Buying a home involves a lot of choices - locations, types of homes, types of loans, and more. As a first time homebuyer, you have the freedom to choose what type of home you want to purchase. One that might be a good fit is a condominium (condo). The condo market continues to increase and may expand the possible home options to choose from in your area.
What’s so special about condos for first time home buyers? We’re sharing 5 benefits of buying condos so you can decide if they might be right for your homeownership needs.
5 Benefits of Investing in Condos
1. Lower Price/Down Payment
Condos can be more affordable options for first time home buyers. In many areas, a condo may be priced a bit lower than the average purchase price of a house. A lower purchase price means a lower down payment and less money to come up with out of your pocket. Try using our APM Loan Calculators to see if you might be able to afford current condo prices.
2. HOA Handles Landscaping/Improvements
Condos have a Homeowners’ Association (HOA) that governs the development or complex. There are rules for each condo community. By paying a monthly fee to your HOA, they handle all of the outside common areas of the condo complex or neighborhood. That means you don’t have to stress over maintaining landscaping, doing weekly yard work, or making repairs to outer fences and parking areas. If you prefer to spend your weekends on relaxation and recreation instead of mowing lawns, a condo might be the right fit for your lifestyle.
3 . Customization Inside
Condos belong to you, the owner, and that means you don’t need anybody’s permission to paint your inside walls the color you’ve been dreaming of. You can hang pictures on the walls and renovate inside as you see fit, just like you would inside a house. Condo ownership puts you in more control than you had as a renter.
4. Community Amenities
Condos vary, but there are many that offer community amenities, similar to apartment complexes. These amenities might include things like a swimming pool, clubhouse for use, fitness room, walking trails, or even group recreational activities. If you like the extras but can’t afford to get them all with a house, a condo complex with plenty of amenities may be just what you’re looking for.
5. Investment Property Possibilities
Condos for first time home buyers can turn into investment properties down the line. When you’re ready to make the next move in your homeownership journey, you can decide whether to sell your condo or turn it into a rental property and add to your income stream. Be sure to consult your accountant as you look at how an investment home loan might work for you.
Once you’ve considered the benefits of investing in condos for first time home buyers and asked yourself the right questions, we’re here to help you take that next step. Talk to a loan advisor today about how to start the mortgage process, how to qualify for a first time home buyer program and move toward your homeownership dream!