Thursday, October 24, 2024 / by Dick Keenan
Why a Condo Could Be the Perfect First Home for You
If you're thinking about buying your first home but find the price of single-family homes daunting, it might be worth considering a condominium (condo) or townhome instead. These types of properties can offer a more affordable entry point into homeownership, allowing you to start building equity and enjoying the benefits of owning a home sooner.
Condos and townhomes are often more budget-friendly because they’re typically smaller than single-family homes. And with that smaller size, you can often expect a lower price. In fact, according to recent data from Realtor.com, condos generally come with a lower asking price than single-family homes.
Here’s some good news: home builders are increasingly focusing on condos and townhomes. The National Association of Home Builders (NAHB) reports:
“The share of townhomes being built is at an all-time high.”
This means there are plenty of options to consider if you include these types of homes in your search—and you may find something that better fits your budget.
So, if you’re open to living in a smaller space and want to buy your first home sooner rather than later, condos and townhomes could be the perfect option.
The Advantages of Condo Living
Condos come with plenty of perks, which makes them especially appealing for first-time buyers. Here’s why they might be a great fit for you:
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You can start building equity. Buying a condo or townhome allows you to start building equity and growing your net worth as you make mortgage payments and your property appreciates over time.
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They’re low maintenance. Condos are ideal if you want the benefits of owning without the hassle of maintenance. Tasks like mowing the lawn, shoveling snow, or repairing the roof are typically handled by the condo association. Your real estate agent can explain any associated fees.
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They often come with amenities. Many condos offer perks like pools, dog parks, or parking. Best of all, you don’t have to worry about maintaining these amenities yourself.
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They foster a sense of community. Living in a condo means you’ll likely be close to your neighbors, which can create a more connected, community-oriented lifestyle. Many condo communities even host social events to help residents get to know each other.
Remember, your first home doesn’t have to be your forever home. What matters is getting your foot in the door of homeownership and starting to build equity. Over time, that equity can help you move up to a larger or different home.
Bottom Line
If you’re ready to explore homeownership, a condo could be a great fit for your first home. Let’s connect today to begin your search and find a home that meets your needs and goals.