Living in a condominium is a living arrangement that is built into our modern ways of life. You see a lot of condos rising in city centers, and now even in mountain towns, and near the beach. Condos are all around us, so it would come a time that you would want to live in one. But as you think of it, one of the questions that would arise is if you would buy or just rent.

Ultimately, choosing whether to rent or to buy a condo depends on you. But to help you out, here are a couple of factors that you should consider so that you can decide what’s the right track for you is:

1. Commitment To The Location And The Condo

Among the first considerations when deciding whether to buy or to rent a condo is how committed you are to the location. Are you looking at staying in your current company, or at least within the general area? If not, then renting might be better for you. For example, if you are currently working in Davao City but eyeing to work in Metro Manila, looking for a condo for rent in Davao City might be better for you as compared to buying there.

And it’s not just about the location, but the condo itself. By renting, you are giving the flexibility to move from one condo in the area to another. This helps you easily get out of a condo that ends up not being the right fit for you. If you own the unit, it may be harder for you to part ways with it, but if you are just renting, you will have no troubles in moving on to a possible better condo for you as compared to the one you’re currently in.

Of course, if you own the unit, you can also choose to rent it out to others, so it depends on how willing you are to manage a rental business. Or, you also have the option to sell the condo. If you are not keen on doing any of these, then best to just rent.

2. Finances

Buying a condo entails a huge financial outflow. You will need to cover the down payment, and the monthly amortization, with the latter either from a bank financing, or from in-house financing. If you have enough savings, then paying for a unit in cash is also an option that you can take.

But if you don’t have enough to at least pay for the down payment, then looking at buying a condo unit may not be a good idea for now. If you are not confident enough in your financial standing, you shouldn’t commit to this huge financial obligation as you may just end up foreclosing it later on.

And when you buy, you would also be thinking about other condo ownership-related expenses such as property taxes, insurance, maintenance of the unit, and other special assessments. Think wisely before committing.

3. Degree of Freedom

If you are renting, may it be an apartment or a condo, the degree of freedom to manage your home is limited even if you end up becoming a long-term tenant. But if you own the unit, you will have the freedom to do whatever you want with the unit. You can even re-design it as often as you want for as long, of course, that it follows the policies of the condo project. If you really want to call the condo unit your home, buying it is the way to go.

Buying a condo or renting one is really up to the type of person you are. Based on the three factors above, and other considerations that you may have, make a thorough assessment whether you are better off buying or renting a condo unit. Condo living is a dream, but whether owning or renting it the right way to do it all depends on you.