Why a Condo is a Better Option for Millennials

The trend these days for millennials is to rent instead of buy. Buying has become too expensive for some, but rent costs still remain increasingly high. They doubt it buying will be worth it in the long run.

Rent has nearly doubled the growth of wages since 2000, but the benefit to buying a home is the incredibly low interest rates. Some areas of the country are seeing houses that are priced below the pre-recession peak. If you are worth anything, meaning have an entry level job, and decent credit, a condo could be your best option to buy. Buying your first place is always a tense couple months, but here are five reasons why you may want to buy a condo instead of a house.

Still live in your favorite neighborhood

If you still want to live in the middle of the action of your city, it is always more affordable to buy a condo instead of a house. Condos can be extremely nice in the downtown and college neighborhoods, so consider checking them out.

Saving money

There’s a good probability you are paying more for rent than a mortgage and HOA fees would run you. Yes, condos are smaller, but so will the monthly payments. Another benefit of a condo is the maintenance on the place is usually covered in your HOA. These repairs generally are for the outside property, so if it’s a plumbing issue, or anything of the like, that will be your responsibility.

Saving time

Guess what!? No more mowing grass! You can use that time to host cookouts instead of doing yard work. Because this complex is probably communal, snow plows will be provided too!  The major benefit here is that there are little weekend maintenance projects outside.

New friends

If you decide to buy a home out in the suburbs, there’s a good chance it’s a small hike from your favorite hangout spots. If you live in a condo near a lively part of town, you will most likely see neighbors who resemble yourself, your professionals, college-grad students, and young families. The condo complex will also likely have annual events for certain holidays, which is always a good place to meet your neighbors.

Good long-term investment

If you only plan on staying in your condo a couple years, ask the HOA if renting your place is an option. Some places will allow it, some won’t so find out before you make your offer. Once you find out if they accept, you can plan on renting it out once you move to make a few extra bucks.

If you know of any other benefits feel free to share below! Good luck!

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