If you are getting to the point in your life where you want to buy instead of rent, but you don’t have quite enough money to put down on a house, you might want to consider townhomes and condos. Here are five advantages of owning a condo:
1. You Can Start Building Equity
The downside of a condo is that it does not appreciate as quickly as a single family home does. But if you do not want to wait until you have the money to buy a house, buying a condo can be a good middle ground. If you own a condo, you will be building equity 100 percent faster in comparison to renting an apartment.
2. Great Location
Townhomes and condos are usually in urban areas, where you can walk to shops, restaurants, and other places of interest. You might prefer an urban location to a suburban setting where most single family homes are located. If you want to stay close to the center of the action, but you don’t want to be a renter anymore, buying a condominium is a great option to consider.
3. Lots Of Options
When you think of the word “condo,” you’re probably thinking of either a luxury unit somewhere by a touristy Florida beach, or a stuffy miniature house where your grandparents might live. The truth is that condos are much more varied than that. They might be high-rises, mid-rises, lofts, flats, or other converted rental properties. You might be able to find a condo that looks very much like a cool apartment. They only difference is that it is available for you to buy, rather than just rent.
4. Lower Maintenance Cost
Buying a townhome will save you the trouble and the cost of performing exterior maintenance. Even if you own the townhome, you will not have to perform any exterior maintenance or landscaping. This saves you even more money in comparison to purchasing a single family home, where you would have to spend money on maintaining the house and the yard every year.
5. Extra Residence Benefits
In addition to having people do exterior maintenance for you, some townhomes and condos come with benefits like clubhouses, swimming pools, and workout facilities. You may have to pay a fee for access to these things, but it might be worth it if you are saving money on the cost of your purchase, by opting for the condo instead of the house.
Owning a condo can be a great option if you are looking for a middle ground between renting an apartment and buying a full-sized house. Home ownership opens up a world of opportunities for you, and considering condos and townhouses is one way to get there.