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Personally, in terms of lifestyle I would rather own a house than rent it because I think the pure concept is to have it be "yours" to do with as you please.
In terms of a condo...IF prices are increasing, then sure, buy up and be part of the wave but at a time like this, I'd rent. There is no difference. Sure, when you own the place you can paint and make changes...but usually you are limited to putting in laminate flooring and painting. I've occasionally opened up walls for people and mounted tv/entertainment systems.
Yippee.
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