer look at some of the pros and cons associated with buying condos or renting apartments:

Buying a Condo:

Condos are typically housed in a larger building or are part of a condominium complex. While they tend to be similar in size to apartments, condos are often purchased rather than rented. Like buying a house, one of the plus sides to investing in a condo is that, overtime, you will be building equity as the value of your condo appreciates. For some, the fact that they will be building equity for themselves and not a landlord is enough to  convince them to buy.

Unlike purchasing a home that is entirely your own, however, many condos have restrictions on remodelling and require you to pay condo fees each month. This sum of money is used toward the maintenance of the building or complex.

Renting an Apartment:

An apartment usually consists of one to three bedrooms and is often part of a larger building or a section of a house.

For many people, one of the biggest downfalls of renting, whether it’s an apartment or a house, is that you won’t build equity while renting – you’re building equity for your landlord. When you’re ready to move on from an apartment, the only thing you’ll be taking with you are your belongings, but for some, the greatest benefit of renting is the freedom; you can move without having to first sell your property and you won’t be on the hook for any repairs or upgrades that the apartment requires. That said, depending on the landlord, you could be waiting a long time for those repairs or upgrades to be made.

Of course, buying a condo requires you to save a down payment and to be prepared to pay for repairs when something breaks down. But, for many, having a place that is truly their own and that is an investment makes buying a condo the preferred option.

If you’re shopping for a condo and would like the guidance of an experienced Saskatoon realtor, don’t hesitate to get in touch with me.

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