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Is it better to rent or to buy a condo?

Started by Manuel M.
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M

Manuel M.

Sometimes for a little more a month you can afford to buy a small property than to rent it. What would you prefer to do and why?

E

Elena B.

In this situation, I would do a cost comparison, which would involve comparing the true cost of ownership mortgage, taxes, maintenance, utilities, insurance, HOA, and possible condo assessments to what you are currently paying for rent and utilities.

M

Manuel M.

There is also the question of how long you plan to live in the property. Renting gives you the flexibility to move, while buying you would have to sell or rent your property to be able to get another one when you move.

Deleted user

I would have to say rent is the way to go right now that people are not working today and the pandemic is hurting people who own homes and there are a lot of people close to being evicted from there rental properties.

S

Sarah S.

Personally, I like renting. I don't want to be tied down. I owned a house, and anytime something broke or needed updating, it came out of my pocket. I see the point of view that renting is "throwing money away," but I think that depends on many factors such as the area you live in and the type of housing you want. I have a nice 3 bdrm 2 ba in a decent part of Houston for $1178/mo. Close to work and no highway driving needed, plus a huge backyard for my dog! Granted, if I bought, my mortgage would probably be half that, but in the area I live, the houses are old, so the cost of upkeep, taxes, and HOA fees would probably be about the same…and this way I can move if I find a better job somewhere else! It's definitely a personal preference though.

Deleted user

It's pretty rare for real estate prices to go down over time, so buying seems like the better bet.

R

Renee P.

You may need to have 3 times the rent cost monthly to be able to rent a house. If the rent is $1000, you may need $3000 in income per month to qualify to rent. Many people die not have this much money per month.

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