If you’re thinking about buying a condominium, you might be a little stressed out and worried about whether you’re making the right choice — especially if it’s your first time ever buying a condo or even buying a townhome.
If you’re having any doubts about whether it’s best to buy a condominium or whether to look at full-size houses or townhouses, here are a couple advantages of owning a condo that might just help you out:
- No yard work or home repairs. This is probably one of the biggest advantages of buying a condominium, and it’s one of the reasons why so many people choose to buy a condo rather than a townhouse or regular single-family home. It’s true that you’ll have to pay for workers to take care of things like mowing the lawn and fixing the furnace, but the biggest advantage is simply that you don’t have to worry about it yourself. It doesn’t matter if you’re getting ready for retirement and just don’t want to worry about strenuous tasks, or even if you’re busy advancing your career and you don’t want to spend your time trimming the hedges — you don’t have to worry about it when you own a condo.
- It’s more affordable, but it also builds equity. Young consumers, especially those who are first-time buyers, often have trouble affording the cost of a single-family house. Even if you get a really good mortgage rate, you’ll have to afford a substantial down payment and you’ll spend years paying off the mortgage. Some people choose to rent apartments or townhouses because of this, but the problem is that you aren’t building equity when you rent. With a condo, you have a much lower initial payment and you build equity into a piece of property that truly is an investment.
As with any major purchase or investment, it’s important to do plenty of research before buying a condo to ensure that you’re completely satisfied with your new home!