{"id":303,"date":"2022-11-07T06:00:28","date_gmt":"2022-11-07T06:00:28","guid":{"rendered":"https:\/\/www.keylandcondo.com\/properties\/?p=303"},"modified":"2022-11-24T02:39:37","modified_gmt":"2022-11-24T02:39:37","slug":"condo-living-renting-or-buying","status":"publish","type":"post","link":"https:\/\/www.keylandcondo.com\/properties\/condo-living-renting-or-buying\/","title":{"rendered":"Condo Living: Renting Or Buying?"},"content":{"rendered":"

Living in a condo is a practical way to navigate city life either for work, studies, or business. Condos are in the heart of commercial districts so almost everything you need is within reach. <\/span>If you’ve decided to live in a condo, the next question you need to answer is whether you’re going to rent or buy a unit.\u00a0<\/span><\/p>\n

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But before you decide between the two, there are pros and cons of renting or owning a condo that you need to know.<\/span><\/p>\n

Pros of renting a condo unit<\/span><\/h2>\n

Renting is more manageable for people who are living on a budget.\u00a0 It’s also for those who are still contemplating what they want and where they want to be in the future.<\/span><\/p>\n

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We listed some advantages of renting a condo:<\/span><\/p>\n

The monthly expenses are predictable<\/span><\/h3>\n

You can compute your monthly rental expenses when you’re renting. After you pay the refundable deposit and advance fees, the monthly rental fee is the only expense you need to think of.<\/span><\/p>\n

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The rental expenses are already stipulated in the contract so the cost is the same every month. Depending on the agreement, you are not obligated to pay for utilities, association dues, and taxes. However, in some cases, you need to pay for water and electricity as these depend on your monthly consumption.<\/span><\/p>\n

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The cost is lower<\/span><\/h3>\n

If you want to live in a particular condo but don\u2019t have enough money to buy a unit, you may want to try renting a unit first. This will give you the same experience without breaking the bank.<\/span><\/p>\n

The only upfront fee you need to shell out is for the deposit and advance payment. Generally, payment for these amounts to three to six months of the monthly rental fee. After that, you’re ready to move in.<\/span><\/p>\n

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Worry-free maintenance<\/span><\/h3>\n

As a renter, your only responsibility is to pay the monthly rent and tidy up the unit.\u00a0 Generally, repairs and maintenance are the responsibility of the owner.<\/span><\/p>\n

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No strings attached<\/span><\/h3>\n

When you are renting a condo unit, you’re free to move out anytime you want to. That is if your payment obligations are already fulfilled.<\/span><\/p>\n

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Cons of renting a condo<\/span><\/h2>\n

Renting a condo may be a good option because of its no-risk nature. But there\u2019s also some downside to it. Here they are:<\/span><\/p>\n

 <\/p>\n

You have to seek permission most of the time<\/span><\/h3>\n

This is on a case-to-case basis. But more often than not, you are obliged to ask for the landlord\u2019s permission, or at the very least, inform him about what you want to put in the unit.<\/span><\/p>\n

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No control over the monthly rental fee<\/span><\/h3>\n

Because you\u2019re a renter, you have no control over the rental rate. Your landlord decides when to raise it. If you\u2019re staying for a year, it\u2019s better to go over your contract and ask about the fees before deciding to pay the deposit.<\/span><\/p>\n

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No stability<\/span><\/h3>\n

If you can move out anytime you want to, your landlord also has the right to tell you to vacate the unit within a certain time frame. Even if you have plans on staying longer, if your landlord tells you otherwise, you have no choice but to follow.<\/span><\/p>\n

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Parking doesn\u2019t always come with the unit you rent<\/span><\/h3>\n

Consider yourself the luckiest if your preferred unit comes with a parking slot. But more often than not, it doesn\u2019t, so you have to rent a parking slot separately. And if the condo doesn\u2019t have an available parking slot for you, then you may have to consider renting in another condo.<\/span><\/p>\n

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No return on investment<\/span><\/h3>\n

The rental fee you pay goes to your landlord. However big the amount is, consider it gone forever.<\/span><\/p>\n

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Pros of buying a condo unit<\/span><\/h2>\n

Buying a condo unit is good for people who are first-time homeowners. It\u2019s more affordable than a single attached house, and it\u2019s more practical, especially for people who want to live near their workplace.<\/span><\/p>\n

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But it\u2019s not for everyone as people have different priorities, needs, and financial capabilities at a given time.<\/span><\/p>\n

So, if you decide to buy a unit, these are the advantages of doing so:<\/span><\/p>\n

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Pride as a homeowner<\/span><\/h3>\n

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If there\u2019s one thing you can be proud of as an entrepreneur or an employee, it\u2019s being able to buy your own living space. Nothing beats the sense of fulfillment you\u2019ll feel when you see your hard-earned money being put to good use.<\/span><\/p>\n

