The Benefits of Investing in a Condo vs. a House for First-Time Homebuyers

March 10, 2021

Buying a home for the first time is an exciting experience that involves many decisions. Aside from considering the location, price, and size of your first property, you also have to choose which kind of home you want to invest in. While single-family houses are often the first thought for buyers, there are several benefits that could also make a condominium a good fit for you.

Advantages of Living in a Condo

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Investing in a condominium as a first-time homeowner can be a budget-friendly option. In Nashville, TN, condos are currently selling at about $245,000 on average, which is significantly lower than $349,000 for the average single-family home. The savings on the asking price of a condo also impact the size of your down payment, mortgage, insurance premiums, and property taxes.

Many condos also have a Homeowners’ Association (HOA) that will maintain the complex and shared amenities like a pool or playground. Although condo owners will have to pay a monthly fee for these services, it’s usually money well spent. Leave the stress of yard work, landscaping, and outdoor repairs to your HOA. Instead, spend your weekends relaxing by the pool or socializing with your friends or neighbors.

Owning a Single-Family Home

Though the sale prices of new houses might be a bit higher, single-family homes often have more potential as a financial investment. If you plan on moving after a few years, a traditional house may be easier to sell or use as a rental property. Also, standalone homes are typically a bit larger than condos and have more private outdoor space. If you have several children, a large backyard might be more suited to your needs than a shared space.

If you’re a first-time homebuyer who’s weighing the pros and cons of investing in a condo or single-family home, you can trust the experienced real estate agents at HND Realty LLC. We’ve worked in the Nashville metro area for over 30 years, so we can offer valuable advice to help guide your decision. Call our team today at 615-297-7711 to learn more about our properties.

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