Having trouble finding a first home that suits you and your wallet? Here are some tips: Think of it as a condominium or apartment for short. They tend to be smaller than single-family homes, but for the same reasons they can be more affordable for your budget.
According to the most recent data from the National Association of Realtors (NAR), condominiums tend to be less expensive than single-family homes (see chart below).
So if you’re comfortable with a smaller space and want to buy your first home this year, adding condos to your search could make things easier on your wallet.
Besides giving you more options when looking for a home and being able to live within your budget, living in an apartment has many other benefits.
According to Rocket Mortgage:
“From community living to walkable urban areas, condos are great options for first-time home buyers and people looking to enjoy homeownership without extensive upkeep.”
Let’s take a look at the benefits of condos for first-time buyers at Bankrate.
1. It requires low maintenance. Condos are great if you want to own your own home but don’t want to mow the lawn, shovel the snow, or fix the roof.
2. Your agent can help explain any associated costs and details for the apartments you are interested in.
3. They allow you to build equity. When you buy a condo, you build equity and equity as you make your mortgage payments and the value of the condo increases over time. Three. They often come with additional features. Your condo may have amenities like a pool, dog park, or parking. And the best part? You don’t have to take care of any of them.
4. Create a sense of community. Buying an apartment means that if you want to make your neighbors and friends a neighbor, you live close to the others. There are fun events, such as barbecue and evening, where everyone can enjoy everyone in many transport associations.
Remember, your first home doesn’t have to be your forever home. The key is getting your foot in the door as a homeowner to build equity. Later, these assets can help you buy another home when you need something else.
Ultimately, owning and living in an apartment is a lifestyle choice. And if it’s something you’re interested in, we can provide you with the additional options you need in today’s market.