Having a hard time finding a first home that’s right for you and your wallet? Here’s a tip – consider condominiums.
Condos are usually smaller than single-family homes, but that’s exactly why they can be easier on your budget. According to the latest data from the National Association of Realtors, condos are typically less expensive than single-family homes (see graph below):
If you’re comfortable with a smaller space and want to start building financial equity this year, consider adding condos to your home search.
Besides giving you more options for your home search and fitting your budget better, living in a condo has tons of other perks, too. According to Rocket Mortgage:
“From community living to walkable urban areas, condos are great options for first-time home buyers and people looking to enjoy homeownership without extensive upkeep.”
Let’s dive into a few of the draws of condos for first-time buyers:
They require less maintenance
Condos are great if you want to own your place but don’t want to mow the lawn, shovel snow or fix the roof. Additional expenses can quickly add up, from weekly yard maintenance to the unexpected, like a burst pipe. Each condo is different, so your real estate agent can help explain any associated fees and details for the condos you’re interested in.
They allow you to start building equity
When you buy a condo rather than rent, you begin building equity and your net worth as you make monthly payments. If your condo’s value goes up over time, so does your equity. Starting your home ownership process early may help you leverage your equity in the future once you decide to sell.
They often come with added amenities
While a condo might be smaller than a traditional house, it makes up for its size with amenities. Your condo might come with access to a pool, park, clubhouse or gym. And the best part? You don’t have to take care of any of them! Your agent can help you find a condo with all the amenities on your wishlist in a location you love.
Location, Location, Location!
When you expand your search to include condos, you open the doors to more locations you may not have considered. Condos’ lower price tags can allow you to live in a vibrant or prime city location that you may not have been able to afford if just searching for homes. Start building equity and enjoy the benefits of homeownership in a place you love.
They provide you with a sense of community.
Buying a condo means you’ll be living close to other people, which is nice if you enjoy having neighbors around and making friends. Many condo communities hold fun events like barbecues and parties during holidays for everyone to enjoy. Unlike apartment complexes, those who decide to live in a condo tend to stay in one place longer, meaning it is easier to make connections.
Remember, your first home doesn’t have to be the one you stay in forever.
The important thing is to get your foot in the door as a homeowner so you can start to gain home equity. Later on, that equity can help you buy another place if you need something different. Click here to check out some local condos available for sale.
