Let’s be real. House prices are high and inventory is low. The current, crazy market does not favor first-time home buyers or younger, millennial buyers. Which puts many prospective buyers in a difficult spot because last year, millennials made up the largest percentage of homebuyers.
But if your goal is to become a homeowner, maybe a traditional house is not the right choice for you right now. Have you considered buying a condo as your first place?
WHAT IS A CONDO?
A condo, or condominium, is a building or buildings in which the units are owned by an individual, as opposed to a single entity, like a company. Condos can be similar to apartments in the look and feel, but their ownership is where they differ.
WHY IS A CONDO A GOOD CHOICE?
Condo prices vary, just like housing prices. But for the same square footage of a traditional house, condos tend to have a lower price because you are purchasing just a single unit.
You still have the freedom to change or renovate it, like you would in a house, because you’re the owner.
Living in a condo comes with less maintenance. Many condos have maintenance fees, so things like lawn care, trash and snow removal are taken care of. You will also never have to worry about exterior home maintenance, like replacing your roof or cleaning the gutters.
Home insurance rates tend to be lower for condos because only the interior needs to be insured, not the exterior.
A condo community can have additional luxury amenities that you might not get with a house. These may include a pool, hot tub, gym, extra security, golf course or club house.
Condos are an ideal choice if you are looking to live directly in or around the city, and not in a home in the outlying suburbs. Living in the city can cut down your commute time and allow you to live next door to restaurants, shopping and more.
Down the road when you out-grow your first place, your condo can become an investment property. Renting out your condo can be a great way to earn additional income.
A condo is a great, alternative choice to traditional homeownership, especially for a first-time buyer looking to purchase their first property. If you’re looking to start the condo buying process, begin by talking to a loan officer.