Struggling to find your first home that fits your budget? Consider exploring condominiums, or condos for short, as a potential option.
Typically smaller than single-family homes, condos can be more budget-friendly. According to the latest data from the National Association of Realtors (NAR), condos are generally less expensive than single-family homes (refer to the graph below).
In addition to expanding your home search options and potentially aligning better with your budget, living in a condo also comes with a variety of additional benefits. As highlighted by 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.”
Here are some of the appealing aspects of condos for first-time buyers, as outlined by Bankrate:
- They demand less maintenance. Condos are an excellent choice if you desire homeownership without the responsibilities of lawn care or roof repairs.
- They enable you to begin accumulating equity. Purchasing a condo allows you to increase your equity and net worth through mortgage payments and potential appreciation in the condo's value over time.
- They frequently offer additional amenities. Your condo may provide access to facilities such as a pool, club house, tennis courts, dog park, or parking, with the added benefit of not having to manage 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 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. Ultimately, this is a lifestyle choice and if it’s the one that appeals to you, they could provide the added options you need in today’s market.
Bottom Line
If you're ready to see the best options out there for your budget and needs for an ideal home, let’s talk today to identify the best strategies for your home search.
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