No. 1.
No major outlay of cash.
No. 2.
No long-term obligation.
No. 3.
You may obtain equal accommodation for less money.
No. 4
Generally, your only obligation is rent, no taxes, maintenance or
repair costs.
No. 5.
While mortgage rates are extremely low today, they could rise in the
future and this could substantially increase a purchaser’s mortgage
obligations.
No. 6.
When you rent, you don’t have to worry about renting or selling your real
estate if you move to a new city or new country.
No. 7. Rather than investing in
real estate, you can invest in your own business or other investment
opportunities.
No. 8.
Changes in mortgage rates will not affect your monthly rent
obligations.
No. 9.
Lifestyle choices change, and marriage or children may dictate new
accommodation needs.
No. 10.
If you pick the wrong apartment or area, you simply give notice and
move. Living accommodation decisions are easier and less stressful, allowing
you to get on with your life.
No. 11.
Even if you own a condominium, you still have maintenance and taxes to
pay. Often these expenses range
anywhere from 400 to $2000 per month and in some cases they are nearly as much
as rent.
No. 12. On a 25 year mortgage
amortization, your first three years primarily goes toward the interest on the
mortgage and very little principle gets paid.
No. 13.
Real estate prices rise and fall.
If we are approaching a bubble, condominium values could drop
substantially. (Like the last recession)