Condos for First-Time Home Buyers

Home ownership is a dream for many people who simply want some place to call their own. It is nice, of course, to build equity and plant roots, but one of the main perks of owning a home is the sense of stability it affords. That applies whether you are in your 20s or in your 80s, or anywhere in between. Though most people own more than one house during the course of their lives, there are many reasons why condos are worth a look from first-time home buyers.

Homecare
Anyone who owns a home knows the time and expense associated with keeping it up. From lawn care to leaf litter removal, appliance upkeep to utility costs, there is a lot that goes into owning a home. Since condo associations take care of much of the maintenance, owning a condo is a great way for people to step into home ownership, rather than taking a plunge that will change their life completely.

Costs
People who rent often do not think about all the costs that go into owning a home. The cost to cool, heat and provide electricity to a single-family home can be hundreds of dollars each month. Many people who have never owned their own home fail to consider such costs until they buy a home and the bills start coming. Such costs are not as high in condos.

Space
Given that most first-time home buyers are relatively young, they have not yet had a lot of time to collect stuff like furniture, appliances and knick-knacks. So while condos in many cases offer less space than single-family homes, they likely have plenty for most first-time buyers. Rather than having to buy multiple chairs or beds to fill up the rooms of a single-family home, first-time buyers who opt for condos can add pieces over time.

Work
It is common to see young professionals making a condo their first home. The choice makes sense because they likely are close to their office. It is nice to for them to cut down on their commute because the reality is that many young professionals find themselves working many more than 40 hours per week. If they have to tack an hour or more of commuting to their already full days, they may have little or no free time.

Based on an article by Andy Asbury.