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

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

Having a hard time finding a first home that suits both your needs and your budget? Consider looking into condominiums, or condos.

Condos are generally smaller than single-family homes, which often makes them more affordable. According to recent data from the National Association of Realtors (NAR), condos typically cost less than single-family homes (see 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.

In addition to offering more options for your home search and potentially being easier on your budget, living in a condo comes with several other perks. 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 become a homeowner and start building equity, which can later help you move to a different home if needed.

Ultimately, owning and living in a condo is a lifestyle choice. If this appeals to you, condos could offer the additional options you need 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, let's get in touch today.