When looking to make their move, many buyers don’t consider purchasing a condominium as an option.
Overall, housing supply is still low. So, if you need more choices, expanding your search by adding additional housing types, like condos, could help.
Exploring Condos Could Add Options That Fit Your Budget
While condominiums generally differ from single-family homes in average space and floorplans, that size difference is one reason why they can be a more affordable option. According to a recent report from realtor.com, condo buyers paid roughly 7% less for their home than buyers of other housing types last year. With rising mortgage rates and home prices, the relative affordability of a condo could be worth considering.
Remember, your first home doesn’t have to be your forever home. The important thing is to get your foot in the door as a homeowner. Buying a condo now can springboard you into a bigger home later on.
An article from the Urban Institute explains: “Because condos…are generally more affordable, they tend to help first-time homebuyers step onto the first rung of the homeownership ladder. These buyers often use the equity in their condo to then purchase a larger, single-family home.”
Condo Living Provides Several Great Perks
Boosting the number of options during your home search is just one reason to consider condos, but there are several other benefits to condo living.
First, they tend to require minimal upkeep and lower maintenance. A recent article from Bankrate highlights this, saying: “…if the roof is leaking or the carpet in the lobby needs to be replaced, that’s not your responsibility – the condo association handles those duties.”
The association also is responsible for outside maintenance, snow removal, parking lot and road repair, etc. relieving owners of many traditional home upkeep costs. This should increase the opportunity to save money for the next move.
Condos often have amenities like swimming pools, tennis courts, and walking/biking trails that first time home buyers can only dream about. Many are also conveniently located near restaurants, shopping and highway access.
Too often condos are seen as options only for younger buyers without children or those looking to downsize. That’s simply not the case. Our new condo is 1,300 sq. ft. — just 300 sq.ft. less than our three bedroom, two bath Cape where we lived for 28 years. The 300 sq. ft. difference easily represents the living space we weren’t using. (And we have a full basement that we could finish if we needed additional living space.)
When living in a condo, you do have to factor in the monthly HOA (Homeowners Association) fee. You need to compare the amount with the benefits and amenities that the property has. In our situation, we concluded the HOA was worth it considering what the complex offered.
Ultimately, owning and living in a condo can be a lifestyle choice. If that appeals to you, condominiums can give you the added opportunities you need when looking for your your first home.
Curious about how condos can help you meet your homeownership goal? Let’s connect at 508-360-5664 or firstname.lastname@example.org to start reviewing your options.
…and BTW, we’re not limited anymore to assisting our clients and friends on Cape Cod. Over the last several months, Today Real Estate has expanded its footprint and we now have an office in Norton, which will allow us to work with our long time friends and acquaintances in the Attleboro area.
Mari and Hank