condo or apartment?

Question

Is it a better idea to get a condo instead of apartment? Personally, I don't like the idea of paying thousands to rent but never owning it in the end (I live in Washington). But also the owning a condo sounds like a commitment and I don't really know what I would do with it when I'm ready for a house. What are the advantage and disadvantages of either?

Answer

Upside to rent: you are not responsible for anything that breaks or goes wrong, you can get out when you lease runs up without any problems, when you sign the lease you know exactly what it will cost you.
Downside to rent: it's not yours you can't do whatever you want. Your landlord can raise your rent on you, or kick you out at the end of your lease, you're paying for something you will never own.
Upside to owning: you are building equity, paying towards owning something, will help your taxes to have a mortgage, it's yours you can do what you want with it. Security, as long as you pay your mortgage you have a place to live.
Downside to owning: everything that breaks or goes wrong is your problem to fix, you never truely know how much your house is going to cost from year to year ( this year my dishwasher, washing machine and dryer all broke, I had to buy new ones and spend $300 to fix my fridge). If you want to move, your stuck with it until someone else wants to buy it, which might not be an issue but could be.

Answer

Depends on your area, your finances, and your plans for the future. If you move often or anticipate moving soon/needing more space, renting can be easier and more cost effective. If you're staying put in a place with a pretty decent real estate market then buying can be better.

Answer

I never wanted to pay someone else's mortgage which is basically what you do when you rent.

I own my townhome and I've never regretted it. When you are ready for a house you can sell the condo and take that money and use it towards your new home, if you rent, you just throw away that money every month.

The only upside to renting opposed to owning is if anything breaks when you rent, the land lord takes care of it, but if you own it and something breaks, you are responsible for paying for repairs.

condo or apartment?

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