Should you buy condo or stay in rental?
The time has come and the decision has to be made: to rent or to buy?
What would be the better option to get things done quickly? Definitely renting. Getting a condo is a lengthy process. Mortgage loan approvals, insurance considerations, the list goes on. Plus, the whole process takes a longer time than renting. Getting a lease approved is simpler and faster.
Freedom to be Mobile
It could be because of work or change of taste, renting offers flexibility to move out at the end of the lease. While condos can be a great investment as a long-term rental property, but there is a pressure of not able to move out.
Renting condos puts your mind at ease for extra expenses liable by the landlord. Owning a condo comes with hidden charges. Closing costs, taxes, and insurance, maintenance; this costs surely add up.
Room for Negotiations
Some landlords want to make a profit, but there’s also those who needs the tenant to just cover their basic mortgage. And this is especially true in metropolitan areas. This allows Kuala Lumpur area to be a cheaper option for renting than buying. Condos complex has more availability and more demand, making landlords willing to negotiate on rent.
Factors like crime, traffic and unemployment cause houses to devalue over time. Construction of new developments of new homes can also be a factor because of the exceeding supply. So it is better to rent than buying as depreciating investment is not something to be worried about.
Preparing to Own
To the question fitting renting duration before buying a house. Many considerations have to be made before buying a house. Whether able to commit to the condo, enough down payment, fitting long-term neighbourhood and as well as it is impossible to rent a similar place for less. If any of this is not yet to meet, buying is not appropriate and renting would be a better option.