If today’s home prices have you wondering if homeownership is out of reach, especially if you’re a first time buyer, don’t give up just yet. You may have more options than you think. Sometimes, finding a home that fits your budget simply means being open to a different type of home.
Condos and townhomes can be a great way to become a homeowner without stretching your budget too thin. And with today’s market, there are two big reasons they’re worth taking a closer look.
There Are More Condos and Townhomes To Choose From
If you feel like you've run out of options, it may be time to widen your search. Have you considered a condo or townhome? Many buyers focus only on single family homes and don't realize they're overlooking other affordable options that could be a great fit.
According to HousingWire Data, there were 233,030 condos and townhomes on the market this June. That’s the highest number of homes available for any June in at least the past 10 years and more than double what buyers had to choose from in 2022.
That means buyers have more choices than they've had in years, especially first-time buyers. Condos and townhomes can be a more affordable way to get into the housing market and start building equity without stretching your budget too far.
Keep in mind, those are national numbers, so what's available will vary depending on your local market. But in general, having more homes to choose from means less competition, more time to make a decision, and a better chance to negotiate.
They Also Tend To Cost Less Than Single-Family Homes
Price is another big advantage. According to the National Association of Realtors, the median price of a condo was $380,000 in June, compared to $446,400 for a single family home. That lower price point can make homeownership much more attainable for many buyers.
That's a savings of more than $66,000, which can make a big difference when you're buying a home.
One of the biggest reasons is simple. Condos are typically smaller than single-family homes, and smaller homes usually come with a lower price tag. If you don't need a lot of extra space, choosing a condo could be the affordable path that helps you become a homeowner sooner.
Condo or Townhome? Here's the Difference.
If home prices have you feeling like buying isn't possible right now, a condo or townhome could be a great alternative. Before you start your search, it's helpful to understand how these options differ from each other and from a traditional single-family home.
Single-family home: You own both the house and the land it sits on, and you don't share walls with neighbors. That gives you the most privacy and space, but it also usually comes with a higher price tag, and you're responsible for all the maintenance.
Townhome: You own the home and the lot it sits on. Townhomes are often multi-level, giving you more living space, and you typically share no more than two walls with neighbors. You'll have more control over your property, but you'll also be responsible for more of the upkeep.
Condo: You own the inside of your unit while the building and shared amenities, like a pool or gym, are owned and maintained by the community. That means less maintenance for you, but you'll likely have more neighbors nearby, less control over exterior decisions, and HOA fees that cover maintenance of the building and common areas.
Bottom Line
A condo or townhome could be the affordable path to homeownership you've been looking for. Let's connect to explore what's available in our area and find the home that fits your lifestyle, your needs, and your budget.
