Should You Rent or Own A Condo?

September 10, 2019

When looking for condos for rent in Iowa City, Coralville, and North Liberty, Iowa, you quickly found a large number that were available for purchase. As a result, you need to fully understand whether renting is your best choice for a condo or if you should consider making a purchase. The following information should help you know which option is best for your needs – both may be appropriate in many situations

When Renting is Right for You                       

Renting is often an excellent choice for those who want a condo. For example, if you plan on only occasionally using your condo or plan on moving soon, you should always rent. Buying in this situation is rarely a good idea because you’ll struggle to sell the property before your move has started. Renting gives you the chance to just walk out the door and be free of the living area for good.

Young people who plan on picking up multiple jobs early in their lives often appreciate this benefit of renting. However, renting is also a great idea if you hate mowing the lawn, repairing your house, or simply don’t have the money to do either. Rented condos provide services for upkeep like this and will typically provide it either at a low price or for absolutely free, saving you money.

Just as importantly, those with poor credit may find that renting is simply a more comfortable option for them than buying. Poor credit may make buying even a condo hard, though renting may raise your credit score in many circumstances. All of these influences are important to take into consideration when deciding to buy or rent. So don’t hesitate to reach out to a professional if you’re interested in renting or may want to buy.

Unfortunately, there are situations in which rental is simply not a good idea. If you find that renting a condo is too expensive – and costs are rising – buying may be better because mortgages are usually lower. You may also want to avoid renting if you don’t plan on moving any time soon or have a stable lifestyle that would perhaps be better served by buying instead of looking for condos for rent.

When Buying Works for You                       

Although you may want condos for rent near you because you aren’t ready to buy, there are situations in which buying is the best possible choice. Though you may pay a little more upfront when you buy, you will ultimately save yourself money over the life of your mortgage. Beyond this benefit, you can also get a myriad of other advantages when you buy instead of rent.

For example, a condo is often a good starter home for people who are sick of renting but not quite ready to invest in a large house. Many condos are more significant than apartments and have mortgages that will be lower than renting. If you end up moving out of the apartment for another home, you can even sub-lease it like an apartment to make a little bit of money for your other home’s mortgage. This option is an excellent choice if you want to make good money owning a condo.

Condos are also a good idea if you don’t need a vast living area or if you are comfortable with a smaller living place. Single people who want to own a home often choose condos because they are smaller and fit their needs. Others may like a condo because they have minimal maintenance – some facilities even have on-site handymen who can provide you with the attention that you need to get your home fixed. Some facilities also pay to replace some items in your condo.

However, there are situations in which buying a condo isn’t a great choice. For example, if you plan on just visiting an area occasionally while you’re on vacation, buying a condo is often an expensive choice. When you find condos for rent in this situation, you can pay a minimal fee to own or rent a timeshare and save yourself a lot of money. This option is one that many people are starting to find is better for them than buying a condo for their needs.

You may also want to avoid buying a condo if you have a large number of personal belongings that you need to store. Condos are typically much smaller than standard homes and have fewer places where you can place your items. As a result, you may end up feeling somewhat constrained in your condo. No matter what choice you pick, though, you need to take the time to fully understand what type of condo is right for your needs.

Choosing a Condo                       

If you want to find condos for rent or even want to buy one, you have many different options from which you can choose. As a result, you need to take the time to check into the various models available near you thoroughly and to do what you can to sort out your different options. Typically, you need to ask yourself a series of questions about your needs to figure out which choice is right for your overall needs as a buyer or renter.

First of all, how many people are going to stay at the condo? If you’re the only person visiting or living there, you may only need one bedroom. However, multiple people will require more than one bedroom. Similarly, you should try to find a reasonably large condo if you plan on having a few people living there. A failure to give enough room for each individual may make the living situation more uncomfortable, even if you only plan on staying a short period during the year.

Also, you need to ask yourself what amenities you want in your condo and how much each is worth to you. For example, you may want a pool or decide that one is unnecessary for your needs. Likewise, you may want a condo with a lot of storage or feel comfortable with one that has limited options. Try to find the best choice in this situation, discuss your purchasing options with people near you, and work hard to seek out a condo that meets your needs.

We Can Help You Make a Decision

If you decide that you want condos for rent in Iowa City, Coralville, or North Liberty, Iowa, please don’t hesitate to contact us at SouthGate to learn more about your renting options. Our professionals have years of experience working with people in situations like yours and will work hard to ensure that you get the highest-quality condo that your money can afford.

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