If you’re eager to become a homeowner but the high prices of single-family houses have you hesitating, a condominium (condo) or townhome could be the perfect alternative. These properties often provide a more accessible entry point into the market, allowing you to start building equity and enjoying the perks of owning a home sooner.
Since condos and townhomes are generally smaller in size compared to single-family homes, they usually come with a friendlier price tag. While this isn’t always the case, a smaller footprint typically means lower costs. In fact, according to recent data from Realtor.com, condos tend to have a lower average asking price compared to single-family homes (see graph below):
Exciting news for homebuyers: builders are increasingly focusing on condos and townhomes. According to the National Association of Home Builders (NAHB):
“The share of townhomes being built is at an all-time high.”
This means more choices for your home search, especially if you’re open to exploring condos and townhomes. You might even find an option that better suits your budget.
If you’re comfortable with a smaller space and looking to buy before the busy spring market, expanding your search to include these types of homes could be the ideal solution.
The Perks of Condo Living
Condos come with a host of benefits that make them especially appealing for first-time buyers. Here’s why:
Build Equity Early: Owning a condo or townhome allows you to start building equity and increasing your net worth as you pay down your mortgage and your property’s value appreciates over time.
Low Maintenance Lifestyle: If you love the idea of owning your space but dread chores like mowing the lawn, shoveling snow, or handling repairs, condos are a great option. Many of these tasks are covered by homeowners’ associations (HOAs), making your life easier. Your real estate agent can help explain any fees involved.
Amenities at Your Fingertips: Many condos offer amenities like pools, dog parks, and dedicated parking. The best part? You can enjoy them without the hassle of upkeep.
A Close-Knit Community: Living in a condo often comes with the added benefit of a built-in community. With neighbors nearby, social events like barbecues and gatherings can help create a sense of connection and belonging.
A Stepping Stone to Homeownership
Remember, your first home doesn’t have to be your forever home. The key is to get a foot in the door, start building equity, and then use that equity to upgrade to a new home down the road if your needs change.
Ultimately, choosing a condo or townhome is a lifestyle decision. If you think it could be the right move for you, speaking with a local real estate agent can help you navigate the process.
Bottom Line
Ready to find a home that matches your goals? A condo could be the perfect fit for your first home. Let’s connect and start your search today!