IS A CONDO A GOOD FIRST HOME?
Buying a condo, which is short for condominium, is not the same as buying a single-family home. There are different considerations that need to be taken into account prior to purchasing! In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence.
A condo is typically a shared piece of property with individual owners of each “unit” or condo. In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools. Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community.
When buying a condo, it’s important you know that every condominium community is different. It’s crucial to know each community will have their own community rules, association fees, Management Company, and amenities. Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research!
Benefits of Investing in Condos
Lower Price/Down Payment
Condos can be more affordable options for first time home buyers. In many areas, a condo may be priced a bit lower than the average purchase price of a house. A lower purchase price means a lower down payment and less money to come up out of your pocket.
Property management company Handles Landscaping/Improvements
Condos have a Property Management company that governs the development or complex. There are rules for each condo community. By paying a monthly fee to your Property Manager, they handle all of the outside common areas of the condo complex or neighborhood. That means you don’t have to stress over maintaining landscaping, doing weekly yard work, or making repairs to outer fences and parking areas. If you prefer to spend your weekends on relaxation and recreation instead of mowing lawns, a condo might be the right fit for your lifestyle.
Customization Inside
Condos belong to you, the owner, and that means you don’t need anybody’s permission to paint your inside walls the color you’ve been dreaming of. You can hang pictures on the walls and renovate inside as you see fit, just like you would inside a house. Condo ownership puts you in more control than you had as a renter.
Community Amenities
Condos vary, but there are many that offer community amenities, similar to apartment complexes. These amenities might include things like a swimming pool, clubhouse for use, fitness room, walking trails, or even group recreational activities. If you like the extras but can’t afford to get them all with a house, a condo complex with plenty of amenities may be just what you’re looking for.
Investment Property Possibilities
Condos for first time home buyers can turn into investment properties down the line. When you’re ready to make the next move in your homeownership journey, you can decide whether to sell your condo or turn it into a rental property and add to your income stream. Be sure to consult your accountant as you look at how investment properties might work for you.
Once you’ve considered the benefits of investing in condos for first time home buyers and asked yourself the right questions, we’re here to help you take that next step. Homeownership dream waits!
