Don’t let a skimpy homebuying budget stop you from kicking your landlord to the curb. When even the most basic of starter homes soar in price, there’s always the trusty townhome or condo to fill the void.
If you’re opposed to even the thought of living in a townhome, consider the purchase a stepping stone – a way to build equity to use for your forever home.
Read on to learn about more good reasons to consider buying a condo or a townhome.
1. Cheaper than a house
You’ll pay less for a condo or a townhome than a single-family home. And, if you shop wisely, even that homeowner’s association fee tacked onto the mortgage payment won’t put you outside of your comfort zone.
If you’re extremely low-budget, I can help you shop for a condo or townhome with low HOA dues. These are typically condos with low-amenities. In other words, you generally won’t find low HOA fees in a community that offers covered parking, private pool, and a fitness facility.
2. On-site amenities
On the flip side, if the covered parking, private pool, and a fitness facility are on your wish list, you’ll find condo and townhome communities that offer these amenities (and more) with homes far less expensive than buying a single-family home with the same amenities.
Yes, the HOA fees will be higher, but, again, your final monthly payment as a homeowner will be less than it would be if you owned a single-family home with similar amenities.
3. Low maintenance living has its perks
A lot of condo and townhome communities here in Cache Valley offer homes with your own patio and options of fencing off a portion of the backyard. Nevertheless, no fences mean no lawn to mow, weeds to pull, leaves to rake and trees to prune.
Part of your HOA fees cover the cost of common area landscape care. If the community has a pool, the HOA takes care of its maintenance, too.
Think of all the free time you’ll have compared to your friends who own single-family homes. Your weekends will be maintenance-free.
4. Be social, or don’t
Outside of Utah, ask any of your single-family-home-dwelling-friends how many of their neighbors they know. Sadly, the answer will most likely be anywhere from none to very few, but here in Utah most neighbors are friendly and are happy to be social, especially if you share common interests.
Condo/townhome living puts you in closer proximity to your neighbors. Whether that’s a positive or a negative depends on how sociable you are. If you like getting to know your neighbors, you’ll love this aspect of condo/townhome life.
5. Building equity and more
We touched earlier on buying a condo or townhome as a stepping stone. Not only will you build equity to put toward a future purchase, but owning a home has tax advantages as well.
Yes, tax laws are in flux right now, but you will still receive homeownership benefits that you won’t have if you continue renting.
6. Feel safer
Most condo or townhome communities in Cache Valley will not have in-depth security features, but even a community lacking robust security features will feel safer simply for the fact that you live in close proximity to others, so seeking help in an emergency is far easier.
Do reach out to me if you’re considering purchasing a condo or townhome. I’m happy to walk you through the process and show you what’s available now.
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