Finding the best value on a limited budget for first-time home buyers can seem overwhelming, but there are options for people looking to spend less than $250,000.

While choice certainly is limited by budget, the Kitchener-Waterloo area does offer some good possibilities.

Condo living, right in the middle of the action, can offer buyers a million dollar feel at a reasonable price.

Many units in the region start in the mid-$200,000 range, but with high-end finishes and the option to live in the downtown core, you can get a lot of bank for your buck.

Kitchener condo owner Tyler Grant says "I like the exposed ductwork, gives it a real industrial loft look…I wanted a loft, I didn't want to take care of a lawn. I wanted something close to everything."

And the K-W Association of Realtors says Grant's not alone, because more buyers are flocking to downtown to be close to work and shops.

While overall home sales in Waterloo Region are down, condo sales remain strong according to George Patton, president of the K-W Association of Realtors.

"The high rise, condominium lifestyle will become a preferred lifestyle for many, many people. And I think the developers and I think the builders are recognizing that."

And the region's plans to make getting around easier appear to be an attractive feature.

"One thing I do like is the LRT, which wasn't something I heard about when moving in, but it's something that I think is going to be a bigger boom for downtown Kitchener especially," Grant says.

For families or those simply looking for more space, a townhouse may be one of the few options in that range.

A three-bedroom, two bath home with a small yard in Kitchener, near Stanley Park, was recently on the market for $255,000.

And with many more still under construction, Patton says the recent slowdown in sales shouldn't discourage buyers or sellers.

"I'm telling you right now we are in a lovely position here," he says. "This market in Kitchener-Waterloo and the Region of Waterloo is extremely strong."

Coming up in part two: What can half-a-million dollars buy and can you get a better deal in certain parts of the region?