For young buyers setting out to buy their first home, the experience can be pretty daunting. Because it can be so overwhelming, many first time buyers often overlook their best option: condo ownership. Here's a look at three of the biggest reasons a first-time buyer should look for a condo compared to a traditional house.
#1: There's Much Less Maintenance Than With A Standalone House
One of the biggest appeals of living in a condo is the reduced maintenance. Condo owners don't have to worry about cutting the grass in the summer, raking leaves in the fall, or shoveling snow in the winter. Maintenance on the building itself (like the roof) is covered as well. That's what the condominium association is for. This is advantageous for a first time, young buyer for many reasons. For one, all of that equipment (like a lawn mower, rakes, and shovels just to start) can get expensive quickly. The average price of a riding mower is $1,000 minimum, and a lawn service is usually about $45 a week in most places. And for many young people moving into their first home, a budget is definitely a concern. Second, that sort of thing takes up a lot of time - time that could be better spent working on other things around the condo or simply enjoying life!
#2: A Condo is Almost Always Cheaper Than A Comparable House
Overall costs obviously do depend on size, but purely on square footage, buyers get more space for their money with a condo. Especially in more expensive markets where condos are often the only alternative large, high priced family homes, overall condo ownership is a lot less expensive.
#3: There's An Immediate Connection to Community
People in their teens and twenties today have grown up with social media, so they're used to having a connection to those around them. Condo owners usually live a lot closer to their neighbors than a traditional neighborhood since there's not large lawns in between them. When people live that close to their neighbors, there's almost always a connection made. People living in condos usually look out for their neighbors, and do things with the community in mind. There's much more of a sense of "this is our home" opposed to "this is my home." For those who don't mind getting to know their neighbors, condos are a great choice.
If buyers consider finances alone, condos emerge as the better option. But when other factors (like the sense of community and the maintenance free lifestyle) are considered, it's not hard to see why so many people go this route.