If you're struggling to find your first home that fits your needs and budget, consider looking into condominiums, commonly referred to as condos.

According to the most recent data from the National Association of Realtors (NAR), condos are generally more affordable than single-family homes. While condos are typically smaller in size, this difference in scale often translates to a more budget-friendly option for many buyers.

Considering a smaller space for your first home this year? Including condos in your search could be more budget-friendly.

Living in a condo offers a variety of benefits beyond expanding your home search options and potentially aligning with your budget. According to Rocket Mortgage:

““From community living to walkable urban areas, condos are great options for first-time home buyers and people looking to enjoy homeownership without extensive upkeep.”
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— Rocket Mortgage

Certainly. Let's explore why condos are enticing for first-time homebuyers, as highlighted by Bankrate.

• They require less maintenance. For those looking to own a home without the hassle of regular upkeep tasks like lawn mowing, snow shoveling, or roof repairs, condos are an excellent option. Your real estate agent can provide in-depth information on the fees and specifics related to the condos you are considering.

• They allow you to start building equity. When you purchase a condo, you have the opportunity to begin establishing equity. This means that as you pay off your mortgage and the value of your condo appreciates over the years, you are increasing your net worth..

• They often come with added amenities. When you own a condo, you may enjoy access to amenities such as a pool, dog park, or parking. The best thing is, you won't have to manage any of them yourself.

• They provide you with a sense of community. Buying a condominium offers the advantage of living in close proximity to other residents. This setup is appealing for those who appreciate the presence of neighbors and the opportunity to form friendships. Condo communities often organize enjoyable gatherings such as barbecues and holiday parties, which all residents can participate in.

Just remember, your first home doesn't have to be your forever home. The key is to become a homeowner and start building equity. Eventually, this equity could be used to purchase a different place if your needs change.

Owning and residing in a condominium is essentially a lifestyle decision. If this choice resonates with you, condos could potentially offer the extra conveniences you seek in the current real estate market.

Bottom Line

Considering condos could be a smart move as you search for a home. Feel free to reach out whenever you're prepared to explore the options available.