Know options when it comes to renting or buying condos
If you’re on the fence whether to buy or rent a condo, take your time because there’s much to know before making a final decision.
Luxury condos in Houston have much to offer, but choosing the right home for a particular stage in your life is where you’ll feel most comfortable.
Judy Levin with Bernstein Realty said Houston has so many options, both for sale and rent in walkable areas.
It’s not uncommon for most buildings to provide a 24-hour concierge and valet service, on-site management offices, a workout room, party room and beautiful outdoor areas.
“High-rise living is a convenient and comfortable way to live and entertain,” said Levin. “Many rental buildings are putting retail in the bottom of the building, which makes it very convenient.”
Whatever you choose, it’s important to distinguish the difference between renting and buying a condominium because there are numerous particulars to be aware of when it comes to both of these options.
When renting a condo, it’s best to deal directly with the owner if possible to understand your responsibilities for liability insurances, understanding the owner’s HOA covenants, conditions and restrictions as well as the local and state laws concerning fees or foreclosure.
It’s also important to know information regarding repairs, parking situations, having visitors, pet restrictions and what’s required if a lease is to be broken.
Buying a condo also has its own specifics to consider. Included in purchasing a condo are your HOA fees and amenities such as guaranteed parking, a pool, great recreational facilities and a luxury standard of living.
In MoneyUnder30.com’s article, Is Buying A Condo A Good Idea or Should You Just Buy A House Instead?, condos have plenty of pluses for their homeowners including affordability. The article reported that in January 2018, the National Association of Realtors’ median existing price was $231,600.
Some of the most desirable aspects of condos range from a lower down payment and monthly payment, fantastic locations, walkability, on-site exercise facilities with top-of-the-line equipment, shorter commutes, and social connections.
Saving money and time on home repairs is also a big appeal where all your cares are taken care of with no repairs or maintenance to worry about since a condo’s exterior is owned and maintained by the HOA. An owner is only responsible for the interior.
The best thing about choosing a condominium, whether renting or buying, is that high-rise living is easily accessible and provides a different kind of lifestyle, said Levin.
“This lock-and-leave lifestyle is very easy for someone who comes and goes, lives alone, or simply wants the modern conveniences of high rise living,” Levin said.