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Why A Condo Might Be A Great Choice For First Time Home Buyers

Nov 12, 2024 | Uncategorized

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Are you starting to tire of paying your monthly rent to someone and never building any equity? Renting forever can be a significant pain, especially as you’re contributing to someone else’s financial well-being. The good news is that there are affordable real estate options out there for those investing in their first home. Below we will share a few excellent reasons why an apartment or condo might be the best choice for a first-time home buyer.

A Manageable Monthly Payment

In most markets across the country, condos and apartments are available at a significantly lower cost than a full-sized house. Buying a less-expensive home means that your monthly mortgage payments will, in turn, be lower. If you are single or a young professional trying to start a family, that extra money can be a massive boost to your monthly budget.

Note that while your monthly mortgage payment may be lower, you are still responsible for other maintenance and upkeep fees. The most common is known as a homeowners’ association fee, to which all condo owners in the same development contribute. This funds upkeep of the building or property as well as things like landscaping, a pool or gym and other amenities.

A Smaller Down Payment

In the same vein, buying a less-expensive home also means that you can put a smaller down payment on it when you close the sale. In many cases you are required to place a certain percentage – typically 20 percent – down to avoid having to purchase private mortgage insurance. Having to commit less in your down payment leaves more money in the bank for other purposes.

An Excellent Future Investment Property

Don’t forget that when you are ready to upgrade and move into a larger house, you can keep a condo as a rental or investment property. Once your mortgage is paid off, you are only responsible for the monthly maintenance fees. So if you can rent the condo out to a tenant, you will have an excellent source of cash flow that can help to pay for your new home or fund other activities.

If you are considering selling your home, be sure to contact us at (970) 406-3595 or email us at amy@expertcashbuyers.com so we can provide you with a Fair Cash Offer on your Boulder & Northern Colorado house.

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    Amy, Thank you for your kindness and understanding. There was some old damage to my house and it needed a new roof and I was overwhelmed. We were not in a place to make the repairs. I'm so grateful for your help and would wholeheartedly recommend your team. -Irene D.

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    Hayden and the team went above and beyond to help us with our late father's home. We are out of state and needed to leave a lot of stuff in the house. Thank you for making it easier for us to sell quickly. We appreciate not having to travel back to Fort Collins to empty our Dad's house and we are grateful for your kindness during a difficult family experience for all of us. -Linda W. & Susie L.

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