When choosing a condominium you want to live in, you are certainly focusing on its location as well as its type of unit. However, these two criteria are not the only ones that you should take into account when making your selections. You should also ask yourself whether you should live in this accommodation as an owner or as a tenant. To answer this question, first find out about the advantages that each of these options gives you.
Why rent a condominium?
When it comes to investing in real estate, some prefer to look to new condos for rent in Montreal. If they decide to make this choice, it is mainly for several reasons.
Indeed, to proceed with the rental of a condominium, you do not necessarily need a large sum. Even on a shoestring budget, you can afford to live in this type of accommodation.
In fact, to become the owner of a condo, you must have an initial fund. Apart from this down payment, it should be noted that you will also bear certain additional costs such as municipal taxes.
In addition, renting a condominium remains the ideal solution for people who are looking for quick accommodation. Moreover, the circumstances which explain such a situation are not lacking. In the event of a couple’s separation, for example, one of the spouses may start looking for a building immediately. If he were to proceed with the purchase of a condominium, it seems obvious that he will not have the time required to follow all the procedures, even if he has the necessary budget.
Why buy a condominium?
Still in terms of investing in a condominium, there are some people who prefer to proceed with its purchase. For them, a direct acquisition is definitely better than a rental.
In fact, when you rent a condominium, the resulting cost is virtually identical to that of a mortgage. At first glance, you will think that the price of a rental is much more advantageous than that of a purchase. However, that is not quite it.
In reality, rent prices keep increasing, making them virtually identical to the monthly fees of a mortgage payment. It can even happen that the price of a rent exceeds that of a mortgage, as the rent is likely to increase each year.
In short, to invest in a condominium, select the option that best suits you.
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