5 Reasons Why Condos Are Great for First-Time Homebuyers

by Ann Marie Damashek, GRI, CBR, SRES 04/25/2021

First-time homebuyers have more choices than ever before when it comes to picking a home. While for many, a home translates to “house” there are other home ownership options to consider. Condominiums, or condos, are an excellent choice for first-time buyers for several reasons. Depending on where you live, they might be more widely available than detached homes. Here we’ll go over 5 reasons condos are great for first-time homebuyers.

Spend Less Up Front

In most places, a condo has a lower purchase price than a house. You might think that this is simply because of less square footage and decreased privacy, but depending on the development you can have it all for a much lower price. A lower cost will also mean a lower minimum down payment required for a mortgage. This will save you money you can spend on other things like appliances or furniture.

Let the HOA Handle It

Condo properties all have a property management body typically known as a Homeowners’ Association. These organizations have rules for living in the community and also charge an additional fee. For that fee, the HOA of your condo building will handle upkeep of all public spaces and building exteriors. This can include parking structures, fencing, gates, landscaping, outdoor lighting and even more depending on the particular complex.

Customize Freely

Even though you don’t own the entire property, you own your own condo unit. This means you have the freedom to customize the interior as you see fit. Paint, paneling, hardwood floors—it’s all up to you. Unlike with many rentals, you can drill as many holes and hang whatever you’d like on the walls. Some condos will even allow you to replace built-in appliances like stoves with those of your choice, giving you even more options for customization.

Use Community Amenities

Some condo communities offer excellent amenities to their residents. Spas, swimming pools, tennis and basketball courts, fitness centers and even small general stores are all things you can find included in some complexes. There might also be communal space available for hosting parties and other large groups as well as organized community events. Each condo community has different offerings and different ways of paying for them, so research carefully. You may need to pay a monthly, quarterly or annual fee to the HOA in order to access the amenities.

Invest in the Future

If you eventually decide to move out of your condo, you can keep it as an investment property. With the increasing popularity of private home vacation rentals, you can generate excellent side income by renting the space to others. Just make sure that you’re following all the community rules for vacation renting. It’s also a good idea to consult an accountant to help you take the best advantage of the investment opportunity without getting in tax trouble.

The availability of condo property depends highly on area. However, in some parts of the United States, condominium real estate is even more active and popular than it is for detached single-family homes. This means there are plenty of qualified real estate agents and brokers who specialize in finding you the perfect condo for your budget and lifestyle needs.

About the Author

Ann Marie Damashek, GRI, CBR, SRES

Ann Marie Damashek has always been a natural at helping people prepare their homes for sale. She started out with a successful business selling goods for people on eBay. "Nine times out of ten they were hiring me because they were down-sizing,” Ann Marie says. "So I decided to get my license. I said, ‘Might as well sell their house too.’” The transition was a smooth one and for nine years she’s had a thriving full-time real estate business that allows her to marry her entrepreneurial spirit with her passion for helping others. With an office in Larchmont, New York, she serves all of Lower Westchester County, with her primary market in the Sound Shore region. The majority of her business is "sphere of influence” with former clients referring her to friends and family. A gifted communicator, Ann Marie quickly builds trust and rapport with her clients by being both thoughtful and responsive; she understands that during the purchase or sale of a home, a quick response time is crucial. "I am very accessible,” Ann Marie says. "I always make time for my clients. They can call me, text me, email me up until 10 o’clock at night and I will respond. I’m available on weekends. I get back to people very promptly. I’m very customer service-oriented.” Her clients appreciate her professionalism, passion and enthusiasm and as a result her repeat and referral rate continues to grow each year. While selling real estate is serious business, Ann Marie knows that at times humor and a moment of levity can be a relief to clients. While she has a laidback and easygoing personality, she can be assertive when needed on her clients’ behalf. She loves being of service to them, and the continually changing nature of the work keeps her engaged and fulfilled. "It’s never boring,” Ann Marie enthuses. "Every day is different. That’s probably what I like most about it. But I also enjoy helping people sell or buy and educating them about the process. I love helping them achieve their goals.” This ethic of service has resulted in well-deserved recognition. Ann Marie has received the Westchester Magazine Five Star Real Estate Agent Rating four years running, in 2015 and 2016 she was the #1 agent in her office, and she’s a Zillow 5-Star Premier Agent. To keep in touch with former clients, Ann Marie sends cards to mark special occasions or reaches out via email. To market her listings, Ann Marie uses Multiple Listing Services (MLS), as well as Listingbook.com, a service that allows both agents and their clients access to MLS data. She also uses a Facebook business page and ads to boost new listings or promote upcoming open houses. "That drives a tremendous amount of traffic,” Ann Marie says. She also uses the most popular real estate websites such as Zillow and Trulia. A strong believer in giving back, Ann Marie sits on the Board of Trustees of her church and is involved in a variety of social justice projects. She’s affiliated with Furniture Sharehouse, a furniture bank for Westchester County, which collects and distributes gently used furniture free of charge to those in need. "I love it on so many levels because as a realtor, it’s helps my sellers downsize through charitable donations. I like the environmental aspect of it as well. And it helps people who truly need things.” She’s also involved in Impact 100, a women’s philanthropic giving organization. In her free time, Ann Marie enjoys gardening, traveling, and spending time with family and friends. For the future, Ann Marie wants to continue expanding her business and developing her brand, and she someday hopes to grow a strong team. But her main goal is to stay in the real estate business, helping her clients to achieve their dreams.