Buying a condo vs renting
The perks of renting, and the responsibilities of buying
If you don't know how long you'll be in your job or in this town.
It is much easier to leave town if you don't have a condo to sell first.
Why buy? Make money.
If you've been in your jobs a year, and you think you'll be staying in town for at least 3 more years, you'll be better off financially to buy versus rent.
If you make a smart buying decision and the market continues to improve for that area, you should make some money when you sell.
Why buy? Save money.
Depending on your credit score and down payment amount, it could be cheaper to buy a condo than rent an apartment. Ask your realtor to analyze the market and find out.
Why buy? Equity.
As you pay down your debt, and the value of your home increases, you can take use the equity in your home to buy things you need later, like a car or school tuition. You can do that if you are renting.
Why buy? Freedom.
You can paint the interior walls what ever color you want and no one can tell you not to... except your realtor when it's time to sell it.
Why buy? Tax credit.
I'm not an accountant... BUT... you'll probably pay less in taxes by claiming the interest on your mortgage as a tax deduction if this is your primary place you live.