Full Question
I have been renting an apartment for years and am looking at buying a condo. However, with the monthly condo payment, plus other expenses like maintenance fees and taxes, my monthly payments would be through the roof. I feel like most of my money would be going to these extra fees and not to paying off my mortgage. Would you recommend swallowing the fees and buying a condo, or should I keep renting?

Answer
Condo fees can be steep, but are not created equal. When scoping out properties make sure to note down what services are covered by the condo fees, because they may duplicate some other costs you pay for as a renter as well. Also, keep in mind that as a home-owner you may have to pay for a new roof or other household improvements and maintenance. The condo fees will cover these costs for condo-owners.
 
There are very vocal proponents on both sides of the “own vs rent” debate, but in the end it comes down to psychology. Essentially, proponents of renting will say that the money you save can be put towards an investment portfolio which over the long term will grown faster than the value of a house or condo. The problem with this line of thinking is assuming that everyone will take every penny saved and in fact put it into a successful long term investment portfolio. More likely, they will spend part (if not all) of the savings, and a successful portfolio is not as easy as everyone makes it sound.
 
Most people find that the forced investment of home or condo ownership are worth the stretched budget, but you also have the option of finding a condo (or house) that is less expensive to keep your payments down.  

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