If you’re a first time homebuyer looking to break into the housing market but struggling to find a home to buy, condominiums could be the right choice for you. Here are a few things you’ll want to consider.
Condos Could Add Options to Fit Your Budget
Supply challenges are a reality across the board in today’s housing market Broadening your home search to include condos could increase your overall pool of options. Just keep in mind, condos generally differ from single family homes in terms of space and floorplans.
Bankrate mentioned recently a few of these differences: “Condos are generally more affordable because they come with less space, you won’t likely 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 size of a condo meets your needs, they could match your budget as well. Data from the National Association of Realtors (NAR) shows the difference in the median price for both housing types. For single family homes, the median price is $363,800 (nationally) and for condos, the median price is lower at $305,400.
So if your budget is top of mind for you, a condo could be a great fit within your target pice range.
Not to mention, buying a condo is a great way to break into the market and start building equity that can help power a future move up. The condo you purchase today may not be your forever home, but it can be a great stair step that can help you buy your dream home later on.
Find Out if Condo Living is Right For You
In addition, condo living is also a lifestyle choice. While it’s true that they may be smaller than single family homes, the amenities condos provide could be a draw for many buyers. Less space in your home might mean minimal upkeep, lower maintenance and more time for you to spend doing the things you enjoy. Answer these simple questions to see if condo living might be right for you:
- Do you hate to mow the lawn and trim hedges?
- What about pressure washing your driveway?
- Are your finances such that laying out $5,000 or more for a new roof will be a burden?
Condos tend to be best for those comfortable with most of the aspects of apartment living, minus the built-in maintenance.
Condos are a great option for many buyers, especially those looking to buy their first home. If you’re willing to consider condos in your search, you could find something that’s in line with your target numbers and your needs. To learn more, reach out and we would love to walk you through the process.