If you are finally in a position to upgrade your living situation and move into a more luxurious dwelling, then you might be looking into buying a condo. Surely, purchasing a condo is the right move for many people who want a sense of ownership of their property, but don't want to commit to a lot of yard work and maintenance. However, you should not just jump into purchasing a condo without considering the alternative: renting a luxury apartment. Here are three reasons to reconsider signing a lease rather than a mortgage application:
You don't have to deal with the hassle of buying (and selling).
If you've never purchased a home before, you'll be amazed at home much time and energy the entire process takes. From negotiating the purchase price to searching for the best loan rates, buying a condo can really eat up your time for months on end. When you one day decide you want to sell, you'll have to go through a similar process once again. When you rent a luxury apartment, it takes comparably less time to find the right place and sign a lease agreement -- and when you want to move out, you won't have a mountain of paperwork in your way.
Today's luxury apartments offer more amenities and flexibility that you might assume.
In the past, apartment living was somewhat looked down upon once one had found career success and stability. However, this is no longer the case. Today's luxury apartments are designed with the wants and needs of mature professionals in mind. Even some of the wealthiest Americans are beginning to rent rather than purchase condos or houses.
Assuming you live in a well-populated area, you'll likely find several luxury apartment communities that offer the same country club style amenities as the high-end condos in your area -- spas, fitness centers, libraries, gardens. Plus, many communities are allowing their residents to customize their interiors with their own paint colors, fixtures, and trim, which will give you that sense of individuality and "ownership" you are seeking out in a condo.
You can invest the down payment you have saved up.
If you have a down payment set aside for the condo you're thinking of buying, you'll be able to re-allocate those funds if you decide to go with an apartment instead since security deposits are typically only equal to one month's rent. Investing that down payment in the stock market could greatly improve your retirement savings; once it grows over the next 30 - 40 years, you may be able to afford a substantially better retirement because you made the investment.
If you truly believe a condo is the right choice for you, then by all means, go ahead and purchase one. However, it is certainly worth looking into the option of a luxury apartment more deeply since there are so many benefits afforded to you when you rent, rather than buy.