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Reasons to Make a Condo the First Home

Posted by Aliza Xandria Arellano on Oct 07, 2015 04:54 AM EDT
Houston's Robust Economy, Job Market Among Top In U.S. Cities more big
HOUSTON, TX - JANUARY 07: An upscale apartment project is seen during construction in the Galleria area on January 7, 2013 in Houston, Texas. Houston's success with job growth in recent years has placed the city among the top markets in the country for elevated income levels, according to reports. (Photo : Photo by Scott Halleran/Getty Images)

In the current millennia, home ownership is not  the ready trend. Many Americans are now choosing to rent houses and apartments instead of purchasing one.

Home renters have overlooked the truth that renting cost is not as economical as it used to be. Renting costs are now rapidly increasing, and it would be beneficial for residents to reevaluate if renting would contribute to cutting the costs.

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Zillow has reported that since 2000, rent costs have doubled, same pace as the wages.  It is now advisable to reassess your ability to purchase your own house.

Research shows that condos are becoming more accessible.  Consumers have now access to many low-priced condos. Qualifications in getting your own condo include having an entry-level salary, and having a decent credit.  Chances are, if a person is qualified, the person can purchase a condo with a price that can be affordable. However, before taking the plunge, consider things such as association dues and proximity neighbors are of great importance as noted by U.S News.

There are several reasons why investing in a condo is a must at am minimal cost, rather than be paying rents at a high cost. Zillow gives reasons why choosing the condo as the first home is beneficial.

  • Living in your favorite neighborhood is always a great opportunity. Living in your favorite neighborhood is affordable by getting a condo instead of a high priced single-family homes.
  • Money-saving strategy. Condos will allows its residents to lessen expenses in maintenance. Also, if you include HOA fees with your mortgage payment, the HOA will cover the repairs, recreational amenities, and water.
  • It can save time. Condo residents have the opportunity to do more important things rather than mowing or cleaning the lawn. HOA will also take over the need to shovel the snow during winter seasons.
  • Making new friends. Although owning a house has its incentives, the most affordable single-family houses are located in the suburbs.  Suburb homes may be a long drive to urban meeting places.
  • Condo neighborhoods will always increase your connections, as there are many professionals, grad students, and young families. Also, the condo's management team organizes community events.
  • Your condo can be a solid investment as condo owners who decide to get another home, have the chance of renting it out.

This is among the benefits of choosing the condo as the first home. It comes with great perks and amazing opportunities.

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