Ever wonder whether it would just be cheaper to stop renting and buy a condo?
Hopefully this resource will help you crunch the numbers...
Rent or Own?
Use the listings on the bottom of the page to find a condo that you'd consider purchasing.
Find out the HOA fees and other expenses.
Enter the mortgage rate you expect to pay and duration (average numbers are already plugged in).
Plug in all of the numbers, including the rent you're currently paying.
Keep experimenting with different numbers to see what you can afford.
Note that you might start out getting a smaller or less swanky condo and eventually renting it out, moving to an even nicer place. However, keep in mind that owning a condo typically comes with perks and moneysaving, but also board restrictions.
|Comparison Points||Renting||Home Ownership||Condo Ownership||Co-op Ownership|
|Ability to Build Equity||✗||✓||✓||✓|
|Control over Property Modifications||✗||✓||Some Restrictions||Some Restrictions|
|Access to Shared Amenities||Depends on Rental||✗||✓||✓|
|Potential for Rental Income||✗||✓||Yes (Subject to Rules)||Yes (Subject to Rules)|
|Pride of Homeownership||✗||✓||✓||✓|
|Monthly Costs||Fixed Rent||Mortgage, Insurance, Maintenance||Mortgage, Insurance, Condo Fees||Mortgage, Insurance, Co-op Fees|