Renting or buying a condo: which is for you?
Rent or buy? There are several factors that will determine whether you should buy a house or rent a condo. Your future plans and the time and money you want to invest are all things to consider before making that decision.
One thing is certain: you should not buy at all costs!
Several advantages make renting the most attractive option for some people – like you perhaps?
4 criteria that make renting an attractive option for you:
Buying a property is often seen as an achievement in our adulthood. Although this stage of life is seen as a great success, it’s not essential to enjoying a quality lifestyle.
Worse yet, wanting to buy at all costs could lead to a bad investment.
Save yourself the consequences of an impulse purchase by opting for a rental if:
1. You don’t want to do maintenance
Maintaining a property takes time and effort.
There’s grounds maintenance: raking leaves, mowing the lawn, plowing the driveway, weeding the garden, etc. It’s also necessary to take care of maintaining the swimming pool, hiring a chimney sweep, washing the windows and clearing the gutters… Then you need to take care of the interior maintenance work, such as painting, plumbing, and more…
In short, as an owner, there’s always a maintenance job waiting for you!
If you’re not handy or always short of time, you’ll soon regret buying a home.
2. You don’t want to pay for the work
Homeowners must constantly readjust their budgets: water leak, hydro problem, water heater to replace… All of these problems lead to significant expenses.
On the other hand, as a tenant, the budget we allocate in our rent is stable. We rarely experience budget contingencies, so it’s easy for you to save for a trip, for example.
If you can’t afford all of the unforeseen maintenance and repair work that a home requires, renting might be a good option for you.
3. You don’t have the money for the down payment
When buying a property, beware of the financial arrangements that some aggressive sellers might offer you!
Finding a more or less legal way to finance your down payment is not to your advantage. On the contrary, some deals can turn out to be expensive and you could end up with a mortgage that’s way beyond your means.
If you haven’t saved enough money to own a home, leasing could be a great option. You don’t need a down payment to move in and you can take advantage of a fixed rent to save the money you need for a future home purchase.
4. You’re unsure of your future plans
Buying a property is a big commitment. If you’re not sure which city you want to live in over the long term, or you aren’t sure what type of home is right for you, waiting for the right time could be to your advantage.
The same is true if you are looking for a job or still studying. In order to take advantage of the flexibility and freedom to move according to your plans and the opportunities available to you, renting a condo might be ideal.
Choosing to rent rather than buy means enjoying greater freedom and consequent happiness!
Need a condo to rent?
Has reading this article brought your needs into better focus? Are you looking for an apartment or rental condo where you will feel right at home?
Plan A offers a wide selection of rental condos in the regions of Montréal, Laval, Vaudreuil, Sherbrooke, Québec City and Saguenay. Our apartments stand out for their warm atmosphere, elegant style and state-of-the-art common areas.
Visit our website to find the condo that suits you best!