Article

The prices on the Phoenix real estate market have increased at such a high rate over the last two years that many potential first time home buyers are finding themselves unable to buy a home. Fortunately for these would be buyers, there is an affordable solution available that benefits two very interested parties - the first time homebuyers and their former landlords, the Condo, or Condo conversions.

There are a lot of apartment owners that opt to converts their apartment building into a Condo building throughout Phoenix. And the renters are faced with the option of purchasing their apartment or Condo, or new buyers can purchase any of the Condo units. In this case the owner of the ex-apartment now Condo realizes a great profit for their property, but this is also good news for the renter that chooses to purchase his Condo. This way the renters will be able to purchase a comfortable Condo at a substantially lower price than most homes on the market. Plus the fact that they will be able to get into the Condo with very little down payment, and the fact that the payment for their new Condo may be the same or only slightly higher than their original rent price. In a lot cases, Condo conversions provide the perfect entry-level opportunity for the renters to become home owners, thus allowing these now new property owners to build equity and realize their homeownership dream, whatever that dream may be.

Transforming an apartment building into a Condo community is quicker and less risky than construction from the ground up. However, probably the best reason for renters to purchase when offered a Condo is the incredible equity they'll be accumulating with the ownership. Since home prices increase throughout Phoenix, Condo owners will benefit form the increased prices. Even if the Condo is not the type of home the owner wants to stay in, he or she can leverage the equity they gain into another new home more to their liking, at a future date. Some new buyers could find that between the time they began purchasing their Condo and the actual closing date on the loan, their Condo may have appreciated $50,000 or more. Phoenix is amongst the strongest Condo markets in the United States.

There is quite a large number and variety of prospective owners that are searching for affordable housing solutions: immigrants, retirees, and young buyers. Just like there is no single type of buyer there isn't only one type of Condo conversion. You usually have the simple, starter Condo on one hand and on the other the luxury Condo. Most of these Condo complexes will feature a variety of community services, like common swimming pools, community centers and golf courses. Buying a Condo is a great option for those buyers who plan to occupy the unit, as well as for the investors that are looking for an easy to maintain property. The fact that home prices are rising, doesn't necessarily have to be a stopping point for the new homebuyers. There are some very good opportunities available to renters every day throughout Phoenix, so if you count yourself amongst the first time homebuyer lot, or if you're looking to down size to a lifestyle friendly environment, a Condo conversion may be a great opportunity to build some quick equity.

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