Why a Condo Could Be Your Perfect First Home

Why a Condo Could Be Your Perfect First Home

If you’re looking to enter homeownership but are hesitant due to the price of single-family homes, you might want to consider a condominium (condo) or townhome. These types of homes often have a lower barrier to entry, allowing you to start building equity and enjoy the benefits of homeownership sooner.

Since they are generally smaller than single-family homes, they can be easier on your budget. While this isn’t always the case, smaller square footage often translates to a lower price tag. As a result, according to the latest data from Realtor.com, condos typically have a lower asking price than single-family homes (see graph below):

And here’s some exciting news: builders are increasingly focusing on homes like these. The National Association of Home Builders (NAHB) states:

“The share of townhomes being built is at an all-time high.”

This means you have a variety of options to consider if you expand your home search to include condos and townhomes. You might even discover something that fits better within your budget.

If you're open to a smaller space and want to purchase your first home before the spring rush, incorporating these types of homes into your search could be the solution you need.

The Perks of a Condo Lifestyle

Living in a condo offers several other benefits, especially for first-time buyers. Here’s a closer look at why condos are appealing:

• They help you start building equity. When you purchase a condo or townhome, you build equity and increase your net worth as you make mortgage payments and as the value of your condo appreciates over time.
• They can be low maintenance. Condos are ideal for those who want to own their space without the hassle of mowing the lawn, shoveling snow, or repairing the roof. Your real estate agent can provide insights into any associated fees and details for the condos you’re considering.
• They typically come with a variety of amenities. Your condo may offer access to features like a pool, dog park, or parking, and the best part is that you won’t have to manage any of these amenities.
• They foster a sense of community. Buying a condo means living near others, which is beneficial if you’re looking for a more connected environment. Many communities organize fun events such as barbecues and parties to help cultivate a sense of connection among residents.

Remember, your first home doesn’t have to be the one you stay in forever. The key is to get your foot in the door as a homeowner so you can begin building equity. Later, that equity can assist you in purchasing another property if you desire something different.

Ultimately, owning and living in a condo or townhome is a lifestyle choice. If you want to determine if it’s the right fit for you, reach out to a local real estate agent.

Bottom Line

Ready to find a home that aligns with your goals? A condo could be the perfect choice for your first home purchase. Let’s connect today to begin your search.