If you’re a first-time buyer looking to break into the housing market but struggling to find a home to buy, condominiums (or condos) could be a great alternative for you.
Here are a few reasons condos may be something you’ll want to consider.
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 average space and floorplans.
In a recent article
covers some of these differences:
But if the size of a condominium 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
. And for condominiums, the median price is lower at $305,400
.So, if budget is top of mind for you, a condominium could be a great fit within your target price 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 stairstep that can help you buy your dream home later on.
In addition, owning and living in a condo is also a lifestyle choice. While it’s true 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.To understand if condo life is for you, Bankrate recommends
asking yourself a few simple questions:
Ultimately, talking with an expert real estate advisor
is the best first step to determining if condo living might work for you.
Condominiums 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.