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The condominium way of living |
The condominium owner is just as much a homeowner as anyone else. He/She gets the same income tax deductions, builds up the same equity as the months and years go by. He can buy or sell (or even rent) at a profit. He has the same pride of ownership as any homeowner; he is free to improve his apartment as he sees fit. And he is free to arrange mortgage financing as it best suits him.
In addition to owning his apartment (with a title to it in the form of a deed), the condominium owner also owns a proportionate share of his community's common areas. These include the halls, public areas, entrances, laundry rooms, etc., of the building as well as the grounds and walks. Each owner has a voice in administering these facilities.
The condominium owner's financial responsibility is limited to the payment of his own mortgage, if any, the taxes on his own apartment, and his proportionate share of the cost of maintaining the common charges. At the same time he has a voice in deciding how the condominium shall be operated. And he has the assurance that the condominium shall be professionally managed whether or not he is there.
Condominium charges are based on the actual costs of maintaining the building - without the additional burden of a landlord's profit. And condominium owners never have to worry about the rent increases again.
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to sum up, here is a tabular comparison of condominium ownership versus rental |
| Condominium Ownership | Rentals |
| Voice in community control through elected council | No control over building or operation |
| Professional maintenance keeps costs minimal and condominium owners live "care-free" | Maintenance under control of landlord and at landlord's convenience |
| Equity accumulates through monthly payments | No equity, no matter how long you pay rent |
| Tax deductions available | No tax deductions |
| Excellent financing available for purchase or resale | No financing available |
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do you know how much rent you pay? |
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Present Amount of Monthly Rent |
Total Amount of Rent You Will Pay Assuming Only A 5% Annual Inflation Rate |
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3 Years |
5 Years |
10 Years |
20 Years |
30 Years |
|
|
$200 |
$7,566 |
$13,261 |
$30,185 |
$79,357 |
$159,453 |
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$250 |
$9458 |
$16,578 |
$37,734 |
$99,200 |
$199,317 |
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$300 |
$11,349 |
$19,892 |
$45,281 |
$119,037 |
$239,180 |
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$350 |
$13,241 |
$23,208 |
$52,827 |
$138,876 |
$279,043 |
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$400 |
$15,132 |
$26,523 |
$60,373 |
$158,715 |
$318,906 |
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$500 |
$18,915 |
$33,154 |
$75,469 |
$198,380 |
$398,633 |
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$600 |
$22,698 |
$39,785 |
$90,562 |
$238,076 |
$478,360 |
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$700 |
$26,481 |
$46,415 |
$105,655 |
$277,754 |
$558,086 |
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$800 |
$30,264 |
$50,046 |
$120,748 |
$317,429 |
$637,813 |
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$900 |
$34,047 |
$59,676 |
$135,841 |
$357,111 |
$717,540 |