To Rent or to Buy?

An important question worth asking is: to buy, or to rent? With DC’s high cost of living, it can be tough to distinguish what makes the most financial sense, making that large purchase, or continuing to dole out the monthly rent check. Of course, paying attention to market values, rent costs, and consulting a realtor can aid you in the decision. However, the perks to condo living abound.

Part of the achievement of the American Dream often rests upon the purchase of a home. Not only does this undermine the benefits of renting, but it also neglects condos –the middle ground of urban living purchases. Renting can be a really nice option, less responsibility, little upkeep, and opportunity for movement in the short-term. At Cap City we advocate owning condos (clearly), because it really is the best of both worlds. You own a living space, but have less upkeep. Additionally, buyers with lower budgets are often relegated to the suburbs, but condo owners with the same budget have the opportunity to make their home an urban oasis. With DC as a central hub of activity, this can be a real plus. Moreover, the lack of “upkeep” space is supplemented by proximity to city parks and public spaces.

Another perk of buying versus renting is control. While you may not have to be the one funding the cost of the broken washing machine if you are renting, you also forfeit the right to choose an energy efficient appliance. The ability to make decisions such as that can really enhance your quality of life. Articles such as “The 5 Ways to Decorate if you’re a Renter” can be tossed aside as you can decorate the inside of your condo or home however you’d like. While purchasing a condo or house can feel like you are being locked in to a decision, they really do give you many more options.