Oriana Suarez April 11, 2023
Are you having trouble finding a home that fits your needs and your budget? If so, you should know there’s an option worth considering – condominiums, also known as condos.
According to Bankrate:
“A condo can be a more affordable entry point to homeownership than a single-family home. And as a homeowner, you’ll build equity over time and have access to tax benefits that a renter wouldn’t.
That’s why expanding your search to include additional housing types, like condominiums, could help you accomplish your homeownership goals this spring, especially if you can be flexible about the space you need. Condos are typically smaller than a single-family home, but that’s part of what can make them more budget-friendly (see graph below):
In addition to providing more options in your home search and possibly your price point, there are several other benefits to condo living.
🤑Affordability: Due to their affordable prices, condos can be an intriguing alternative for first-time homebuyers or those looking to downsize.
😅Low maintenance: A condo organization or HOA often handles property upkeep, allowing you to spend more time doing things you enjoy rather than yard work.
😍Walkability: Many condominium developments are near retail, recreation, and public transportation. If you value walkability, a condo is a good fit.
The important thing is to get your foot in the door as a homeowner so you can start building wealth in the form of home equity. In time, the equity you develop can fuel a future purchase if your needs change. Ultimately, owning and living in a condo can be a lifestyle choice. And if that appeals to you, they could provide the added options you need in today’s market.
Including condominiums in your home search could make a lot of sense. If you're ready to look into the possibilities in the area, give us a call; we have a few that you'll enjoy!
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