Are you thinking about renting or even buying Rittenhouse square condos? Not sure about which path you should take? If you answered yes to any of these questions, then you should definitely keep on reading. Finding the right home for your needs is essential, after all, accommodation is one of the most basic human needs. However, there are many pros and cons of both renting and buying. We will now take a closer look at both buying and renting so that you can choose the best one that suits your financial and personal situation.
Firstly, we will start with renting Rittenhouse square condos. The main benefit of doing so is that it gives you a great deal of flexibility. Basically, when you rent one of these condos, you can choose to move after your lease is up if you are not satisfied with the location or the condo. This is quite useful if you’re very young and you’re not sure if you want to fully commit to buying or if you want to leave your options open. This is certainly beneficial if you might end up working in another city or country since selling a condo that you own is a lot more stressful than simply ending your lease. Also, the actual process of getting a condo to rent is a whole lot easier and simpler than purchasing one. When it comes to buying, you will likely need to get approved for a mortgage which can take quite a while. So, if you need a home in a hurry, then renting is the fastest option.
When you own a property, you will be fully responsible for repairs and upkeep of it. When you rent, you don’t have to deal with any of these expenses as the owner will be responsible for doing so. As a result, when it comes to owning a condo, you will need to research how much it costs to upkeep and check your finances to determine if you can afford it. Also, one interesting point many people don’t consider is that you may be forced to sell your condo due to unforeseen personal incidents or expenses. As a result, you may have to sell during a down market. Also, when selling, you will have to pay around 7% as a commission fee as well as approximately 3% for closing costs. Therefore, for you to break even on the sale of your condo, it will need to increase in value by 10%.
Another factor that you need to consider when thinking about buying vs renting is that the average rent is rapidly rising and the average rent is actually not far from the average mortgage. As a result of this, buying may actually be the smarter long-term play. However, there are a couple of things to consider if you truly want to buy. For one, you need to have a stable income and you should not expect any major life changes for at least the next 3 years which would require you to move. Also, when you get a mortgage, you will have a fixed monthly payment whereas with renting, your rent can easily increase rapidly over time. A condo can truly make a great first home especially for a person who doesn’t want a ton of space. Also, since condos are a bit smaller than most homes, they are also cheaper which makes them more accessible.
In summary, we have just looked at the pros and cons of buying vs renting Rittenhouse square condos. Once you have considered all of the points discussed above, you should be able to determine which route is the best one for you.