Condo Rentals Verses Buying In Today's Market

Are you considering buying a home in today's tough real estate market but aren't sure you are ready for that type of jump? Who can blame you--the market has been unusually brutal to the millions of home owners who recently lost their homes to foreclosures and the ensuing banking meltdown seems to have cemented the memory of home ownership into the same classification as a Stephen King horror novel.

However the silver lining to the housing melt down has been the marked increases in condo rentals for prospective buyers who want to test drive the concept of homeownership with kid gloves.

Condo rentals are a great way to do several things if your ultimate goal is home ownership somewhere down the road. First by renting you can save money for a down payment to buy and since the banks have tightened up the rules for lending that means coming up with thirty percent for a down payment and having near perfect credit. Condo rentals tend to be less expensive than single family housing units to rent and at the same time a great cut above renting an apartment or mobile home.

After all renting is not like paying penance. Your rental experience should not be a nightmare but rather some down time to save money and repair your credit score. Most condos are located in ideal locations for playtime so you can usually find one right where you want to be whether that's on the beach or even on the golf course and then you only have to step out as far as your front porch to get out and have some fun.

You may even decide that condo rentals are the way to go and opt out of pursuing a home purchase for a few more years. Other than their perfect locations in adult playgrounds, these little homes are also well maintained by home owner associations so the property value doesn't drop out of the sky the way property on your average house has done in the past. This means you don't have to worry about any neighbors with bad judgment taking your property valued down with their own when they paint their house the same color as their favorite football team or decide to display their collection of garden gnomes out front for the holidays.

It also means that even if you're just renting you don't have to rely on an absentee landlord to shovel the snow, blow out the irrigation sprinkler heads or anything else. HOA dues cover all of the outdoor maintenance so your condo rental will always look kept up and neat at least on the outside.

Take your time deciding to buy and let the market adjust itself while you rent and wait it out. And when you are ready to buy you may even decide you have already been living in your dream home the whole time and decide to buy the condo you have been renting. Stranger things have happened.

By: aabbey

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