There’s are many types of Las Colinas homes available on the real estate marketplace, but one of the hottest commodities right now are condos—especially for first-time homebuyers. However, many potential buyers have come to realize that leasing Las Colinas homes may be a wise first move before delving into the buyers market. Here are some reasons why.
The Up-Front Cost of Buying
Down payments, closing costs, private mortgage insurance, titling costs and any immediate repairs…these can add up quickly. If you don’t have the cash to cover all of these right away, it may not be a good time for you to buy just yet. Leasing typically requires a deposit and first and last months rent, which is far less stressful on the budget versus buying.
The Long Term Cost Comparison
In the long run, your cost for leasing is your rent, which is money that you’ll never see again. Hence, buying is ideal for those who can afford to and are looking to build equity or see a return on their investment. However, buying a home comes with expenses like repairs, homeowner’s insurance, HOA dues (where applicable) and property taxes—things that are all covered when leasing a condo.
Additional Responsibilities of Condo Ownership
Whether leasing or buying a condo, most come with amenities such as exterior maintenance, landscaping, trash removal, sideway and common driveway upkeep, etc. The primary difference between owning and leasing is that all of these services are included with the lease payment. Owners will not only have to pay their mortgage, insurance and taxes, but they will also have to pay HOA dues to a common account to pay for these services. Furthermore, owners will have to cover any interior repairs within their condos.