Why a Condo Could Be Your Perfect First Home

If you are looking to break into homeownership but the price of single family homes has you second guessing, you might want to consider a condominium or townhome. These types of homes often come with a lower barrier to entry – and that can help you start to build equity and the benefits of owning a home sooner.

Since they are usually smaller than single family homes, they can be 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, condos typically have a lower asking price than single family homes.

And here’s some exciting news: builders are focusing more on homes like these. 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.

Perks of a Condo Lifestyle

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.
• They usually come with a range of amenities. Your condo might come with access to a pool, dog park, or parking. The best part is you don’t have to take care of them.
• They create a sense of community. Buying a condo means you will be living close to other people. Many communities like these hold fun events such as barbecues and parties. This can create a 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.

Ultimately, owning and living in a condo or townhome is a lifestyle choice. If you want to see if it makes sense for you, give me a call.