Why a Condominium Makes a Great Choice for a First Home
If you—or someone you know—are looking to become a first-time homebuyer, a condominium or townhome may be a great choice for a first home.
More manageable financially. As a general rule, condos are often less expensive than single-family homes due to the fact that condos often have smaller yards, less interior square footage and shared walls with other units. With a less expensive purchase price, you’re likely to have lower monthly mortgage payments. Also, less interior square footage can mean lower utility bills. Finally, insurance rates are often lower for condos as a homeowner is only responsible for insuring the interior of the condo, as the outside is insured through the condominium’s homeowner’s association.
A lot less upkeep and maintenance. Many would-be homeowners shy away from buying due to the amount of work required to maintain a home. However, with a smaller yard and less interior space, a condo may require a lot less upkeep and maintenance. Also, many things that an owner of a single-family home has to deal with—such as a roof, siding or driveway—is taken care of through the condominium’s homeowners’ association. You should be aware that as the owner of a condo you’ll likely have to pay homeowners’ association fees, although the cost of those fees can vary.
Shared amenities within the community. Another big plus to buying a condo is the shared amenities that a condominium community can provide. Unlike many areas with single-family homes, a condo community often has on-site amenities such as a pool, fitness center, barbecue area, “clubhouse,” or other common areas. Also, due to the nature of a condo complex—in which the units are less spread out and more connected than in a neighborhood with single-family homes—you have a great sense of community with a condo.
Often in a prime location. Condos are often located in more densely-populated areas such as urban areas or suburbs close to city centers. Because of this, those who live in condos may have easier access to services, transportation, entertainment, and dining options, as well as workforce areas such as office buildings and commercial developments. For many condo owners, living in an area that is in close proximity to such services is vastly preferable to living in far-flung suburbs.
Of course, condo living isn’t for everyone as it does have its drawbacks such as shared walls and the aforementioned condo fees, but for those who want a less expensive and easier-to-maintain option with a host of shared amenities in a great location, a condo can be a great choice.
As always, keep in mind that market conditions—including the market for condominiums and townhomes—can vary in different areas across the country, so be sure to consult with your real estate agent.
For more than 25 years, Omega Financial has been serving mortgage clients in Massachusetts. Our brokers have approximately 50 years in the mortgage business. You always will receive fast, courteous, and accurate information. Omega Financial, Inc. is a company duly licensed to operate in Massachusetts as a Mortgage Brokerage. We are located in the Town of Norwood, Massachusetts where we have been operating as Omega Financial Incorporated since 1988.
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