If you’re a first-time buyer looking to enter the mortgage world, you have a lot of choices to make. Everything from location to price is important, but for many people, the very first question is this: What kind of property do I want?
At Altius Mortgage and our partners at Mortgage Ogden, we can help you get the best mortgage rate for a variety of property types. Some first-timers might benefit greatly from a condominium – what are some of the benefits of a condo for a first-time buyer?
Price and Down Payment
In many cases, condos are a more affordable option for someone just entering the market. Condos are often lower-priced in a given area than the average home, meaning you have to come up with less down payment money as well. Basic loan calculators can help here.
Condos belong fully to the owner, and that means you can customize things inside without permission. This includes renovation areas, just as if you owned a house. You have far more control in a condo than you would be renting a property.
In many situations, a condo can turn into a fantastic investment before long. If you’re ready to graduate from your condo into a larger house at some point along the line, you can either sell the condo or even consider turning it into a rental property for profit.
Condos are governed by a Homeowner’s Association (HOA), and these bodies provide rules for each community. They go beyond this as well, though – for small monthly fees, they handle several areas of landscaping or maintenance. You don’t have to worry about any repairs in common areas or mowing lawns on weekends.
This will vary between condo communities, but most have similar amenities to a basic apartment complex. Things like pools, gyms, walking trails, or group recreation areas might be included, and these generally come at no additional charge.
For more on how a condo might benefit you, or to learn about any of our good mortgage options, speak to the pros at Altius Mortgage today.