If you’re looking to enter homeownership but are hesitant due to the price of single-family homes, you might want to consider a condominium (condo) or townhome. These types of homes often have a lower barrier to entry, which can help you start building equity and enjoy the benefits of owning a home sooner.
Since condos and townhomes are typically smaller than single-family homes, they can be easier on your budget. While it’s not always the case, smaller square footage often comes with a smaller price tag. As a result, condos generally have a lower asking price compared to single-family homes, according to recent data.
There’s more good news: builders are increasingly focusing on homes like these. The National Association of Home Builders (NAHB) reports:
“The share of townhomes being built is at an all-time high.”
This means more options are available if you expand your home search to include condos and townhomes, potentially finding something that better fits your budget.
So, if you’re comfortable with a smaller space and want to become a homeowner before the spring rush, considering these types of homes might be a great option for you.
The Perks of Condo Living
Living in a condo has several other advantages, especially for first-time buyers. Here’s a closer look at why condos are appealing:
- Building Equity: When you purchase a condo or townhome, you build equity and increase your net worth as you make mortgage payments and as the value of your home appreciates over time.
- Low Maintenance: Condos are ideal if you want to own your place without the hassle of mowing the lawn, shoveling snow, or repairing the roof. A real estate agent can help explain any fees associated with condo ownership and what services they cover.
- Amenities: Many condos offer a variety of amenities, such as access to a pool, dog park, or dedicated parking, with no upkeep required on your part.
- Community Feel: Condos offer a sense of community, as they typically bring you closer to neighbors. Many condo communities host events like barbecues and social gatherings, fostering connection among residents.
Remember, your first home doesn’t have to be your forever home. The key is to get started with homeownership so you can build equity, which can later help you upgrade to a different home if you choose.
Ultimately, buying and living in a condo or townhome is a lifestyle choice. To see if it’s the right one for you, consult with a local real estate agent.
Bottom Line
If you’re ready to find a home that aligns with your goals, a condo may be the ideal fit for your first home purchase. Contact a local real estate agent today to start your search.
