What are the Benefits of Purchasing a Condo vs. Renting?

Are you debating whether to continuing renting an apartment or making an investment with a condo? Here are four compelling reasons to buy a condo:

Creative control

Renting an apartment is not the end of the world. There are lots of benefits and freedoms to renting. However, there are also lots of restrictions. For instance, have you ever been told as a tenant that you can’t put up a TV mount? Or that you are not permitted to paint the walls a certain colour? Purchasing a condo means that it becomes your space to be as creative as you want! Feel free to let your artistry shine on the living room walls. Put as many holes in the walls as you want, it’s ok because they’re your walls!

Pay your own mortgage, not someone else’s

Renting is a fantastic way to start out. From learning how to pay monthly bills to gathering all the furnishings necessary to live alone, renting is a great stepping stone to owning. But after a while it becomes annoying to be paying into someone else’s equity; to be paying someone else’s mortgage. When you feel you are ready to own your own place, buying a condo is a fantastic way to go. You will be implementing all the money management skills you’ve learned over the years into your own investment. You will be investing your money in yourself, not in someone else.

Begin establishing your credit to increase mortgage eligibility down the road

Perhaps condo living is not your final be all end all for dream houses, and that’s just fine! Owning a condo and paying a mortgage on that condo is the best way to ensure your eligibility for a higher mortgage in years to come. The dream house with the river view and three-car garage may be a few short years away, but you will certainly increase your mortgage eligibility for the larger place by having a good track record in place. Showing the bank that you can dutifully pay a mortgage is a stronger argument than paying rent.

Can cost the same in monthly bills as renting

Paying rent is not the only cost associated with renting a home, additional monthly bills can really start to add up. The added costs of hydro, gas, cable and internet services etc. can make budgeting difficult. Oftentimes you can pay the same or even less than rent for a mortgage on a condo. Purchasing a condo offers a great alternative to renting, especially if the cost would be incredibly comparable to that of renting. It can often be pleasantly surprising to discover that renting is not in fact cheaper than owning.
Are you ready to buy a condo in Ottawa? Qualicum Woods Crossing’s charming collection of condos and terrace homes is the perfect fit!

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