Millennials are eager to buy their first homes and they also represent three-quarters of the population of first-time home buyers. As a result, many are looking at condos to be their first home. There are many advantages to buying a condo and we have added below some of the reasons this may also be your first choice.
Within your budget
With the rising costs of housing in this seller’s market, the condominium may actually be your best option as your first home. Often it is less expensive than renting and it is an investment in your future.
Flexible lifestyle
If you have a busy lifestyle, a condo may be a better choice for you. If you do not have the time to maintain a larger home or the exterior of your home, chances are that a condo may fit the bill.
Cheaper insurance
A smaller home does give you the advantage of paying less for house insurance. You only need insurance to cover the inside of your home. This gives you a bit more money in your pocket for other activities.
Amenities
Most condos are equipped with amenities within the complex. Often this includes party rooms, tennis courts, pool, outdoor terrace and a well-equipped gym. Keep in mind the more amenities your condo has the more you will pay in condo fees.
Maintenance is included!
One real bonus to living in a condo is that you usually have covered parking and no need to shovel out a driveway. Hallways and entrances are maintained by the maintenance staff so you just need to tidy up the inside of your home.
Security
The majority of new condo buildings may have security staff or at least surveillance cameras to keep you safe. This can be a major bonus especially if you are a single person living alone.
Location
Often condos are in the heart of town where you can walk to stores and other conveniences. You will also have access to prime restaurants and theatre or sporting attractions.
In a nutshell, a condominium is often a stepping stone to a townhouse or larger single-detached home. Our Anne Winch Real Estate Team can offer suggestions on what may be the perfect condo for you. Whether you want a more bustling atmosphere or a quieter location we can find the right fit. The resale value on condos is on the rise which will increase your investment over time.
Give us a call and you will see how we can help you navigate through your first real estate purchase.