Condos can be perfect first homes if you feel that the price of a single family home is too expensive. Condos frequently are more affordable than single family houses so that you can start to build equity and enjoy the benefits of owning a home sooner.
Condos Can Be Easier on Your Wallet
Condos can be perfect first homes since they’re usually smaller than single-family homes, makg them easier on your wallet. While it’s not always the case, smaller square footage usually comes with a smaller price tag too. 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):
More Smaller Homes Are Being Built
And here’s some exciting news: builders are focusing more on homes like these. The National Association of Home Builders (NAHB) says:
“The share of townhomes being built is at an all-time high.”
That means there’s a good number of options to add to your home search if you broaden it to include condos and townhomes. And you may even find something that works better for your budget.
So, if you’re comfortable with a smaller space and want to buy your first home before the spring rush, adding these types of homes to your search might be your answer.
Why Condos Can Be Perfect First Homes
Living in a condo has a bunch of other perks, too. Let’s look closer at why condos are appealing for first-time buyers:
- They help you start building equity. When you buy a condo or townhome, you build equity and your net worth as you make your mortgage payments and as your condo’s value goes up over time.
- They can be low 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 usually come with a range of amenities. Your condo might come with access to a pool, dog park, or parking. And the best part? You don’t have to take care of any of them.
- They create a sense of community. Buying a condo means you’ll be living close to other people, which is nice if you want a more close-knit feel. Many communities like these hold fun events such as barbecues and parties to help create that sense of connection among residents.
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 want something different. Alternatively, you can build equity and save money for the next home you want – maybe a single family property – and keep the condo as an investment property.
Do You Want to Look for Your New Home?
Ultimately, owning and living in a condo is a lifestyle choice. (Do you know that lots of townhomes are condos too!) If you want to see if it makes sense for you, talk to a local real estate agent like me. You can reach me at 240-401-5577 or lise@lisehowe.com. There are so many condos
Bottom Line
Ready to find a home that suits your goals? A condo might be the perfect fit for your first home purchase. Later it will be a perfect investment property for you! Let’s connect today to start your search. In the meantime, just click here to start your search in the multiple listing service.