Why Buy a Condo?
Years ago, you saved a bit of money, saved for a down payment and then bought a house. Maybe it was small or needed a bit of work, but you jumped right in.
These days, things have changed with a decent starter home costing $350,000 - $400,000. Saving up the down payment is more difficult and monthly payments can be more than you can afford. Waiting until you save the money is hard or impossible as your rent is high and you can't save enough to keep up to ever increasing prices.
For most of us, we must look at buying our dream home as a 2 or 3 step process over a period of 5-10 years. We need to build equity. That is where condos can help. You may have to start with an apartment condo with a lower down payment and price that fits your budget, then maybe a duplex condo for a few years and then, finally, that dream house. All the while, you will have been building equity with mortgage payments and by growth in the value of your home.
Buying your home requires discipline and a long term strategy to reach you goal.
If you are interested in buying or selling a home in Edmonton, contact me at: