Are you ready to buy your first home but the price of single-family homes is too high to manage? A single-family home is not only more expensive but could lead to thousands of dollars in repairs and upkeep after the purchase. With higher interest rates putting barriers to borrowing, a condo might be a great alternative for those ready to buy their first home.
Buying a condo offers a great deal of benefits for first-time home buyers.
The most important aspect is that it allows you to enter the homeownership
stream. It’s an asset that builds equity from the very beginning. Rather than
wasting money on rent, buying a condo increases your net worth and puts
you in a great position to move to a single-family home later.
Condos are usually less maintenance than single-family homes. Condos
are great if you don’t want to mow the lawn, shovel snow, fix the roof, or
clean the pool. Amenities such as parks, recreation facilities, dog parks,
sports courts, and more are often included in the monthly association fee.
Condo living creates a sense of community. People with or without children
may enjoy living close to neighbors and the close-knit community feel. This
often encourages fun events like barbeques or block parties that build
connections. If single-family homes are unaffordable or undesirable, then
consider a condo for your first home.
