If you’re looking to step into homeownership but are hesitant due to the high costs of single-family homes, a condominium (condo) or townhome could be a great option to explore. These properties often offer a lower cost of entry, helping you start building equity sooner and enjoying the advantages of owning rather than renting. Condos generally have a smaller footprint than single-family homes, meaning they often come with a lower price tag, making ownership more accessible. According to the latest data from Realtor.com, condos typically have a lower asking price than single-family homes (see graph below).

Excitingly, builders are now focusing more on condos and townhomes. The National Association of Home Builders (NAHB) even reports that “the share of townhomes being built is at an all-time high.” That translates to more options in the market, making it easier to find something within your budget.

If you’re open to a smaller space and want to enter the market before the spring rush, expanding your search to condos or townhomes might just be the right move.

The Benefits of Condo Living

Condos offer a range of benefits, especially appealing to first-time buyers:

• Build Equity from the Start: With every mortgage payment, you’re building equity, enhancing your net worth, and benefiting from potential property value appreciation.

• Low Maintenance Lifestyle: Condos are great if you want ownership without the hassle of lawn care, snow shoveling, or big repairs. Your real estate agent can walk you through any associated fees for properties you’re considering.

• Access to Amenities: Many condos come with perks like pools, dog parks, and parking spaces that you can enjoy without the responsibility of maintaining them.

• A Sense of Community: Condos often foster a close-knit environment, with social events like barbecues and gatherings, making it easy to connect with neighbors.

Remember, your first home doesn’t have to be forever. Starting with a condo lets you enter the housing market, build equity, and set a foundation for future homeownership if your needs change.

Bottom Line

Ready to find the perfect place that fits your goals? A condo could be the ideal first step in your homeownership journey. Let’s connect to start your search today!