Buying a Tuscaloosa Condo vs. Renting: What’s Right for You?

There are many reasons buying a condo right now might be a smart move. Start by answering these two questions. Do you plan to keep or use the condo for three or more years? Are you financially able to purchase? Condo loans require at least a 10% down payment and financial stability. We have local lenders we can recommend if you would like more information on condo loans and determining if you are in a position to buy.

If you answered yes to both questions, we recommend buying instead of renting. Buying offers advantages that renting does not, including the following:

1. Rents continue to rise across the country, but buying allows you to freeze some of your housing costs long term.

2. In Tuscaloosa you’ll find that a monthly mortgage payment on a condo is less than the rent you would pay on the same condo.

3. Instead of lining the pockets of a landlord, make your money work for you and build equity.

4. Owning a condo allows you to take advantage of tax deductions for mortgage interest and property taxes.

5. Condos in Tuscaloosa offer passive income potential as investment properties. “Think about it; it’s entirely possible to pay down your mortgage using other people’s money. In doing so, you’ll benefit from positive cash flow every month (if you invested wisely) and build equity in a property without spending any of your own money,” Than Merrill.

Appreciation is another possible benefit for buying a Tuscaloosa condo, but not a guarantee. Some Tuscaloosa complexes saw significant increases in value this year, while others didn’t appreciate. While condos appreciate more often than not, it should be considered the “icing on the cake.”

If you are ready to buy a Tuscaloosa condo, or would like more information about the Tuscaloosa condo market, call us any time at 205-393-3044 or email us at jasongrayhomes@gmail.com.