The historically low supply over the past few years led to challenges for lots of buyers trying to get a home that saw their needs and their budget. If you’re in the same boat, you should know the recent change in the housing market may have opened up doors for you to reopen your search.

The supply of homes for sale has increased this year, and that’s giving buyers much needed opportunities.

But perspective is important. Overall, housing supply is still down. If you need even more options, expanding your search by adding other housing types, like condominiums, could help.

Exploring Condos Could Add Alternatives That Suit Your Budget

One thing to take into consideration is condos normally differ from single-family homes in average space and floorplans. But that size disparity is one reason why condos can be a more reasonable alternative. According to a recent report from realtor.com, condominium buyers paid around 7% less for their home than buyers of other housing types last year. With growing mortgage fees and home values, the comparative affordability of a condominium could be worth considering.

Keep in mind, your first home doesn’t need to be your forever home. The vital thing is to have your foot in the door as a homeowner. Buying a condominium now can springboard you into a larger home later on.

 

In other words, having a condominium will help you start building wealth in the shape of home equity. In time, the equity you develop can fuel a future purchase should you choose to buy a home with more space or various features.

Condominium Living Offers Various Great Perks

Improving the number of options in your budget through your home search is just one reason to think about condominiums, but there are more than a few other benefits to condominium living.

First, they manage to need minimal upkeep and lower maintenance – and that can give you more time to lay out doing the things you enjoy.

Plus, since many condominiums are in or near city centre, they offer the added benefit of being in close vicinity to work and relaxation.

Ultimately, having and living in a condominium can be a lifestyle alternative. And if that appeals to you, they might give you the added opportunities you need to buy your first home.

Bottom Line

Adding condominiums to your housing search could be a terrific move. If you’re prepared to search condominiums in your area, connect with a local real estate professional today.