7 Reasons a First-Time Home Buyer in NH Should Consider a Condo

A Great Investment For a First Time Home Buyer in NH

If you’re a first time home buyer in NH, and haven’t yet considered the benefits of a condominium, take a second to think about it one more time. Condos are ideal for many reasons and have become an increasingly popular alternative to using that first time home buyers loan to purchase a large home. In NH, and the Seacoast in particular, condo sales have steadily increased over the past year or so. The month of July was the best month for condominium sales volume in the Seacoast region since last July, according to a recent report from the Seacoast Board of Realtors. Condo units also reached an annual high for the year that exceeded 2013 totals by 23 percent, according to SBR. Here are 7 reasons a first time home buyer in NH should consider buying a condo:

Location, Location, Location

Condos tend to be clustered closer to our urban centers, so a first time home buyer in NH looking to stay close to the action in Portsmouth, Manchester, Concord or elsewhere can enjoy the advantages of an in-town apartment but keep the benefits of being a home owner.

Amenities

Condos can provide a family access to amenities that they are less likely to afford for a home using their first time home buyers loans. Around NH, many condo associations offer access to pools, gyms, sports facilities, clubhouses and more.

Maintenance

Daunted by the idea of managing the upkeep on a home? Condo associations deal with a good portion of the day-to-day maintenance on your property. Families in condos can forgo the costs of mowers, snow blowers, and exterior cleaning, and have more time to focus on the interior of their new home.

Pricing

In New Hampshire and Massachusetts, the average condo price is 25% lower than the average home price, but appreciate as reliably as a home, so families just starting out can have all the benefits of ownership with lower monthly payments on their first time home buyers loans. In fact, monthly payments on condo owners’ first time home loans can often come in cheaper than renting a comparable property as mortgage payments remain steady while rents continually rise.

Safety

Condo associations usually provide an additional layer of security over homes with an additional locked entrance, or sometimes even a gate or doorman. Living in closer proximity to others within the condo community helps keep possessions and people safe.

Newfound Stability

Condos were hit slightly harder than houses during the economic downturn, and have recovered at a slower rate as many condos were not owner occupied, were considered investments, or acted as second homes. Since then, however, measures have been put in place by the FHA and others to ensure more stability in the condo market, making them more reliable investments than they used to be. In fact, it is now thought that condos in smaller buildings are less susceptible than homes to booms and busts.

A Good Start

For a family just starting out, a condo can be a good intermediate purchase between renting and a home. First time home buyers in NH can begin to build equity while maintaining less of a financial burden than renting an apartment of a similar size.

At Blue Water Mortgage, we pride ourselves on finding first time home buyers loans that fit their needs and budget. If you are considering a condo purchase, our loan professionals are here to educate and help you through every step of the process. Contact us today for more information.

Roger Odoardi

Roger is an owner and licensed Loan Officer at Blue Water Mortgage. He graduated from the University of New Hampshire’s Whittemore School of Business and has been a leader in the mortgage industry for over 20 years. Roger has personally originated over 2500 residential loans and is considered to be in the top 1% of NH Loan Officers by leading national lender United Wholesale Mortgage.