Condos offer many of the conveniences of apartment living; usually including prime locations, amenities like health clubs and pools, and on-site maintenance. However, condo ownership isn't for everyone, so Lani Properties Corp CPM, one of Honolulu's leading realtors, would like to list the pros and cons of buying vs. renting a condo.
Buying a Condominium
First off, owning a condo can be a fantastic long-term investment, since they often boast more desirable locations and lower costs. First-time homeowners dipping their toes into home ownership often find condos a nice option, since they offer many of the benefits of buying a house with fewer responsibilities.
However, keep in mind that condo owners have to pay a monthly association fee in addition to their usual mortgage payments. Most condo associations also have numerous restrictions on the behavior allowed by tenants, forbidding pets and sub-letting, for example, which you might find burdensome over time.
Renting A Condo
If you're attracted to the high-end amenities of most condo complexes but aren't ready to settle in one place for long, renting a condo might be for you. Renters can enjoy the location and pool, without the responsibilities associated with being a member of the HOA or owning property.
Condo renters, however, typically don't have a say in how the property is managed, regardless of how long they've been there. Some HOAs also require the property owner to call in for repairs, meaning you may have to wait until your landlord contacts maintenance if something goes wrong. Real estate experts generally recommend reading over both the rental agreement and your landlord's HOA terms carefully before renting a condo.
Whether you're ready to buy or rent a condo in Honolulu, Lani Properties Corp CPM is here to help. This full-service firm has served Oahu for over 40 years, building a reputation for friendly service and expertise. Visit their website now to browse properties for rent, or call (808) 521-0081 to speak to a member of their team today.