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Reasons to Rent: Why You Should Never Rush a Condo Buy

A condo is a very large investment. For one, it costs a heck of a lot of money – and in many cases, your purchase will be costing you more in the first few months as you pay off loans and fix the place up. However, as property investments go, owning a condominium is a good way to increase the value of some of your equity, and if the condominium’s board of owners allows it, you could be putting some of that money to work by renting your condo out. Like any big purchase, however, it’s important to be extremely mindful of the cons before you jump on the pros of a purchase as a reason to buy anything in the condominium market. If you feel like you’re ready to make a big property decision in your life, it’s important to know whether or not getting a condominium is really what you want – not just now, but three, five, ten years from now as well. So let’s go over six very simple reasons why rushing to buy a condo is never a wise move, even at the sight of what seems like a great deal: A Condo Is A Long-term Investment Don’t go into a condo buy thinking that the price tag you see is about as much as you’ll have to afford. Condo owners, regardless of whether they’re paying mortgage or not, still have to pay monthly maintenance fees and premiums for fire insurance, etc. It will most certainly take a little while before your big condominium purchase will make you money. The factors that you’ll be depending on include the strength of the housing market in the near and far future, and the interest for condominiums in your area. If you’re buying a condo in order to watch its value rise for a resale later on, or to rent it out to couples and families in the area, then you’ll do best to speak with a professional investment advisor about what options are safest for you and your money. Otherwise, buy a condo to live in it. And if it’ll make you some money in the future, great. In fact, you...