If you're trying to enter the world of homeownership but find the cost of single-family homes daunting, consider a condominium (condo) or townhome. These options often present a more affordable entry point, enabling you to start building equity and reaping the benefits of homeownership sooner.
Because they are generally smaller than single-family homes, they can be more budget-friendly. Though it's not always guaranteed, smaller spaces typically come with a lower price tag. Consequently, based on the latest data from Realtor.com, condos usually have a lower asking price than single-family homes.
“The share of townhomes being built is at an all-time high.”
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.
So, if you're comfortable with a smaller space and want to buy your first home before the spring rush, adding these types of homes to your search might be your answer.
Living in a condo has a bunch of other perks, too. Let’s look closer at why condos are appealing for first-time buyers:
Remember, your first home doesn't have to be the one you stay in forever. The important thing is to get your foot in the door as a homeowner so you can start to gain home equity. Later on, that equity can help you buy another place if you want something different.
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.
Ready to find a home that suits your goals? A condo might be the perfect fit for your first home purchase. Let’s connect today to start your search.