Why You Should Consider Condos as Part of Your Home Search
Finding a home that suited their wants and their budget was difficult for many buyers in recent years due to the extremely low inventory. If you're in a similar situation, you should be aware that the recent changes in the property market might have made it possible for you to relaunch your search.
This year, there are more houses on the market, which is providing purchasers with much-needed options. As Danielle Hale, Chief Economist at realtor.com, says:
“. . . today’s shoppers have more than 5 homes to consider for every 4 they had at this time a year ago.”
However, perspective is crucial. Overall, there are very few homes available. Expanding your search to include various dwelling types, such as condominiums, may be helpful if you still need more options.
Investigating condominiums may provide options that fit your budget.
One thing to keep in mind is that condos typically have different average sizes and floor plans than single-family residences. But this size disparity is one reason condos can be a more cost-effective choice. Condo buyers spent around 7% less for their house than buyers of other housing types last year, according to a recent research from realtor.com. Given growing mortgage rates and housing prices, a condo's relative affordability can be something to take into account.
You don't have to make your first house your everlasting home, keep that in mind. The most crucial thing is to establish yourself as a homeowner. Purchasing a condo now could pave the way for a larger home in the future. An article from the Urban Institute explains:
“Because condos and co-ops are generally more affordable, they tend to help first-time homebuyers step onto the first rung of the homeownership ladder. These buyers often use the equity on their condo to then purchase a larger single-family home.”
To put it another way, purchasing a condo will enable you to begin accumulating wealth in the form of home equity. If you decide in the future that you want to buy a home with larger space or other amenities, the equity you develop over time can help finance that purchase.
Condo Living Offers Several Fantastic Benefits
Condos provide various advantages, including expanding the range of possibilities available to you within your budget throughout your home hunt.
First, they tend to require minimal upkeep and lower maintenance – and that can give you more time to spend doing the things you enjoy. A recent article from Bankrate highlights this, saying:
“Condos can be a good option for anyone who wants to keep home maintenance to a minimum . . . if the roof is leaking or the carpet in the lobby needs to be replaced, that’s not your responsibility — the condo association handles those duties.”
Plus, since many condos are located in or near city centers, they offer the added benefit of being in close proximity to work and leisure. Again, realtor.com explains:
“Buying a condo, which is generally less expensive than a single-family home, enables a household to afford to own in the middle of it all, and often means a newer-built home with less maintenance responsibility.”
Ultimately, owning and living in a condo can be a lifestyle choice. And if that appeals to you, they could give you the added options you need to buy your first home.
Adding condominiums to your housing search could be a great move. If you’re ready to search for condos in your area, connect with a local real estate professional today.
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