Condo vs Renting an Apartment, Which is Best?

Both a condo and an apartment can offer you a comfortable place to live. When it comes to which is better, a condo can offer additional value. This is because the money you pay each month is building equity and ownership. With an apartment, the money you spend on rent is used and gone. When you move out, there is nothing to show for that time or the amount of money you paid. You are helping someone else earn income or build equity in the place they own.

Both have Rules and Limitations to Consider

When you buy a condo, you don’t have as much freedom as you would with a single-family home. This is because you have to agree to follow the bylaws and policies of that building. They are in place to ensure everyone is as happy as possible living close to each other. For example, there can be limits on types and numbers of pets. ApartmentRenting.ca gives options for both buying a condo or renting an apartment.

The same is true for an apartment you rent; you must agree to the terms set forth by the landlord in your rental agreement. However, a condo gives you additional freedom to decorate the way you want. You can paint it, change the flooring, things you can’t do with an apartment you rent. If you don’t like the colour of the carpet, there isn’t much you can do about it with a rental.

Cost

The cost of a mortgage on a condo plus the monthly condo fees is usually more than renting an apartment. The trade off though is you have more space and you are building equity as mentioned above. An apartment can be a better choice if you aren’t financially in a position to buy a condo. In addition to your monthly rent you may have to cover utilities. You may be asked to pay a deposit before you can move in.

Location

Both condos and apartments seem to be in plentiful locations. In some areas, there are fewer apartments than condos. If you wish to reside in a specific neighbourhood, research the housing market and what is offered. The demand in some areas is high, making it hard to find a condo for sale or an apartment available to rent.

Amenities

Condos tend to have more amenities than the average apartment, but that isn’t always the outcome. It depends on the type of condo and type of apartment. Some of them are basic and others are upscale. Condos tend to have common areas, a gym, and a swimming pool. It is nice to have those perks on site. Several apartment buildings have a gym and swimming pool available too.

Your Preferences

If you are in a position to buy a condo, it is a better choice than renting an apartment so you have ownership. An apartment may be a temporary option until you save up enough to buy a condo. No matter which you choose, make sure the residence fits into your budget, offers the space you need, and it is in a wonderful neighbourhood where you feel safe and comfortable.