Rent, Own, Condo, or Co-op?
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 | ✗ | ✓ | ✓ | ✓ |
Initial Investment | Low | High | Medium | Medium |
Monthly Costs | Fixed Rent | Mortgage, Insurance, Maintenance | Mortgage, Insurance, Condo Fees | Mortgage, Insurance, Co-op Fees |
Tax Benefits | N/A | Yes | Yes | Yes |
Buying and Selling Process | Rental Application | Purchase Agreement, Closing | Purchase Agreement, Closing | Share Purchase, Board Approval, Closing |