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Buy a Condo or Rent an Apartment: My Decision

This article was written by in Real Estate and Home. 6 comments.

About a month ago I publicly ruminated on the yearly question of whether to rent again for another year or settle down and buy a house to call my own.

I spent a good amount of time weighing the pros and cons of all my options, including putting all my cash into a down payment for what I can afford in this area, finding a new apartment to rent, or staying where I am for another year.

New ApartmentWhat eventually convinced me to make the decision were what I decided are the most important aspects to me at this time: flexibility and the desire for a better environment. So I’m moving out when my lease is up at the end of next month and moving into a nicer apartment a few towns away, slightly closer to my day job.

The rent will be more expensive than what I’ve been paying, but less expensive than a mortgage (principle, interest, taxes, and insurance) and association fees on a similar condo, even after making the largest down payment possible with my current amount of cash reserves.

I’ll have some flexibility for another year and more time to work out some of the more important life decisions and find something that will be the right solution for more permanent living, if that’s what I want at that point. Plus, I have a feeling I’m going to be much more satisfied with this new apartment than I’ll be either staying here.

My plan now is to pack over the next few weeks and move during the last week of June.

Published or updated June 1, 2007. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @ConsumerismComm on Twitter and visit our Facebook page for more updates.

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About the author

Luke Landes is the founder of Consumerism Commentary. He has been blogging and writing for the internet since 1995 and has been building online communities since 1991. Find out more about Luke Landes and follow him on Twitter. View all articles by .

{ 3 comments… read them below or add one }

avatar Patrick

That sounds like a good move, Flexo. When you posted you weren’t sure how much time you had and rushing into a home purchase is not a good idea. You need to determine what your needs are and be familiar with the area, values etc. It also didn’t seem like you were 100% sold on the idea of owning. This should give you a lot more flxibility and time to decide your next living arrangement. Good luck!

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avatar Andy

Buying a home is definitely something that should not be rushed into. If you feel that waiting another year will give you some leverage in your decision, then that was a good move. Patience is always a good thing :)

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avatar Virginia

Good for you Flexo; you made the right decision. You are definitely saving a ton of money by renting for probably 1/2 the cost of borrowing, and real estate prices are dropping every month now. It’s good to know that there are intelligent people out there who know how to at least use a calculator before jumping into the most important purchase of their lives!

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