Should a First Time Home Buyer Invest in a Condo?
For a first time home buyer, buying a home involves making a lot of decisions, like the:
- Location
- Type of home
- Type of loan
- And more
Since you have the freedom to choose what kind of home you want to buy, a condominium, or condo, might be a good fit for you. The condo market is increasing and might expand your possible home options in an area.
What makes condos so special for a first time home buyer? Here are five benefits of buying condos so you can know if they are right for your home ownership needs.
1. Lower Price for First Time Home Buyer
A condo might be a more affordable option for a first time home buyer. In a lot of areas, condos are priced lower than the average price of a house. The lower purchase price means you will have a lower down payment. This means there is less money for you to come up with out of pocket. Try a APM Loan Calculator to see if you can afford current condo prices.
2. HOA Handles Landscaping/Improvements
Condos have Homeowners’ Associations (HOA) that are in charge of the development or complex. Each condo community has its own set of rules. You will pay a monthly fee to your HOA, and they will, in return, take care of all of the outside common areas of the complex. You won’t have to stress over things like:
- Landscaping maintenance
- Weekly yard work
- Repairs to outer fences and parking areas
Do you like spending your weekends relaxing and doing recreational activities? If so, a condo might be the right choice for your lifestyle.
3. Customization Inside
When you buy a condo, it belongs to you. You won’t need anybody’s permission to paint the inside walls the color you want. You will be able to hang pictures on the walls and renovate the inside any way you want. Having ownership of a condo puts you in more control than a renter.
4. Community Amenities
Condos do vary, but most have community amenities, much like apartment complexes. The amenities can include things like:
- Swimming pool
- Clubhouse
- Fitness room
- Walking trails
- Group recreational activities
A condo complex might be able to get you the extras you like but can’t afford to get with a house.
5. Investment Property Possibilities
For a first time home buyer, condos can become investment properties farther down the line. You will probably move into a new property later in life. When that happens, you will be able to choose either to sell your condo or turn it into a rental property. If you choose to rent it, it will continue to add to your income stream. Consult your accountant when looking at how investment properties could work for you.
Consider these benefits of investing in condos as a first time home buyer. We are here to help you take your next step. Call us today and we can help you move toward your home ownership dream!