3 Reasons to Rent vs. to Buy a Condo

Thursday, December 3rd, 2015

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There has been a lot to be said in the media lately surrounding the conversation of renting versus buying real estate. The Barrel Yards is an upscale development project comprised of rental apartments. With condos going up all over Kitchener-Waterloo we thought we would dig into some of the reasons to look at renting rather than buying.

1. The cost of home ownership is skyrocketing. With interest rates on the rise, long-term renting is becoming more appealing. Once you factor in higher mortgages attributed to the market rise and add in increasing taxes, insurance, maintenance and condo fees the idea of owning a place becomes a weighted decision and fixed cost renting beings to feel like a safer more flexible option.

2. The inability to fix any issues you may have. If you purchase a house and there are issues or renovations you’d like to make, you own the land, you can make these changes. When you own a condo you do not own anything outside of your unit, therefore you cannot make any changes to poor infrastructure. If you had any issues with anything beyond your unit you are at the mercy of the building’s management company and the condo board.

3. Life and work can be unpredictable. This may not be the case for everyone, but as many of you who work in startups know, your life circumstances can be a bit crazy at times. Many of our residents own or work in startups and never know if they will have to move to another city or stay in other areas for stretches of time. Choosing to allows you the flexibility to live comfortably without the commitment. For example, if work or life in general prompts you to move suddenly, it is always easier to finish out your lease or to go through sublets/assignments than dealing with the stressful, time-consuming hassle of selling your condo.