Philadelphia Real Estate Blog

Why rent a Philly condo when you can buy one?  Many renters believe they need to save a large down payment to purchase a condo…the reality is that some loan programs accept as little as 3% down.  Many renters believe they need a 700+ credit score to qualify for a mortgage…the reality is that there are lenders that will accept a score as low as 620 for a conventional loan.

The main difference between renting and buying is who gets your check—a landlord or the bank.  Here are some fast facts from our friends at Trident Mortgage about the advantages of homeownership:

Fact: Interest rates are still at historic lows.
Fact: Renting deprives you of large tax breaks.
Fact: A home is a leveraged investment using other peoples’ money.
Fact: Real estate continues to be an excellent return on investment.

Mark Wade
BHHS Fox & Roach Realtors
www.CenterCityCondos.com
Mark@CenterCity.com

1.  “The sellers didn’t leave the condo as clean as I thought they might or as clean as I would have liked them to”

The contract/agreement of sale calls for broom swept clean condition with no debris left behind. Beyond that- Even most Rittenhouse Square condos are indeed transferred a little less than spotless.

2) “I will probably never use that Jacuzzi style hot tub.”

I find if the tub is new and never used, buyers view it with a shrug. If it old and used- that amenity really becomes a detractor of value.

3) “I guess I don’t really and truly need a 3rd bedroom”

Many buyers have a 3rd bedroom on their wishlist, though most buyers  will eventually opt for a two bed plus den. Even a fair number are opting for a large one bed with a nice den.

4) “Walk-ability is high on my wish list”

And for good reason. But many buyers realize that just being in Center City gets them out and about – and that is kinda’ the idea to city life. Getting out of your condo and shopping/dining/exploring the city can be done regardless of the proximity. Think Uber for a lift to where you want to go.

5) “The ability to rent the condo is of importance”

Indeed. I also think the appeal and ultimate rent-ability of the condo is heavily based upon interior condition and showing ability in addition to the time of year in which you seek to rent the unit. If it shows well, it will rent well….every time.

Mark Wade
www.CenterCityCondos.com
BHHS Fox & Roach Realtors
Mark@CenterCity.com