Most people who aspire to be homeowners dream of buying a freestanding house. The assumption is that a house will be a more personal possession that provides more space for growth. However, there are benefits today to buying a condominium unit rather than a house.
If you don’t know much about condos or what it means to own one, the concept is not too difficult. It would be wise to do your homework and learn about the different steps when buying a condo. A good place to start is to understand that a condo is essentially a unit within a building that belongs to you from its walls inwards.
Why would your young family need fha condo approval? Here are a few explanations as to why this may be the best option.
Price
The most basic reason to buy a condo rather than a house is the price. A lot has been said about younger generations choosing not to buy homes in the US, but the reality is that this is a choice made for them. Houses were already priced far above what most young people could afford before the pandemic. Two years later, prices have skyrocketed.
With mortgage rates going up as well, many people are able to afford a lot less than they could a few years ago. In this context, buying a condo makes sense. You are paying for a unit rather than a freestanding property, and many of the amenities are paid for collectively.
You will still own an asset, but your monthly mortgage payments will account for a smaller proportion of your budget. You can afford a better quality of life, even if your space is a bit more cramped.
Neighbours
The world has changed a lot over the past few decades. One of the big differences between family life today and thirty years ago is the lack of community. Very few young people walk over to a friend’s house spontaneously or meet people who don’t go to school with them.
When you live in a condo, your neighbours are much more accessible to your kids. You see them on the corridors, walk past their units every day, and inevitably begin to get together for dinners or drinks. Your kids can go to each other’s homes without worrying about dangerous roads. They can visit without first checking in via text, as the worst that can happen is they have to walk a few meters back up the corridor.
A condo building has far more community than a regular neighbourhood, and your kids will benefit from a set of friends with more diversity.
Maintenance and amenities
Owning a freestanding house is great… until something goes wrong. And any homeowner will tell you that a lot goes wrong. Maintenance is a constant concern. It is taxing both financially and emotionally, as you feel stressed until it is taken care of. In a condo, you get to avoid this stress.
When you own a condo unit, your maintenance needs are seen by the building management. They will come and fix anything that goes wrong, at no cost or effort to you. It is one of the most popular reasons for buying a condo rather than a house.
Furthermore, condo buildings generally have amenities you may not be able to afford in a home. A great condo building may have a pool, gym, garden, deck, entertainment centre, or more. Not only do you not need to pay for these things yourself, but you also don’t have to worry about all the work it takes just to keep them in a good state. Homeowners with pools know that it takes work to keep it running properly and blue.
In today’s property market, buying a house is just not an option for many young families. A condo may not seem like your dream home, but there are actually many benefits. Your experience is far easier and you get to enjoy a community unlike any you’ll find in your average neighbourhood.
