Why a Condo Could Be Your Perfect First Home

<article class="post-1231495 post type-post status-publish format-standard has-post-thumbnail hentry" id="post-1231495"><span class="entry-date">October 14, 2024</span><div class="entry-header center-block text-center"><h1 class="entry-title">Why a Condo Could Be Your Perfect First Home</h1><div class="shareBlock"><div class="shareTitle">Share</div><div class="shareIcons"><a aria-label="Twitter Share Link" class="twitter solid display-inline-block" data-tracking="Post,Social Post Link Clicked,Twitter" href="http://twitter.com/share?text=Why+a+Condo+Could+Be+Your+Perfect+First+Home&amp;url=https%3A%2F%2Fgilliggroup.com%2Fblog%2Fwhy-a-condo-could-be-your-perfect-first-home%2F" target="_blank"><span class="force-hidden">Twitter</span></a>
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</div></div><div class="post-tax post-category"><span></span><a href="../category/realtor-blog/index.html" rel="tag">Realtor Blog</a></div><div class="post-tax post-post_tag"></div></div><div class="entry-content"><div><img alt="Why a Condo Could Be Your Perfect First Home Simplifying The Market" decoding="async" loading="lazy" src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20241009/20241014-Why-a-Condo-Could-Be-Your-Perfect-First-Home-original.png" style="display: block; margin-bottom: 5px; clear: both; max-width: 100%;" width=""/>
<p>If you’re looking to break into homeownership but the price of single-family homes has you second-guessing, you might want to consider a condominium (condo) or townhome. These types of homes often come with a lower barrier to entry – and that can help you start to build equity and enjoy the benefits of owning a home sooner.</p>
<p>Since they’re usually smaller than single-family homes, they can be easier on your wallet. While it’s not always the case, smaller square footage usually comes with a smaller price tag too. As a result, according to the latest data from <em>Realtor.com</em>, condos typically have a lower asking price than single-family homes (<em>see graph below</em>):</p>
<p><a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20241009/20241014-Condos-Have-a-Lower-Barrier-to-Entry-original.png" rel="noopener noreferrer" target="_blank"><img alt="a screenshot of a graph" decoding="async" src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20241009/20241014-Condos-Have-a-Lower-Barrier-to-Entry-original.png"/></a>And here’s some exciting news: <a href="https://www.simplifyingthemarket.com/2024/09/18/the-latest-builder-trend-smaller-less-expensive-homes/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">builders</a> are focusing more on homes like these. The<em> National Association of Home Builders </em>(NAHB) <a href="https://x.com/NAHBhome/status/1825976275552309262" rel="noopener noreferrer" target="_blank">says</a>:</p>
<blockquote><p><em>“The share of townhomes being built is at an all-time high.”</em></p></blockquote>
<p>That means there’s a good number of options to add to your home search if you broaden it to include condos and townhomes. And you may even find something that works better for your budget.</p>
<p><strong>So, if you’re comfortable with a smaller space and want to buy your first home before the </strong><a href="https://www.simplifyingthemarket.com/2024/10/01/this-is-the-sweet-spot-homebuyers-have-been-waiting-for/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank"><strong>spring rush</strong></a><strong>, adding these types of homes to your search might be your answer.</strong></p>
<h4><strong>The Perks of a Condo Lifestyle </strong></h4>
<p>Living in a condo has a bunch of other perks, too. Let’s look closer at why condos are appealing for first-time buyers:</p>
<ul>
<li><strong>They help you start building </strong><a href="https://www.simplifyingthemarket.com/2024/09/25/why-buying-now-may-be-worth-it-in-the-long-run/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank"><strong>equity</strong></a><strong>.</strong> When you buy a condo or townhome, you build equity and your net worth as you make your mortgage payments and as your condo’s value goes up over time.</li>
<li><strong>They can be low maintenance.</strong> Condos are great if you want to own your place but don’t want to mow the lawn, shovel snow, or fix the roof. Your real estate agent can help explain any associated fees and details for the condos you’re interested in.</li>
<li><strong>They usually come with a range of amenities.</strong> Your condo might come with access to a pool, dog park, or parking. And the best part? You don’t have to take care of any of them.</li>
<li><strong>They create a sense of community.</strong> Buying a condo means you’ll be living close to other people, which is nice if you want a more close-knit feel. Many communities like these hold fun events such as barbecues and parties to help create that sense of connection among residents.</li>
</ul>
<p><strong>Remember, your first home doesn’t have to be the one you stay in forever.</strong> The important thing is to get your foot in the door as a <a href="https://www.simplifyingthemarket.com/2024/09/27/buy-now-or-wait-infographic/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">homeowner</a> so you can start to gain home equity. Later on, that equity can help you buy another place if you want something different.</p>
<p>Ultimately, owning and living in a condo or townhome is a lifestyle choice. If you want to see if it makes sense for you, talk to a local real estate agent. </p>
<h3>Bottom Line</h3>
<p>Ready to find a home that suits your goals? A condo might be the perfect fit for your first home purchase. Contact a local real estate agent today to start your search.</p>
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