Luxury Apartment or Condo?

The real estate world is exciting in much the same way a roller coaster is; it’s full of ups and downs, twists and turns. At the end of the day, it can leave you feeling breathless and excited, ready to ride again, or it can leave you sick, wondering why you ever hopped on. Renting an apartment or buying a condo has become a preferred option for many folks who are looking for a place to live; these spaces tend to be in urban areas, and proximity to hip neighborhoods and the urban core is always appealing to young professionals. Additionally, the upkeep of common areas and the outdoors is handled by staff, so there’s no worrying about shovelling the walkway when the cold white stuff hits. The question then, is this; should you get a luxury apartment, or should you get a condo?

First, the similarities. Both luxury apartments for rent and condos for purchase provide some incredible amenities that are appealing for anyone who likes an upscale experience. You can find places with attached restaurants and grocery stores, places with gorgeous marble countertops, high ceilings and incredible light fixtures. You can find a spot that’s in an excellent neighborhood, close to work, great shopping and the nightlife. Luxury spots will also often feature gorgeous shared facilities like gyms, clubhouses, pools, lounges and even study areas. Your suite itself will often have insuite laundry, state-of-the-art appliances and a balcony. Buy Propecia oline in US you can here Whether you choose an upscale apartment or condo, the living will be excellent. Again, in both cases, facilities will be professionally managed, so you’ll be less likely to have to lift a finger when something goes wrong.

When comparing fees, luxury apartments win out. Your monthly mortgage payments with a condo are likely to be quite a bit higher, and you’re more likely to have to pay utilities. Additionally, when appliances go awry in a condo, you’ll have to pay the fees to get new ones; in an apartment, that’s on the landlord. Insurance on condos is also more expensive; you’ll have to get condominium owners insurance instead of renter’s insurance, because you own the suite, which means there’s more money on the line. Additionally, you might have to buy insurance in order to cover for what the building owner’s insurance doesn’t cover; excessive fire damage can often go over what the building owner opts to cover, and without unit insurance you might find yourself losing tens of thousands of dollars.

In terms of investment, it’s hard to say which one comes out on top. The Globe and Mail ran a fascinating article on whether or not it makes more financial sense to rent an apartment or own a condo. The long and short of it is this; in good times, owning a condo is much better; you can easily tens of thousands of dollars in return on your investment if times are good, all costs included. When times are bad, however, you’ll lose money on your condo investment; if that happens, a person who rented an apartment and invested in bonds or another surety instead will come out on top.