If the search for a new apartment is due to professional changes or the desire for more living space, the question arises for many apartment seekers: Am I looking for a rental apartment or do I perhaps buy a condominium in Tengah EC?
For many people, the condominium, as well as a single-family house on your own property, is a lifelong dream that you want to fulfil at some point. Residential property is considered a symbol of independence and material security.
A rental apartment is more flexible than a condominium
One of the biggest advantages of a rental apartment is the flexibility associated with it, which is particularly important for young people. If you are forced to move by love, family growth or career, you are relatively unbound with a rented apartment and can give up the previous living environment and leave the city within a few months.
With a condominium, you tie yourself much more firmly to your place of residence. If a move is necessary for owners of a condominium for family or professional reasons, a buyer must first be found.
Rental Apartment vs. Ownership: Financial Aspects
When choosing between rental apartment and condominium, financial aspects play a major role. For young people, the purchase of a condominium is often associated with the abandonment of savings and, if necessary, borrowing. Through a loan, on which you pay for a long time and for which usually high interest is due, you have determined yourself financially. A rental apartment is safer, as it leaves a greater financial leeway and the savings do not necessarily have to be touched.
When bad times are announced and a family member becomes unemployed or major purchases and costs such as a car repair, a new washing machine or a computer are pending, you are happy to be able to fall back on reserves and not to have put everything into a condominium. Even special requests such as holiday trips can be realized more easily for young people.
As an apartment owner, you also bear all risks if structural defects occur and repairs, renovation or maintenance work has to be carried out. These tasks and costs are usually attributable to the landlord in a rented apartment. If the owner does not have the necessary reserves for this work, financial problems can quickly arise.
Advantages of the condominium
It is undisputed that Tengah Garden residences are ideal for renting, as an investment and thus also for your own retirement provision. If the financial framework conditions are given, it is a good investment to buy a condominium and rent it out for years until you register your own claim to it in old age.
Those who have paid off their condominium only have to pay for the operating costs. Especially in old age, the exemption from a regular net rent for a rented apartment acts like a supplementary pension. Another advantage of the condominium is the fact that residential property is hereditary. For their own children or grandchildren, it is great if one day they inherit a debt-free condominium and may be able to give up their rented apartment.
Rent or buy an apartment?
Both rental and condominium apartments have advantages and disadvantages. Which financial burden and what financial risk you can bear, you have to decide individually. If you are professionally firmly in the saddle, have completed family planning and have built up enough reserves to buy a condomi
nium without borrowing, you can consider this step.