A deal on a single-family home?
Get your money’s worth in a condo.
A $500,000 condo is an incredible deal for a single family home.
In fact, it’s even better for a homeowner with a high mortgage payment, according to real estate experts.
The deal comes courtesy of CondoCompare, an online real estate search tool that shows you the most affordable condo options in your neighborhood.
“There are a lot of deals out there, but the deals on condos are generally not what you see when you search for homes online,” said Caren O’Sullivan, president and chief executive officer of Covenant Properties.
“Condo deals tend to be much higher in price, because of the mortgage.”
The condo market has been heating up in recent years, thanks in part to the rapid growth of online sales.
That’s spurred interest in buying homes in the condo market, and condos have also become an increasingly popular choice for renters.
The median price of a condo in New York City has jumped by more than 50% since the end of 2015, and in the city’s South Bronx, a condo is now more affordable than a single house.
The median condo price in Manhattan, where condos are more common, has jumped nearly 70% since 2015.
But the demand for condo rentals has also increased dramatically.
The average cost of a rental in the United States increased by $1,000 in the last year, and the average cost per month for condo owners rose by nearly $20,000, according to the Mortgage Bankers Association.
Consequently, condo owners have been able to buy homes with significantly less money than they might have otherwise.
For instance, a one-bedroom condo in Manhattan costs about $1.5 million to buy, according the MBA.
A two-bedroom apartment costs $2.4 million, according Zillow.
A three-bedroom home in Brooklyn, the priciest borough in the country, costs $3.5-3.9 million.
There’s also the issue of location.
A one- bedroom condo in Brooklyn rents for $2,900 a month, while a two- bedroom in Brooklyn is $3,000.
A condo is only good for one- and two-family homes in Manhattan.
A condo in the South Bronx rents for about $2 million, and a condo that’s not used is worth $3 million.
And even a condo with one family member in it can be a great deal, because the family can live there, rent it out, and enjoy the amenities.
A condo may not be ideal for someone who is looking to make more money in the future, but if you’re looking to live in a condominium, it can definitely be a deal for you.
If you’re wondering how to buy a condo for less money, check out this great video.
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