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What's the difference between owning or renting an apartment and how can you go about owning an apartment?

I'm very curious, I have a friend that owns a condo so i'm guessing its not a walk in the park to own an apartment and maybe i'm slow on the intake but what's the difference between owning or renting an apartment and what steps to take to go about owning an apartment without renting monthly? and finally is it a good thing to own rather than Rent?

Public Comments

1. Condo is ownership of your apartment. Purchase price varies from 70k to Millions(New York City) You are responsible for all repairs and maintenance of your apt. You pay a monthly fee to the condo assoc. ranging from 300 to ? A coop apartment you own shares in the company that owns the building. All purchasers of the shares must be approved by the coop board. Price can range from 25k to ?? Also pay month maintenance usually 500 and up. You can also be assessed emergency repairs, renovations and updates to the building itself. New roof, new laundry room everyone is billed accordingly. Both instances you can deduct the interest and property taxes on your tax returns You can hang things on the wall paint the colors you like Renting is giving the landlord your money but you have no responsibilities. Plumbing leaks, call the landlord. The choice is really yours.
2. You buy a condo and you rent an apartment. Two very different things. You apply for financing, find a condo you like and put in an offer. It is better to own, if you can afford it. A mortgage is going to be MUCH more than your monthly rent.
3. If you rent, you are free. When your lease is up , you can stay or go. If you are an owner, you are not free to just pack up and go. You have to sell the condo which might take 12 months. The good part about owning is that you get the profits if the condo goes up in value. A renter gets no benefit when the value goes up by $100,000..