A Multi-Family Home

Considering Going With A Condo? Check Out These Reasons Why You Should

by Arnold Gomez

Condos are a great investment for those looking to purchase a place of their own. However, many people aren't sure if they can provide them with everything they need. If you are finding yourself torn between buying a condo and renting an apartment, here are a few things you need to consider first.


One of the best parts about purchasing a condo is that you don't have to worry about your mortgage payments going up every year. With an apartment, the management company has the power to raise rent according to the cost of inflation, meaning your payment isn't going to stay locked in for the duration of your stay.


When you look at the different options in housing, it can save you more than you realize to buy a condo over purchasing a traditional home. Condos often tend to be significantly cheaper than a stand-alone house. This makes a condo a great option for those who are looking to get their first place and don't have a large amount of money to spend.


While an apartment complex will take care of all the maintenance for you, that isn't the case with a condo. They will handle a portion of the maintenance, which is nice. Things like landscaping, broken furnaces, leaking roofs and grounds maintenance are often included with your property. With that being said, a clogged sink or broken toilet might not be. Make sure to ask about all of this beforehand to make sure you are aware of what is your responsibility and what falls on the association.


One of the biggest perks in buying a condo over renting an apartment is the fact that you are building value. Every payment you make is an investment in your future. Down the road, you will be able to sell your condo and move into something different if you so choose. You can also take advantage of a number of different tax credits that you can't do when renting. You get to deduct things like property taxes, mortgage interest and various other things. An accountant can help walk you through all of the different deductions available.

When you see all of the advantages above, it makes sense why so many people are stepping away from renting and moving into purchasing a place of their own. Don't throw your money away when you can invest it for your future. Contact realtors in your area for more info.