Eighteen months of continuous low interest rates and a healthy residential real estate economy have resulted in record numbers of first time homebuyers this year. Many renters are discovering the opportunities that currently exist for first time buyers and are therefore making the switch to homeownership—or to condo-ownership, to be exact.

Condominium-ownership most certainly isn’t limited to first time buyers, but it’s often a more affordable alternative to buying a traditional stand-alone, single family home. To demonstrate, consider that in Kitsap County, the current median price for a condominium is $85,000 whereas the median price for a single-family home is $170,000—this is an $85,000 difference, which most certainly could make the difference for many first time homebuyers.

Furthermore, lower prices usually mean a lower down payment and a lower income necessary for loan approval. This alone opens the door of homeownership to many more people.

For those considering purchasing a condo it’s important to understand what it means to be a condo owner. Condominiums typically are high-density housing constructed as what's known as common interest developments (CIDs). This means you own everything in your unit (at least everything on your side of the walls) and you are a shareholder in the remainder of the buildings, grounds and other facilities—it’s a communal living environment in many ways. As a shareholder you are a mandatory member of the CID's homeowners association, the organization responsible for the upkeep and care of buildings and grounds. For this, condo owners must pay condominium fees, which cover services, such as trash, water, grounds care, etc. Furthermore, condominium owners are bound by the association's covenants, conditions and restrictions (CC&Rs). These legal documents cover everything from special assessments and the election of the association's officers to the allocation of parking spaces and the use of recreational facilities.

Condominium associations usually mandate pretty tightly what can and cannot be done to alter the outward appearance of a condo. However, residents can usually paint, carpet or remodel the interior of their home in any way (there are sometimes minor guidelines regarding interior changes). Condo owners are also responsible for interior maintenance, such as major appliance repair/replacement, just like the owner of a traditional single-family home.

Most condominium owners feel that their mode of housing offers many of the same benefits of single-family homeownership, but with less maintenance. For example, there usually isn’t any mowing of grass, repairing roofs, or sealing the driveway. Rather, these items are customarily taken care of by the above mentioned condominium association. Many condominium communities also have swimming pools, recreation rooms, tennis courts or other amenities that you typically don’t find with the purchase of a single-family home. Condo owners also benefit from being homeowners through equity growth, as well as interest and tax payment deductions on their federal tax return. It’s also worth noting that many condominium owners hang onto their condos as rental investments when the time comes for them to move into a larger home.

The condominium lifestyle is a great option for many first time buyers who don’t feel that they’re financially prepared to purchase a more expensive stand-alone home. It’s also a very worthwhile opportunity for those who want the benefit of being a homeowner, but not all the responsibility that often comes with maintaining a traditional single-family home.

(Editor’s Note: J. Lennox Scott is the chairman and CEO of John L. Scott Real Estate. You can visit his Web site at www.johnlscott.com.).