So you think you are ready to jump into the home-ownership phase of your life, huh? Maybe you are moving out of an apartment.
Maybe you are just ready to leave roommates behind.
Or maybe mom and dad are ready for their basement to be vacant again.
Whatever the reason, you are at the doorstep of one of the biggest decisions you will make in your life.
After all, buying a home is a big investment and not a decision to be taken lightly.
As a first-time homebuyer, there are a multitude of reasons why buying a condo makes sense: Maintenance First-time homebuyers often are shocked at the amount of time (and expense) it takes to keep up a home.
From furnace filters to rakes, snow blowers to new roofs, there can seem like an endless list of things that must be done.
Buying a condo is a good one to transition softly into homeownership.
While you will have plenty of things to occupy your time (unless you do not mind living in a dirty place), there is a lot that is taken off your plate, too.
Some examples: someone else mows the grass, rakes the leaves, and shovels the walkway.
You do not have to worry about the furnace going out, or about shelling out thousands of dollars for a new roof.
From the maintenance perspective, there simply is less to worry about in condos as opposed to single-family homes.
Location, location, location The three most important words in real estate.
But they are especially true for condo owners.
First-time buyers often are young, perhaps just a year or two removed from college.
They have their first job, often in the big city.
In many cases, they work a lot (which is why a reduced maintenance burden is so attractive).
So if they want to have any time to enjoy life, they have to make time somewhere.
How about cutting out that commute? Many people who buy condos can walk to work.
Option to rent First-time buyers tend to be young folks.
As a result, they are in the infancy of their careers.
For some, that means being mobile is not just nice, but a necessity.
Folks who travel a lot find condos to their liking because they truly can lock the door and leave.
But what if you have to go live in another city? Then you have two choices: rent or sell.
Thanks to their urban locations, people who own condos often do not have a whole lot of trouble finding renters.
That can be a good way to not lose money on a place, especially if you bought it in the not-so-distant past.