Posted by Apex Home Loans ● September 16, 2021

First-Time Homebuyer? Have You Considered a Condo?

Condominium Courtyard

The current real estate market is low supply with high buyer demand. Being a first-time homebuyer looking for a home, it may be worth considering a condo. 
The National Association of Realtors recently shared data on their Existing Homes Sales Report that shows condo sales rising throughout the first half of 2021.
Below we have listed a few reasons condos can be a great option for first-time homebuyers. The benefits of purchasing a condo can be surprising.
 
Amenities
The amenities that a condo complex have can have some similarities to an apartment complex. Many condo communities include dog parks, pools, a rentable clubhouse, and grilling areas. If you like attending community events, a condo may give you more opportunities to enjoy the company of your neighbors.
 
Affordability
National Association of Realtors says the median sales price of a condo is roughly $59,000 less than the median price of a single-family home. Thus, making condos a great alterative for first-time homebuyers, especially for those that have limited savings for a down payment.
Maintenance

Condos are known for being low maintenance. The exterior maintenance for condos is generally handled by the Homeowner’s Association (HOA). If you’re looking to not maintaining a yard, upholding cleanliness and condition for walkways, siding, and roofs, a condo might be a great choice for you. This will allow you to have more time for hobbies or taking care of you pets/children rather than upkeeping the building.

It all depends on what you like, condos often come with various features and benefits that cater to your lifestyle. Fannie Mae says: “Condominiums, or condos, can be great alternatives to detached homes. City dwellers, singles, couples, seniors, and many others may find condos that suit their needs and budgets. Others may simply prefer low-maintenance living. Buyers who feel ‘priced out’ of homes may discover condos offer an affordable homeownership alternative.”

It's important, though, to consider that condominiums always have a condo fee that covers the amenities described above. This fee needs to be considered in your overall monthly payment and affordability of the property.

 
Bottom Line For Homebuyers

If you are looking for your first home, you may want to consider purchasing a condo. They are often more affordable than a single-family home, have great amenities, and require less maintenance. If you would like to get started on the homebuyer journey, connect with our team today to determine your buying power!

 

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Topics: Real Estate, Condominiums, Condo, Mortgages, First Time Homebuyer, Home Buyers, VA Loans, Mortgages for Millennials, Should I Consider A Condo, Perks of Condo Ownership

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