Owning a condo is a lot different than renting in Danbury,CT. Each option has it's advantages and disadvantages. If you plan on being in the area for less than three years, I would recommend renting because the costs associated with the transaction. Any longer, I would recommend .purchasing because it does not sense to be a long term tenant
There some advantages to renting a condo in Danbury,CT. You are free to move on after your lease is up. There is less initial up front to get you into a home, which is typically 2 months security deposit in addition to first month rent The owner of the property is responsible for most of the maintenance that may have to be done. Even if you want to paint, you would have to get permission from the landlord. The disadvantages for renting is that rent is just like another bill, and you don't get anything in return other than a place to live. You generally can not make any changes to the property. At the end of the lease, all you would get back would be your security deposit if you have the place in the same condition you found it in. You as the renter essentially pay the owners mortgage. There is no guarantee the landlord will maintain the home like you would. There are no tax incentives for renting. As a renter, if the owner decides they don't want you there after a year, you have to move. As a renter, any pet that you would like to have must be approved by the landlord, even if it is permitted in the condo rules.
When you own, you really become member of the community. As a owner, you can become involved with the condo. You are formally committed to the unit, by way of the mortgage and deed. If you have to sell, you are responsible for paying off all the debt associated with the property. When you buy a condo in Danbury, you have to fund your own downpayment and closing costs. If anything system of the condo breaks that is not part of the common elements, it is your job as the homeowner to fix them. It does also take more time to purchase a property than what is usually needed to get a rental. As a homeowner, if you decide if you don't want to live there anymore,you have to decide whether selling or renting is the best option for you. You get to do the improvements you want to over the time. You have a say in what goes in to the complex, as you have a voice at the meetings, etc. As an owner, you can personalize your property the way you want it (flooring, appliances, paint). When you own, you are in control of your housing, not the landlord. You can have whatever animals you want as long as permitted by the condo rules. There are tax benefits for owning, since you can deduct the interest you pay on your mortgage on your taxes. You build equity over time.
If you would liked to discuss your situation, please contact me and I will get back to you. First time buyers with questions welcomed and encouraged.
Page Last Updated, 2/11/2017