“A condo can be a more affordable entry point to houszownership than a single-family home. And as a houszowner, you’ll build equity over time and have access to tax benefits that a renter wouldn’t.”
That’s why expanding your search to include additional houszing types, like condominiums, could help you accomplish your houszownership goals this spring, especially if you can be flexible about the space you need. Condos are typically smaller than a single-family housz, but that’s part of what can make them more budget-friendly (see graph below):
In addition to providing more options in your housz search and possibly your price point, there are several other benefits to condo living. They tend to require less upkeep and lower maintenance – and that can give you more time to spend doing the things you enjoy. Plus, since many condos are in or near city centers, they offer the added benefit of being in close proximity to work and leisure.
Remember, your first housz doesn’t have to be your forever housz. The important thing is to get your foot in the door as a houszowner so you can start building wealth in the form of housz equity. In time, the equity you develop can fuel a future purchase if your needs change.
Ultimately, owning and living in a condo can be a lifestyle choice. And if that appeals to you, they could provide the added options you need in today’s market.