Reasons to Think About Condos in Your Home Search
Are you having difficulty finding a home that meets both your needs and your budget? If so, you should be aware that condominiums, also known as condos, are an option worth considering. 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 broadening your search to include other housing types, such as condominiums, could help you meet your homeownership goals this spring, especially if you're willing to be flexible about the amount of space you require. Condos are typically smaller than a single-family home, but that’s part of what can make them more budget-friendly (see graph below):
Condo living has several advantages aside from providing more options in your home search and possibly lowering your price point. They typically require less upkeep and maintenance, giving you more time to spend doing the things you enjoy. Furthermore, because many condos are in or near city centers, they provide the added benefit of being close to both work and leisure.
Remember, your first home doesn’t have to be your forever home. The important thing is to get your foot in the door as a homeowner so that you can begin to accumulate wealth in the form of home equity. If your needs change, the equity you build up over time can be used to fund a future purchase.
Owning and living in a condo can ultimately be a lifestyle choice. And if that appeals to you, they may be able to provide the additional options you require in today's market.
It could make a lot of sense to add condos to your home search. Connect with a real estate professional today if you’re ready to check out the options in your area.