In today's real estate market, many first time buyers choose to buy a condominium instead of a house for various reasons. There are significant advantages and disadvantages to buying a condo. You need to figure out if this type of real estate dwelling is right for you.
Purchasing a condo/townhouse for a first time buyer can be a good option due to lower listing prices and ease of financing. Many times a condo is a “stepping stone” towards owning a larger property. Many first time buyers will start with homeownership of a condo.
A condo is smaller, but easier to maintain. The HOA will take care of all the maintenance outside the property; you are only responsible for the inside.
What is HOA? HOA stands for "Home Owners Association.” You will be required to pay a monthly fee, for someone else to take care of the outside work. Every HOA has their own terms of agreement and will cover certain things in your complex. Most HOA’s maintain the landscaping in the common areas, the exterior home improvements, and maintain recreation facilities such as clubhouses and pools.
•Everyone Loves a Pool
Not all condominium complexes are the same and each offers different types of amenities covered by the HOA. Many have pools, clubhouses, tennis courts, etc. that are maintained by the HOA and that you can use at your leisure.
•Do you really need a garden?
Many first-time home buyers don't have the time or the money to keep up a garden, front yard or back yard that owning a house requires. If you don’t have the time for yard maintenance, buying a condo may fit your lifestyle.
•Smaller can be Better
Condominiums often have less square footage than a single family residence. They can be less expensive to re-carpet, paint and maintain. This can be a great reselling feature and a great investment.
•Not sure where you’ll end up?
If you’re a first-time home buyer and not sure how long you will be living in your current area, purchasing a condo may be the way to go. A condo is a great way to start investing and will allow you the time to figure out where you want to live while enjoying the benefits of homeownership.
•Investing in the future
Ultimately investing in a condo now is a great way to invest
in your future. You may not have money to buy a house, but your condominium
property could end up appreciating in value. When you are ready to buy a bigger
property, you may want to keep your condo as a rental property. Starting small
can be beneficial in the end.