There are so many questions when it comes time to buy your first home, and deciding whether to buy a condo vs. a house is one of them. Keep reading to uncover a few reasons as to why a condo is a good first home.
Is a Condo a Good First Home?
The short answer is… yes.
If you’re on the hunt for a new home in Chicago, here are a few tips as to why condos can serve as good first homes:
- First and foremost, condos tend to come at a cheaper price point than most single family homes do. You can typically save anywhere between 10-15% when opting for a condo over a house.
- With the cheaper price point comes a lower amount of money needed to put down on a condo. Since you can now put anywhere between 3-5% down with a good credit score, owning a condo is much more attainable than you may think.
- Another great advantage of owning a condo as a first-time homebuyer in Chicago is that there are many more condos on the market than single family homes. Choosing a condo vs. a house means you get to be choosier with your new home, including the location, amenities, interior finishes, etc.
- One of the other key points to purchasing a condo as your first home is the minimal amount of effort needed to maintain it. In most condo buildings, there will be an HOA that covers things like exterior repairs, landscaping, some utilities, and amenities. There will be additional monthly HOA fees involved in this upkeep for everyone in the building, but it’s a lot less stress on you. This is a huge advantage, especially when navigating your first homeownership experience.
- Another plus of owning a condo in Chicago is a shorter commute. Since reasonably priced single family homes are few and far between in the heart of the city, condos are a fantastic option for those looking to stay in the hustle and bustle.
- Amenities are also a great addition to owning condos over single family homes. In some condos, you can enjoy shared pools, outdoor patios, fitness centers, parking garages, and more.
Overall, condos check off many of the boxes for those looking for a first-time homebuyer experience. Condos typically tend to be just the right size, they have great resale value especially in the city, it allows you to build some equity, and there are less headaches to run into thanks to the additional help from your HOA.
First-time homebuying can be stressful, but we are here to help make the process as seamless and stress-free as possible. If you’re looking to buy your first home, the compassionate experts at LLCR can help answer any questions you have, as well as lead you through the process in finding your new home. Contact us today to start your search.
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