If you are looking for a new place to live, the thought could have crossed your mind to explore options in area condominiums and flats. Condo living, even in a high rise community, offers residents several advantages one doesn?t necessarily associate with home ownership. If you have considered renting in contrast to purchasing , however , your options may either expand or become limited. Buddies and family might wonder, as well , why you would consider paying so much in rent when the cash might be used toward paying down a mortgage and eventually owning a home. Is it better to hire than buy?
Unfortunately, there really isn't a cut and dry answer to the question. Some economic gurus have suggested that renting could be more favourable in a down economy, while purchasing an apartment helps you achieve equity and represents an investment for the future. If you're still on the fence about what to do for your next residence, here are a few points to consider before you invest in real estate.
1) Buying an apartment may give you more leverage. If you're renting in a complicated, whether residences or condos, you might be permitted to attend resident conferences, but you may not always have a right to vote on certain things. Those rights would belong to your property owner.
2) Renting may prevent you from making physical changes to your living space. As a condo owner, you could be held to a covenant that restricts you from making precise cosmetic changes to your house (usually on the outside), but you can still paint your walls and hammer in a nail if you want to. As a renter , however , you may not even get to do that. You will be held to the wishes of your property owner.
3) Buying a condo can give you more possibilities. If you do know you're going to move at least one time more, you may be more inclined to lease for now so there?s tiny fuss. Nonetheless purchasing for short term isn?t always a bad idea, especially if there is the potential for turning your property into revenue generator. Depending upon the rules of your community, you can rent out your apartment and use the cash to help pay fees and mortgage.
No matter what you choose, you may want to consult with a mortgage company to determine if you're able to afford a condo or home in your chosen location. Regardless of whether you do choose to lease instead of buy, you'll have a deeper understanding of your options.
Toronto is a great spot to live. If you're thinking about buying a home in Toronto then you need to definitely read the Toronto Real Estate Blog by Carol. You'll find info about the city and you can read about the Toronto condo market.
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