Renting vs Owning Some Combinations

Should i buy a condo

To rent or not to rent… that is the question. But actually, it’s not the only question.

There are a number of different types of properties you can rent, starting with apartments (obviously) but including townhomes, condos, duplexes and even full houses. Conversely, any of these types of properties can also be owned. Since there’s so much flexibility, what are the advantages and disadvantages of owning this or renting that?

Apartments, townhomes and condos are what most people immediately think of as “rentals.” They offer varying degrees of separation from your neighbors, from “virtually none” (apartments) to “a decent amount” (condo and townhomes), specifically regarding the number of walls you share with other residents. In fact, the main difference in townhomes vs apartments is that, in a townhome, you generally don’t have neighbors above or below you.

Rental houses, of course, have all the advantages of standalone structures (isolated from neighboring buildings, full control over all entrances and exits, etc.), and usually cost a bit more per month as a result.

Owning an apartment is not as common as owning the other types of properties under discussion, but it does happen, especially in places like New York City, where downtown space is at a premium. Buying condos vs townhomes is a close comparison, given that the distinction can often be semantic.

Perhaps the most common comparison, though, when discussing ownership, is condos vs houses. Condos are often a first step in ownership after years of renting, and very often lead to the eventual purchase of a house. Some people use condos as a kind of “test purchase” to get their feet wet in the real estate market.

Condos not only have a great resale value but can also be rented quite easily, making them an attractive investment property. Not as many people buy a house with that purpose, but whole-house rentals are certainly available in most cities, if you know where to look.

Ultimately, whether it’s condos vs houses or apartments vs townhomes, renting vs buying or investment vs family home, you can find the option that you’re looking for with just a little hard work, an open mind, and determination. Happy hunting! More information like this:

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