I loved this article on why renting a condo makes sense for some people. Done right, it is the peak of maintenance free living. Think about it - along with the usual "shut the door" and go advantages of a condo - you can have a nicer place, in a better location
The article does a good job about walking you through the basics of the financial advantages - less in mortgage payments, fewer car payments, etc. etc. The usual financial stuff...
However, there's one incredibly important factor this article has missed that makes renting even MORE attractive. As a renter - you have ZERO responsibilities for Special Assessments / Special Levies, thereby eliminating one of the most important risks facing owners. You pay your rent, nothing more. What if Condo fees for the building sky rocket due for any number of reasons? Not your problem - if the landlord tries to jack your rent beyond market rates - you move.
Do you give up some capital appreciation - yes. But if your goal is low maintenance living, it's a small price to pay to never have to worry about a 'leaky condo' or the dreaded special assessment
~CondoSensei
The article does a good job about walking you through the basics of the financial advantages - less in mortgage payments, fewer car payments, etc. etc. The usual financial stuff...
However, there's one incredibly important factor this article has missed that makes renting even MORE attractive. As a renter - you have ZERO responsibilities for Special Assessments / Special Levies, thereby eliminating one of the most important risks facing owners. You pay your rent, nothing more. What if Condo fees for the building sky rocket due for any number of reasons? Not your problem - if the landlord tries to jack your rent beyond market rates - you move.
Do you give up some capital appreciation - yes. But if your goal is low maintenance living, it's a small price to pay to never have to worry about a 'leaky condo' or the dreaded special assessment
~CondoSensei