Should I rent or buy a condo?

Should I rent or buy a condo?

Getting approved for a lease can be simpler and faster. And you don’t have to worry about saving up for the down payment and closing costs when you rent. Plus, renting doesn’t put you in debt. When you buy a condo, you’re typically taking out a sizeable mortgage loan that you’ll pay back with interest over 15-30 years.

Why are condos hard selling?

A significant part of the reason condos remain harder to buy and sell has to do with financing guidelines. (1) FHA financing, which is possible with only a 3.5% down payment (which can be a gift), lower credit score and higher debt-to-income ratio, now requires that the entire complex be FHA approved.

Which floor is best for condo living?

Living on the higher floors provides more safety as opposed to lower floors. You can open your windows during the night without the worry of an unwanted circumstance. Higher resale value. Living higher up offers more privacy, better views and appreciates faster than a condo on the ground floor.

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