Exploring Condo Options for Veterans and Active Duty Military in Today’s Housing Market

The past few years have presented challenges for many veteran and active-duty military homebuyers due to the historically low inventory of homes for sale. If you find yourself in a similar situation, be aware that recent changes in the housing market may provide new opportunities for you to resume your search.

it’s important to remember that the overall housing supply remains low. To widen your choices even more, consider expanding your search to include additional housing types, such as condominiums.

Why Veterans and Active Duty Military Should Consider Condos

Condos generally differ from single-family homes in terms of size and layout, making them a more affordable option for veterans. A recent realtor.com report reveals that condo buyers paid around 7% less for their homes than buyers of other housing types last year. With rising mortgage rates and home prices, the relative affordability of a condo is worth considering.

Keep in mind that your first home doesn’t have to be your forever home. Purchasing a condo now can serve as a stepping stone to a larger home in the future. The Urban Institute explains:

“Because condos and co-ops are generally more affordable, they tend to help first-time Veteran homebuyers step onto the first rung of the homeownership ladder. These buyers often use the equity on their condo to then purchase a larger single-family home.”

By owning a condo, you can start building wealth in the form of home equity, which can later be used to finance a future purchase if you decide to upgrade to a bigger home with more amenities.

Benefits of Condo Living for Veterans and Active Duty Military

Expanding your home search to include condos can help boost the number of options within your budget. There are also several other benefits to condo living, such as requiring minimal upkeep and lower maintenance, and freeing up more time for leisure activities. Bankrate highlights this, saying:

“Condos can be a good option for anyone who wants to keep home maintenance to a minimum… if the roof is leaking or the carpet in the lobby needs to be replaced, that’s not your responsibility — the condo association handles those duties.”

Furthermore, condos are often located in or near city centers, providing easy access to work and leisure activities. Realtor.com explains:

“Buying a condo, which is generally less expensive than a single-family home, enables a household to afford to own in the middle of it all, and often means a newer-built home with less maintenance responsibility.”

In conclusion, owning and living in a condo can be a lifestyle choice that offers various benefits for veterans and active-duty military.

Bottom Line

Considering condominiums in your housing search could be an excellent decision. If you’re a veteran looking for a VA home loan for a condo, note that the complex must be approved by the Department of Veterans Affairs. The approval process is straightforward, and I can help with submitting the necessary paperwork.

If you or someone you know is on active duty, a Veteran, in the National Guard or Reserves, a 1st responder (such as police, fire, or EMS), a healthcare provider, or a teacher, you’ll want to check out our Home for Heroes affiliate page here.

If you’re ready to explore condo options in our area, let’s connect today.