Why condos can be great for first-time buyers
If you’re a first-time buyer concerned about the cost of monthly payments after purchasing, we hear you. Especially considering today’s higher interest rates. But have you ever considered buying a condo?
Some benefits a condo can offer:
Condos offer the potential to buy in an area you desire where Single Family Homes (SFHs) may be out of your price range.
Maintaining a home comes with a lot of responsibility and upkeep whereas a condo’s maintenance is usually performed by a professional manager or Home Owner’s Association. Less work for you!
Often time condos have amenities a starter SFR might not have (e.g. pool, covered, parking, security, screening room, party areas gym, etc.)
And since the price per square foot is often less for a condo than an SFR, the buyer can get more bang for their buck regarding living space. For example, a Condo in West Hollywood is approximately 30% less per square foot than a single family. In Studio City the price per square foot for a condo is approximately 40% below SFH.
Below you can see the difference in average $/SQFT from October 2022.*
*All queries were between $800,000 and $1,500,000.
West Hollywood Average $/SQFT
SFHs: $1,236.00
Condos: $890
Culver City Average $/SQFT
SFHs: $851
Condos: $603
Studio City Average $/SQFT
SFHs: $982
Condos: $595.00
Want more information on the Los Angeles market and the buying process? Get in touch for a consultation.