Are you looking for a new apartment or condo to live in? Here is why you should check out Condos For Sale in North York for all of your condo buying needs.
What is a Condo?
A condo, short term for condominium is a building or a complex of buildings of different rooms or units that are individually owned by different persons.
What Is the Difference Between Condo vs. Apartment?
Both condos and apartments contain units that are occupied by different families or individuals. The main difference of the two about the ownership of the units. Condominium development sells each unit of the condo. Thus each condominium unit is owned by one person. An apartment complex, on the other hand, is owned by a single owner or a corporation where units are leased to tenants.
And since condos give ownership to the individual occupying the unit, the owner has the right to change the design and structure of his/her own unit. Apartment renters, on the other hand, cannot change anything in their rented apartment units since they are only occupying the units at temporarily.
Choosing whether to get a condo or an apartment depends on your lifestyle and the type of work. If you are still unsure whether to own a condo or rent an apartment, here are the things that you can consider.
Pros of Buying a Condo
Renting an apartment may be cheaper than buying a condo, but you will get to own a property for a lower price than buying a single family house.
Fixed Mortgage Payments
After taking out the loan, monthly mortgage payments don’t increase, unlike rentals.
Convenience in Maintenance
Condo unit owners have the benefit of having some of the maintenance taken care by the condo development. This may include furnace and roof repairs.
As a property owner, you are privileged to enjoy tax deductions. You will have lower interest rates on such as the mortgage, property tax, and PMI deductions.
Pros of Renting an Apartment
If you think that you will still not be settling in your current location for good, renting an apartment would be a smart choice. Apartment owners can offer you short or long-term lease, and others can even give a deal of having a monthly payment basis. In case that you’ll need to move to another location, you won’t have to worry having to leave something behind.
No Worries in Maintenance
In apartment rentals, renters are usually given a full maintenance package, so whenever you find that there are some fixings needed in your unit, the owner will take care of it for you.
Renting an apartment costs significantly lower than owning a condo. To get a condo unit, you must have enough downpayment, or you may need to get a loan. Renting an apartment only requires you to give a deposit for your rent in the first month, and you can then occupy it right away.
Get a living place that best fit you. If you are settling in that location for good, better buy a condo. But if you think that after some months you will have to transfer to another place, just rent an apartment and leave whenever you want to. Whatever you decide, think which would be more practical for you.