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Why First-Time Buyers should consider Buying a Condo in Calgary
It's an exciting moment when you decide you're going to buy your first home. However, knowing you're going to buy is much different than actually signing the offer. If you're currently getting ready to buy your first home, you may be considering the multiple options on the table.
From semi-detached units to Calgary condos, the options for buying can seem endless. For first-time homebuyers, condos can provide many benefits and flexibility, especially when working within a budget.
More Low-Price Options in High-Price Areas
If you're looking to live in Calgary’s downtown core, you probably will notice that many Calgary homes for sale are a bit outside your budget. Many first-time buyers end up buying a home far outside of the Calgary or in an area that is not their ideal location. While this may seem like a good idea at first, sometimes location can play a significant role in your future happiness, especially if you're working in Calgary and factoring in commute times.
One of the best things about buying a condo for sale in Calgary is that there will be tons of low-price options in high-price areas. In areas where a single-family detached house is well outside your price range, a condo in the same location could be a fraction of the price. A lower purchase price means a lower down payment, which means you'll have more money in your pocket for interior decor. You can also put this money aside should you want to buy a larger home in the future. Calgary Condos provide a perfect stepping-stone property before graduating onto something more extensive as your family grows.
Many first-time homebuyers are just beginning their careers. They are starting to gain momentum at work, and maybe promotions are on the horizon. During this busy time, having amenities close by where you can work out and engage in social and physical activity will prove beneficial throughout your ownership. Depending on where you decide to buy your condo and its age, the amenities may vary.
If you work with a Calgary REALTOR®, they can help you find a condo building with amenities that fit your needs. Sometimes these range from swimming pools and tennis courts to social areas like lounges, outdoor kitchens, and business rooms. What some condos lack in individual unit space, they make up for in the available amenities. You'll be surprised at how modern and luxurious some of these amenities can be, especially if you find the right building.
Future Investment Property
By purchasing a condo as your first home, you create a stable foundation for the future. If there comes a time after buying a condo that you feel you are ready for a bigger home, you can decide to either sell your condo or keep it as an investment property. Many people hold onto the condos to rent out and bring in the income from the rent, paying off the mortgage.
Your condo will then essentially sustain itself while you build equity in a new home. Over time you can build up a portfolio of investment properties, and you will find this brings in a hefty income annually. If you want to plan for an investment property, consider buying a condo with an extra bedroom so you can charge more rent when it comes time to lease.
If you are curious about some of the condos available in your areas or want to learn more about the benefits of living in a condo in Calgary, contact a REALTOR® today. Having an experienced professional by your side to walk you through the ins and outs of a condo-specific lease will ensure you make the right choices every step of the way.