Grand Rapids Condos – Renting vs Purchasing

Grand Rapids Condos – Buying a Condo vs Leasing a Condo 

Plaza Towers Condos

Plaza Towers Condos and Grand Rapids Skyline

 

If you do choose to rent a home or condo, there are several several downtown condos that are available immediately as well as others that are not listed for rent. Another excellent resource is the Grand Rapids Craigslist. Our local board, the Grand Rapids Association of Realtors, also list properties for rent. For the most part, home owners will prefer to lease for at least 1 year but there are some willing to do shorter terms. When you rent, that money is gone forever so it is much better to purchase if you can. When renting a condo, the owner will typically pay the association dues and you will have access to any amenities available. Tenants that lease a condo in the Tax Free Renaissance Zone will benefit from these terrific savings but must live in the condo for 6 months.

65 Monroe Condos - Extended Renaissance Zone (2017)

65 Monroe Condos - Extended Renaissance Zone (2017)

 

If you are going to live in Grand Rapids for a longer period of time, then owning is definitely the way to go. House and condo prices are very competitive right now and there is a lot of inventory on the market to choose from. If you negotiate a good price and get the numbers right, when the market turns you will do very well. This is where you’ll benefit from an experienced Buyer’s Agent that is familiar with the market trends.

You can preview properties in Grand Rapids the surrounding areas for rent and for sale on my website.

One thing you have to ask yourself is how long am I planning on staying in Grand Rapids? Real estate is a long term investment and with the market the way it is, if you are staying for only a short period of time (2 years or less), it would be better to rent than own unless you can get a screaming deal. Having said that, it is entirely possible to get a great deal in this market.

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One Comment

  1. Posted November 18, 2008 at 10:55 pm | Permalink

    Makes a lot of sense to me. One thing that everyone forgets as an owner is than you are paying down your mortgage monthly. With a 200k mortgage you are paying down the mortgage at about $200 per month it gets bigger with each month. Its something you have when you sell, equity.

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