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You might be the one wondering whether to rent or to buy a condominium. Some might want to buy a condo since they want it to be their own property. Some might want to rent it because they do not have a long-stay plan or they have to travel frequently. Some are still confused about whether renting or buying a condo is more worth it? Here is some information to help you make the right decision.
The difference between Renting and Buying a condo.
Buying a condo
In order to purchase a condominium, the down payment must be made 10-20 percent of the price of the condo. For example, the price of the condo is 3,000,000 baht, the down payment must be around 300,000-600,000 baht. If anyone wants to borrow money, you can combine this down payment with a loan.
Renting a condo
The deposit must be placed one to two months in advance and the insured amount of damage to the room at the first time.
Buying a condo
For those who are installing a condominium or home, interest can be applied for tax allowance, but it must be the first house or a condo only. The discount must be not more than 3 million baht and the allowance must not exceed 100,000 baht per year.
Renting a condo
It cannot be applied for Tax Allowance since you are not the owner.
Buying a condo
You can decorate, renovate and modify because you are the owner. In some projects, we also are offered furniture or facilities.
Renting a condo
You cannot decorate and modify. Even posting posters is prohibited in some places. It is necessary to follow the rules set by the owner.
Buying a condo
Pay for maintenance of the shared area such as a living garden, a swimming pool or parking lot, etc. Including providing repair workers in the condominium and surrounding areas, staff to take care of the convenience of the residents.
Renting a condo
You pay for the rent every month but no need to pay for the Annual common fee or maintenance fee.
Buying a condo
It is a certain thing that if you buy a condo, you will immediately be the owner of it, but you may be in debt for several years due to the installment of condominiums that have to be paid to the bank. However, if we buy it, you can sell it or rent it to others. Prices depend on location and other facilities such as MRT, BTS and others.
Renting a condo
There may be some disadvantages because you have to pay monthly rent, but cannot get benefits or increase the value of the condominium. The rental may be suitable for people who do not want to be in debt or who plan to move frequently.
