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With housing costs soaring, is it better to stick with renting or finally take the plunge and buy a condo? What are the pros and cons of each option in today's market?

**Renting can be more expensive in the long run**: Since rents are rising in many areas, buying a condo can be more affordable in the long run, even with higher upfront costs.

**Mortgage interest rates are still low**: With current low interest rates, it's an attractive time to buy a condo and lock in affordable financing.

**The average first-time homebuyer puts down only 6%**: This means you don't need to save up for a full 20% down payment to buy a condo.

**A condo can appreciate in value**: As the property value increases, so does your equity, which can be a good investment.

**Owning a condo allows customization**: Unlike renting, owning a condo gives you the freedom to make changes to the property to suit your taste and needs.

**Rent-to-price ratio matters**: A ratio greater than 20 generally favors renting, while a figure less than 20 favors buying.

**Closing costs can be high**: When buying a condo, you'll need to factor in closing costs, which can be 2-5% of the purchase price.

**Property taxes and maintenance fees add up**: As a condo owner, you'll be responsible for these additional costs, which can increase over time.

**Condo insurance is a must**: You may need to purchase your own insurance, which is another fee to factor into your budget.

**The condo's HOA fees can impact your mortgage**: Lenders consider the condo's HOA fees when determining your mortgage affordability.

**Condo prices vary widely**: The typical condo price can range from $275,666 to over $400,000, depending on location and amenities.

**Your credit score affects condo financing**: A good credit score can help you qualify for better loan terms and lower interest rates.

**Condo association rules can be restrictive**: Be sure to review the condo's rules and bylaws before buying, as they can impact your lifestyle and investment.

**Resale value depends on condo amenities**: The amenities and condition of the condo complex can significantly impact its resale value.

**Location, location, location**: The condo's location can greatly impact its value, with proximity to public transport, schools, and amenities being highly desirable.

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