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First-Time Home Buyers: Why a Condo Might Be the Ideal Choice

By Mike in Home Buying Tips with 0 Comments

When you’re ready to buy your first home, it can be easy to get carried away by the excitement and forget about not only your budget but also your short-term and long-term needs. As you make the transition from renter to owner, a condo can be a perfect way to own your own place and still have most of the upkeep and maintenance handled for you. Here’s why a condominium works so well for many first-time buyers.

Condos Are Low-Maintenance

When you’ve never owned your own home, it can be difficult to anticipate just how much upkeep goes into owning a house. With a single-family home, you’re responsible for not only everything that breaks down and needs to be repaired—from the siding and roof to the plumbing, air conditioning, and flooring—but also the landscaping. This level of maintenance can eat up your weekends and your budget. With a condo, you can rest easy knowing the landscaping and exterior maintenance are all handled for you.

Condos Offer Affordable Living

It’s true that condo buildings come with fees, but these fees cover a wide range of services, including building maintenance, landscaping, and amenities you can appreciate. As a first-time buyer, you can benefit from a lower asking price and reduced mortgage expenses (including a lower down payment and closing costs). With less space, you can expect lower utility bills that are probably more in line with what you pay now as well as lower costs to furnish and decorate your new home.

Condos Include Unique Amenities

If you’re ready for a change in lifestyle, a condo building can deliver it without the work that goes into maintaining a home. Your condo fees don’t just cover maintenance, either. They also cover the cost of shared amenities, which may include a fitness center, swimming pool, pet park, barbecue areas, group activities, and more. You may also rest easier at night with controlled access to the building for better security. If you like all of these extras but can’t afford them if you buy a house, a condominium may be exactly what you’re looking for.

Condo Buildings Offer a Sense of Community

Maybe you’re moving out of your parents’ house or buying your first home after living with roommates. Moving into a single-family home can be a big change if you’re used to living near or with other people. Condo buildings have a built-in sense of community that can be hard to achieve with a house, even if you’re the outgoing type. Condo buildings tend to have active social environments, as you’ll meet your neighbors while enjoying common areas, swimming, or hitting the nearby bars and restaurants. If you love high-energy city life and you’re looking for San Diego condos, downtown offers convenient urban living close to all the hot spots.

A Condo Can Be a Smart Investment

As a general rule, condos don’t appreciate in value quite like single-family homes, but this isn’t always true. According to Trulia, the median condo value climbed more than 38 percent between 2012 and 2017, compared to just under 28 percent for single-family homes during the same time. Even when houses appreciate faster than condos, you can still enjoy a good return on your home when it’s time to eventually sell or move up to a larger home.

If you’re a first-time homebuyer looking for San Diego real estate, downtown offers a huge variety of choices, including condos of every size and type. The experienced agents from 92101 Urban Living can help you find the condo that fits your budget and lifestyle perfectly. To get started on the search for your new dream home, give us a call today at 619-649-0368.