Many first-time buyers looking to get into the housing market often struggle in finding a home to buy. This is because of the many factors that needs to be considered first. One common factor is to decide if the purchase would be a House, or consider a condominium. Here are a few reasons that can help you in deciding and why you should consider a condominium.
Consider a Condominium That Fits Your Budget
Including condos in your home search can increase your overall pool of options. As supply changes are consistent in today’s housing market, limited options in home searching is common. However, keep in mind that condos generally differ in average space and floorplans versus Single-family homes.
An article from Bankrate states that:
“Condos are generally more affordable because they come with less space — you likely won’t have your own backyard, for example, and the interior tends to be smaller than the square footage of a single-family home.”
But if the condo size is a fit for you, this could be a fit for your budget as well. According to National Association of Realtors (NAR) there is significant difference in median prices between single-family homes and condominiums. Single-family homes have a median price of $363,800 while condominiums have a lower median price of $305,400.
Not to mention, buying a condo is a great option to get into the market and build equity. Therefore, your condo purchase can be an asset that can help you move up to your future dream home.
Condominium Living May be Right for You
Mainly, condo living is a lifestyle choice. While it’s true that condos are generally smaller than single-family homes, the amenities condominiums provide draws many buyers. With less space in your home, there is minimal upkeep and lower maintenance results into more time for you to enjoy the day.
You may want to look a few of these questions from Bankrate and see if Condo Living is a fit for you.
“Hate to mow the lawn and trim the hedges? What about pressure washing your driveway? Are your finances such that having to lay out $5,000 or more for a new roof will be a burden? . . . Condos tend to work best for those comfortable with most of the aspects of apartment living, minus the built-in maintenance.”
Finally to consider a condominium, talking with expert realtors is definitely the first step into venturing in the housing market.
Bottom Line
Consider a condominium if you are a first-time home buyer. You may find something that fits your budget and needs as well as the lifestyle that fits you. Let’s connect so we can help you buy your first ever home and have expert’s advise during the process right at your side.
