5 Reasons Why Condos Are The Most Preferable Property Type For Millennials
The latest trends are being set by looking at what the millennials are doing. The media outlets are making different headlines, and you will notice that all the eyes are on the millennials alone. And this is not happening for no reason. On planet earth, millennials are the largest living generation, and they have different values than other generations. The same thing is evident even in the context of buying houses. Millennials like access to endless amenities and choose short commute distances and tiny homes over large houses in the suburbs. And that makes them prefer living in condominiums over large houses with backyards. And you can say that comfort and cost-efficiency are two major comfort zones of millennials in their housing choices.
There are many other reasons why large properties and homes are out of consideration for millennials. Keep reading this article to find out what makes condominiums the utmost choice for millennials and why they are not into the game of getting larger space for more dollars.
But first, you must know about some of the biggest myths centering on condominiums. Condominiums can be of different shapes and forms and duplexes, even triplexes in low-rise or high-rise buildings. Moreover, condominiums in freestanding houses are also available in all states of the USA. And what makes this type of property qualify for the millennials is that the millennials don’t want to have the burden of maintenance, and condominiums are maintained by condo boards.
5 Reasons Why High-Rise Condominiums Are Preferred By Millennials
Millennials are the generation of renters. It is no longer breaking news, but the entire world believes millennials are trendsetters too. And the reason behind the popularity of renting among millennials is exaggerated real estate prices. Renting is a way more affordable option than buying a house but only if someone is thinking from our short-term perspective. In every case of renting, people would end up paying more for rent than they would pay for the mortgage and the condo fees. And millennials, for whom it makes more sense to invest in something they can eventually call their own, buying a condominium is a dependable choice.
Since we are talking about all the money-related advantages of buying a condominium, here is one more. Everyone knows that all the condo residents need to pay a maintenance fee. And many people believe that that fee is an extra burden. In reality, condo fees are a great money saver in the long run. One pays maintenance fees while residing in a condominium for essential maintenance like snow shoveling, window cleaning, gardening, etc. Moreover, the money is also used for occasional expenses like repairing leaking roofs, replacing broken windows, and more. This means that the condo owners don’t need to pay a single penny from their own pockets whenever something needs to be fixed.
It goes without saying that millennials are always busy. They have so many challenges to face, and most millennials are living in fear of missing out. That is why they want to optimize their lives to get access to anything whenever they want. Therefore, be it sports facilities, gym, recreational activities, or even 24/7 concierge- millennials need access to all the luxuries and amenities while buying a house. That is precisely what living in a condominium is about.
Return On Investment
Millennials are intelligent investors too. Since the prices of residential properties keep rising, they find investing in a condominium an intelligent investment decision. Millennials are forward-looking individuals who understand that buying a small property in a prime location will pay a better return on investment than a big house in a rural location would. And if they feel like they have grown out of their little nest, they can move elsewhere to a bigger rental house anytime in the future.
Millennials love staying at prime locations. And since living in condominiums is a contemporary trend, most luxury condos are in prime locations. The price of individual houses in those prime locations is way above average. Therefore, instead of staying in big houses, they search for condos in Houston, TX, and other progressing states and choose a condo that appears to be the best housing option.
Still, many people dream of buying a single-family home with a garden. Still, the millennials opt for what’s dynamic, cost-efficient, and urban. The previous generations might misunderstand their choices, but it’s evident that millennials have got a sense of comfortable living. In today’s fast-moving world, it makes sense to live in a prime location and have access to all the best things. And that is what living in a condo is all about.