If you need assistance, please call 703-743-4410

There Are Several Great Reasons To Consider Buying a Condo Today

Thursday, April 7, 2022   /   by Laura Larson

There Are Several Great Reasons To Consider Buying a Condo Today

20220329-KCM-Share-1.jpeg
If you’re a first-time home buyer looking to break into the housing market but struggling to find a home to buy, condominiums (or condos) could be a great alternative for you.
 
Here are a few more new sellers entered the market than during the same time last year...However, with 5.8 million new homes...

Exploring Condos Could Add Options That Fit Your Budget
House supply challenges are a reality across the board in today’s housing market. Broadening your home search to include condos could increase your overall pool of options. Just keep in mind that condos generally differ from single-family homes in average space and floorplans.
 
In a recent article, Bankrate covers some of these differences: “Condos are generally more affordable because they come with less space — you likely won’t have your own backyard, for example, and the interior tends to be smaller than the square footage of a single-family home.”
 
But if the size of a condominium meets your needs, they could match your budget as well. Data from the National Association of Realtors (NAR) shows the difference in the median price for both housing types. For single-family homes, the median price is $363,800. And for condominiums, the median price is lower at $305,400.
 
So, if budget is top of mind for you, a condominium could be a great fit within your target price range. Not to mention that buying a condo is a great way to break into the market and start building equity that can help power a future move up. The condo you purchase today may not be your forever home, but it can be a great stairstep that can help you buy your dream home later on.
 
Find Out if Condo Living Is Right for You
In addition, owning and living in a condo is also a lifestyle choice. While it’s true they may be smaller than single-family homes, the amenities condos provide could be a draw for many buyers. Less space in your home might mean minimal upkeep, lower maintenance, and more time for you to spend doing the things you enjoy.
 
To understand if condo life is for you, Bankrate recommends asking yourself a few simple questions: “Hate to mow the lawn and trim the hedges? What about pressure washing your driveway? Are your finances such that having to lay out $5,000 or more for a new roof will be a burden?. . Condos tend to work best for those comfortable with most of the aspects of apartment living, minus the built-in maintenance.”
 
Ultimately, talking with an expert real estate advisor is the best first step to determining if condo living might work for you.
 
Bottom Line
Condominiums are a great option for many buyers, especially those looking to buy their first home. If you’re willing to consider condos in your search, you could find something that’s in line with your target numbers and your needs. To learn more, reach out to Laura Larson, a consummated professional with expertise in the condo-buying process.
Larson Fine Properties
Laura Larson
7294 Joffa Circle
Warrenton, VA 20187
703-743-4410

The data relating to real estate for sale on this website appears in part through the BRIGHT Internet Data Exchange program, a voluntary cooperative exchange of property listing data between licensed real estate brokerage firms in which Larson Fine Properties participates, and is provided by BRIGHT through a licensing agreement. The information provided by this website is for the personal, non-commercial use of consumers and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale on this website may no longer be available because they are under contract, have Closed or are no longer being offered for sale. © 2022 BRIGHT, All Rights Reserved Information Deemed Reliable But Not Guaranteed. Data last updated: May 24, 2022 7 PM.
This site powered by CINC: www.cincpro.com