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Forced Savings<\/span><\/h3>\n

When you buy a condo, your monthly amortization is like your forced savings plan. As you pay this, your mortgage balance decreases. When you\u2019re staying in your own condo unit, your monthly fee helps increase your home equity.\u00a0 It’s like investing in yourself.<\/span><\/p>\n

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Control over your property<\/span><\/h3>\n

When you\u2019re buying a condo, you can design the unit however you want it. Also, you can decide whether to make it your home or rent it out.<\/span><\/p>\n

 <\/p>\n

Voting rights in the condo association<\/span><\/h3>\n

As a unit owner, you have the right to vote and be elected to the Board of Directors in the homeowners association. You have a voice whenever there are issues and concerns. But remember, as in any association, the majority rules.<\/span><\/p>\n

 <\/p>\n

Cons of buying a condo unit<\/span><\/h2>\n

If there are benefits, there are also disadvantages to buying a condo unit. We listed some of them:<\/span><\/p>\n

 <\/p>\n

Additional expenses<\/span><\/h3>\n

As a unit owner, expect additional expenses anytime. There are urgent repairs such as leaking pipes, faulty electrical outlets, and busted lights. These are home maintenance problems that homeowners can\u2019t avoid.<\/span><\/p>\n

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Other than the monthly association dues, there are also other fees collected if you want to avail of special services as the need arises. These are insect and termite control fogging or door-to-door garbage collection, among others.<\/span><\/p>\n

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Payment for unused facilities and amenities<\/span><\/h3>\n

When you own a condo unit, part of the monthly association dues you pay go to the maintenance of facilities and amenities that condo residents use. This is regardless of whether you use them or not.\u00a0<\/span><\/p>\n

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No control over the schedule of repairs<\/span><\/h3>\n

The Property Management Office schedules the repair and maintenance of the condo. There are times when their schedule is not aligned with yours and you have no choice but to submit to their availability rather than wait for another time.<\/span><\/p>\n

This is disadvantageous to people who are working and living alone. It\u2019s either you ask the PMO to schedule the repair on a weekend or you apply for a leave of absence from work when they schedule the repair in your unit on weekdays.<\/span><\/p>\n

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You are bound by the rules of the condo<\/span><\/h3>\n

There are rules and regulations in condos. They keep things in order for the community as neighbors live between walls. As a unit owner, you have to abide by the rules of the condo regardless of whether you agree with them or not.<\/span><\/p>\n

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Restrictions vary depending on the condo management. But generally, the common restrictions are related to the colors of curtains used, noise, pets, smoking, and parking.<\/span><\/p>\n

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You’ll think twice about moving<\/span><\/h3>\n

When you own a condo, you can\u2019t move out of it or transfer to another place anytime you want to. It\u2019s your property so you will have to think about what will happen to it after you leave.\u00a0<\/span><\/p>\n

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Final thoughts<\/span><\/h2>\n

Both renting and buying a condo have advantages and disadvantages. It is relative to your needs, financial status, priorities, future plans, and commitment level.\u00a0 There is no absolute best between the two.\u00a0 In the end, you have to decide what suits you best given your situation. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Living in a condo is a practical way to navigate city life either for work, studies, or business. Condos are in the heart of commercial districts so almost everything you need is within reach. If you’ve decided to live in a condo, the next question you need to answer is whether you’re going to rent…<\/p>\n","protected":false},"author":2,"featured_media":307,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[18,24,27,8,5,17,26],"class_list":["post-303","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","tag-ascott","tag-buy","tag-buying-condo","tag-condo","tag-investment","tag-keyland","tag-renting-condo"],"_links":{"self":[{"href":"https:\/\/www.keylandcondo.com\/properties\/wp-json\/wp\/v2\/posts\/303"}],"collection":[{"href":"https:\/\/www.keylandcondo.com\/properties\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.keylandcondo.com\/properties\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.keylandcondo.com\/properties\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.keylandcondo.com\/properties\/wp-json\/wp\/v2\/comments?post=303"}],"version-history":[{"count":1,"href":"https:\/\/www.keylandcondo.com\/properties\/wp-json\/wp\/v2\/posts\/303\/revisions"}],"predecessor-version":[{"id":308,"href":"https:\/\/www.keylandcondo.com\/properties\/wp-json\/wp\/v2\/posts\/303\/revisions\/308"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.keylandcondo.com\/properties\/wp-json\/wp\/v2\/media\/307"}],"wp:attachment":[{"href":"https:\/\/www.keylandcondo.com\/properties\/wp-json\/wp\/v2\/media?parent=303"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.keylandcondo.com\/properties\/wp-json\/wp\/v2\/categories?post=303"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.keylandcondo.com\/properties\/wp-json\/wp\/v2\/tags?post=303"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}