If you're thinking about becoming a homeowner but find the prices of single-family homes overwhelming, a condominium or townhome could be a great option to explore. These types of homes typically have a lower price point, making it easier for you to enter the housing market. This choice allows you to begin building equity and enjoying the advantages of homeownership sooner.

Condos tend to be more budget-friendly since they are generally smaller than single-family homes. While this isn't a strict rule, smaller square footage often means a lower price tag. Recent data from Realtor.com shows that condos usually have a lower asking price compared to single-family homes.

Builders are really putting their attention on homes like these lately. According to the National Association of Home Builders (NAHB):

““The share of townhomes being built is at an all-time high.”
”

— National Association of Home Builders (NAHB)

Expanding your home search to include condos and townhomes gives you a lot more options. You might discover something that fits your budget even better.

If you're okay with a smaller space and want to purchase your first home before the spring rush, consider including these types of homes in your search.

The Perks of a Condo Lifestyle

Living in a condo comes with several advantages. Here’s a closer look at why condos are attractive for first-time buyers:

They assist you in building equity. Purchasing a condo or townhome means that as you make your mortgage payments and as your property appreciates in value over time, you're increasing your net worth.

Condos can be really low maintenance. They’re ideal if you want to own your space without the hassle of mowing the lawn, shoveling snow, or repairing the roof. Your real estate agent can go over any fees and details related to the condos you're considering.

Condominiums typically offer various amenities. You could have access to a pool, a dog park, or parking. The great thing is, you won't need to worry about maintaining any of these!

Living in a condo fosters a sense of community. You'll be nearby other residents, which is great if you enjoy a more connected atmosphere. Many of these communities organize enjoyable events like barbecues and parties, helping neighbors bond and get to know each other better.

Your first home doesn’t have to be your forever home. The key is to just get started on your journey as a homeowner and begin building equity. That equity can later help you purchase another property if you decide to move on to something else.

Owning and living in a condo or townhome is really a matter of personal lifestyle. If you're curious about whether it's the right fit for you, reach out to a local real estate agent for guidance.

Bottom Line

Looking for a home that matches your goals? A condo could be just what you need for your first purchase. Let’s get in touch today to kick off your search.