There is a number of people who would be more comfortable and happier with living in a condo. Depending where you live, a condo may be easier to get to stores and your place of employment – this holds true if you live in a city. Living in a condo is also a lot less maintenance and upkeep when it comes to lawn care, outside maintenance, etc. If you decide that living in a condo instead of a regular house is the right decision for you, you then need to make a decision if you should rent or buy the condo.
A lot of these reasons will hold true with buying VS renting, period. For example, if you have a stable job and income, buying is a good idea. If you are able to afford the down payment, closing cost, and mortgage payment, owning a home is a good investment. If you know you want to stay in the same place for a minimum for the next three years, put another check mark down for buying a condo! If your current life situation will stay the same (for example, you will not need to downsize or upsize due to a change of family structure) living in the same condo will be a good idea. In the long run, deciding to purchase a condo may save you some money in the long run and all be less stressful! You can do what you want with the property.
If you decide to purchase the condo, make sure you can afford any HOA fees you may be responsible for. If you are renting, you will likely not be responsible for those fees and the owner will be. Make sure you are aware of any of the HOA rules as well – some tend to be strict!
We would recommend when you are finalizing your decision to find out how much money you would spend in the next three years whether you purchase or rent the condo in the long run. Also look into all of the ins and outs of living there for an extended period of time VS just a year lease.