Condo Buying vs Renting Which Is Better - We Compare

Is it better to buy a condo than renting an apartment or home, we compare condo buying vs renting the pros and cons for either an apartment, adult lifestyle bungalow, condominium or house. These are choices you might make in retirement. Condo Buying vs Renting Which Is Better - We Compare

Both choices have advantages and disadvantages, we explore the options and costs. We list things to consider when selecting a home and show you how condo fees are calculated.

We considered all options before settling on renting an apartment for our retirement. Condominium fees can rise more than inflation but you have the building and exterior maintenance taken care of. Condo Buying vs Renting Which Is Better - We Compare

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[dougmorris]

Very glad you guys found a place that checked all your boxes, and I appreciate you sharing the numbers 🙂. I retired in 2015 with plans to move back to the small town I was born and grew up. I did it, but realized it was a mistake... I'd been gone 35 years, it didn't feel like home anymore. Moved back to the city (Pittsburgh) and found a super apartment near everything, with a gym, laundry & trash on every floor and a bus stop right outside the 100 unit building (sold my car). I'm in my sixties now, I live alone, I don't need to own property. I love it. Love you rascals too, keep those videos coming! 💕😊

[lindadagley]

Hi again ..I sold my home 5 years ago...and found a wonderful suite....renting....2 bedroom...free parking...washer and dryer...includes water...but pay Hydro...for $1125.00...I to didn't want to pay condo fees or taxes again...when I go away my landlord checks my place ..and my best friend takes care of my mail and plants ..only think I like to have is a cat again...but he doesn't allow pets ..but not a deal breaker...I just love it her..the building is only 7 years old ..all new appliances...I am very blessed...I agree with you..my house was just to big just for me . ..I raised my family and renting was less stressful...especially with upkeep...I enjoy your videos...got both my virus shots ..hoping to travel soon...take care...

[wilmapennings]

2 years ago we sold our beloved huge country home near Shedden, Ontario. Our 10 children had all moved out, 7 are married with their own children. It was too much upkeep for me, and we were 30 minutes away from the nearest town, St Thomas. We bought a house in St Thomas before the prices went crazy, and have no mortgage. I dearly miss the country, having known nothing different for my 63 years. I will just have to adjust. I stumbled on to your channel. I really enjoy watching you both. My husband is almost 65 and plans to retire. Also, thank you for making me appreciate Canada more. 🇨🇦

[billclarke]

I'm with you guys! I've been renting, and traveling, since retiring early and have no regrets. I some times think about buying a house, I like tinkering with cars, but renting has spoiled me and I don't want to spend my time on maintenance chores. You guys are a great couple, compliments!

[lynn]

Just going over this older video and wanted to put my perspective forward, We had the same concerns as you guys about buying a condo but we did lots of research to make sure they had been putting enough money to one side for repairs etc, we also moved provinces and it is definitely cheaper, our condo fees are 525 including hydro and water with property tax being 120 pm, we do have indoor parking includes but didn't want a gym or pool as it is an added expense.
Our concern about renting here in Alberta is the landlords can increase the rent to whatever they want but I do suspect in time that Ontario will have to stop the rent control as the owners are struggling with all the extra costs so just something for future retirees to keep in mind and to research your rental of purchase thoroughly.
Have a great day guys!!

[CapWalks]

The best apartment that I ever lived in was in Singapore. In the basement of the apartment building was a supermarket, the next building over was a department store, it was next to great restaurants and had a nice pool and gym! I found that I most loved having the supermarket in the basement. Go shopping and take the shopping cart into the elevator and then into the kitchen! Brilliant idea!

[wcg]

You guys have been a big influence on our plans. This video showed up on my feed, two years later :). Our current plan is to sell, move and rent. However, before that, we are downsizing all our stuff first. I want to reduce the "drag" of all our stuff on our lives before we make the move.

[brianchiles]

Condo buy is renting that’s tough to get out of
After dealing with the condo board and the management company (parasites) your months fees it’s best to rent..At least you can get out when you can’t take it anymore

[katiesfarmhouse]

Solid information. I bought a condo outright in a beautiful wooded part of Connecticut 5 years ago. I'm fairly satisfied, but one does have to abide by alot of micro-managing rules, and in my case, stand by helplessly while management decides to cut down hundreds of mature trees for "safety reasons". The trees are why I bought the place! Thanks for this helpful video.

[rca]

This is why we left Toronto and subsequently left Ottawa. We are in Kingston now, a block from the lake and we love it here! So many amenities for a smaller city.

[philannmocan]

We thought that the most relevant part to our retirement move was that we were leaving a costly big city for a smaller (cheaper) community. That was a major consideration-leave some family?-make new friends ? But, it was right for us and as you say...checked the boxes we needed at that time of life. Have met many new friends -who, like us-moved into a smaller community .

[ddavidson]

I have learned that when you are young it's about building assets but when you are retired it's about cashflow. A different focus for a different time of life.

[deborahnicholson]

Moving to a less expensive area is a wise move at any age. We now live on the outskirts of a smaller town and there are lots of positives. LIving in a less built up area, especially with the pandemic situation is a blessing. X

[Johnnykgb-nsa]

I just like listening to you two talk. Very helpful information too. Have a nice weekend. Thanks, John

[melodynoel]

Apartments certainty has its perks, free heat, water, sewage and garbage disposal. Enjoying you videos. I really like the Niagra Falls area.

[Marco-qcyu]

Also add to your condo list: pet restrictions in strata bylaws. Walkability Score. Included onsite storage for suitcases and seasonal wares.

[neilrankin]

Excellent advice! Ultimately you need to balance the need for proximity to services and amenities vs rent costs. Living in a city eliminates the need for a $30 to $50K car, insurance and gasoline, maintenance etc. My wife and I rented a condo in downtown Toronto and walked everywhere (grocery shopping, entertainment, sporting events, doctors, dentists etc. We rented a car when required which was about $300 a month.

Renting is the best option in retirement but if you want a low rent option prepare to drive everywhere.

[linamateus]

Thank you. You provide such valuable information on your channel. Plus you are such a cute couple. Keep up the great work!

[kevinfestner]

Toronto is a world class city, the little apple. I lived in upstate NY, now in Las Vegas. Holidays were taken in southern Ontario and Quebec. I love Tina and Norm.

[nairmiller]

Thank you for sharing. It is never easy making life decisions that effect our quality of everyday living. Stay safe.