Why a Condo May Be a Great Option for Your First Home

Why a Condo May Be a Great Option for Your First Home

Struggling to find a first home that fits both your needs and your budget? Consider looking into condominiums, often referred to simply as condos.

Condos are generally smaller than single-family homes, which is precisely why they tend to be more affordable. Recent data from the National Association of Realtors (NAR) shows that condos usually cost less than single-family homes (refer to the graph below):

So, if you're comfortable with a smaller space and want to buy your first home this year, adding condos to your search might be easier on your wallet.

Besides giving you more options for your home search and maybe fitting your budget better, living in a condo has a bunch 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 from Bankrate:

• 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. 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, you build equity and your net worth as you make your mortgage payments and as your condo’s value goes up over time.
• They often come with added amenities. Your condo might come with access to amenities like a pool, dog park, or parking. And the best part? You don’t have to take care of any of them.
• 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.

Remember, your first home doesn't have to be the one you stay in forever. The key is to start your journey as a homeowner to begin accumulating home equity. Over time, this equity can become a valuable resource, potentially helping you purchase a different property if your needs change.

Ultimately, choosing to live in a condo is about selecting a lifestyle. If this option aligns with your preferences, condos can offer the flexibility and advantages you might be looking for in today's market.

Bottom Line

Considering condos in your home search could be a smart move. If you're ready to explore the options available, let's connect today.