Compared to owning a property, renting a condominium unit provides greater freedom, less responsibility, and limited financial commitment. Consider all the benefits of renting and look into the various condo units ready for occupancy before you decide on a place to live.
One of the major advantages of renting a condo unit is affordability. Condos are living spaces often decorated with luxurious themes and rented at relatively low costs.
Condo living also allows you to save on utility costs. Electric and energy bills are much lower for small spaces with fewer rooms to heat, light, and clean. In addition, you no longer have to consider installation of electrical and water utilities as a condominium building already has these in place. The money you save can instead be used for redecorating and adding touches of personalization to your condo.
Low monthly rental payments mean you can spend most of your paycheck on everyday life experiences instead of on constant upkeep of your place. You can, for instance, travel or go on culinary adventures without worrying about mortgage or debt from buying a property.
Freedom and Limited Responsibility
Renting allows you greater freedom to move out of your place or out of the city. This is especially beneficial if you intend to live closer to where you work. You are essentially able to live in a place only for as long as you want to. This is a lifestyle perk not available for those who are living in a property they own. Owners may have difficulty uprooting their lives and moving elsewhere because they have to consider the significant investment they put into buying the property and consider its future of if they ever decide to leave.
You can pass on maintenance responsibilities to your landlord. They are usually responsible for the necessary repair and maintenance costs of the unit. You don’t have to handle finding a good handyman or plumber to fix damages and plumbing issues.
Unless you live in a condo, you are unlikely to have easy access to a pool. Most condo buildings have a well-maintained pool and other amenities like hot tubs and gym memberships with free classes and access to the clubhouse. Condo association fees are usually much cheaper than personal pools or gyms.
Unlike owning a home, renting a condo means you don’t have to worry about exterior landscaping and the design and appeal of your property.
Condo living means you are relatively safe from natural calamities like typhoons. A high rise condo greatly reduces the risk that flooding will damage the structure and that people have to evacuate. Drainage and flooding control is also managed by the building, eliminating the need for you to call on repair services.
In addition, before deciding on whether you want your living situation to be on a permanent ownership or temporary rental basis, consider the location of the unit and the social and economic climate of the country.