Taking Out A Mortgage For The First Time Learn Why A Condo Might Be A Great First Home

Dated: 11/09/2017

Views: 46

Taking Out a Mortgage for the First Time? Learn Why a Condo Might Be a Great First Home

Taking Out a Mortgage for the First Time? Learn Why a Condo Might Be a Great First HomeAre 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. These funds are used to upkeep 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 and taxes. 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.

The above are just a few of the many reasons why a condo can be a great starter home for first-time buyers. To learn more about your mortgage options, contact us today. Our team is happy to help.

For More Info VIsit: http://www.bondstreetmortgage.com

Blog author image

Jessica Rojas

Jessica Rojas is an extremely dedicated and committed real estate agent who has been working in the Real Estate field since 1997. She became a licensed real estate agent in 2009 as a sales associate ....

Want to Advertise on this Site?

Latest Blog Posts

5 Stages Of Grief After Losing A Bid On Your Dream Home And How To Avoid Them

When we think of real estate, we tend to think of the positives: a place to call our own, beautiful interior design, and—if ratings are any indication—all the wildly entertaining real estate TV

Read More

Selling Your Home Watch Out For These Stressors

There are a lot of moving parts when it comes to selling your home—and for many sellers, those moving parts can cause a good amount of stress. But what are the most stressful parts of the

Read More

Fewer Houses On The Market Presents A Prime Opportunity For Sellers

After putting their home search on hold during the height of the COVID-19 pandemic, buyers are returning to the market ready and eager to purchase a home. But the biggest challenge facing them in

Read More

More Buyers Eyeing Property In The Suburbs

While the country is reopening and restrictions are being lifted, the quarantine experience is still fresh in many potential buyer’s minds—and many of those buyers are favoring spacious suburban

Read More