Young professionals who have recently entered the field and are beginning their careers frequently face the dilemma, “To buy or rent a home?” Most young professionals are budget-conscious when it comes to their hard-earned money when they want to invest in something big and tangible, such as a house. In this article, we’ve listed some of the reasons why an affordable condominium could be the best-fitting investment for young professionals.
Young professionals also have high standards when it comes to their dwelling or environment. They want an environment that will motivate them to work harder. Thus, they prefer a less stressful environment. A place where they can fully focus on their careers. A personal space where they can live comfortably and according to their preferred lifestyle, and additionally, a home that is not beyond their financial capacity.
Buying a house is a big challenge and a big risk because we don’t know if our income will be enough to cover it. As young professionals who have the most access to information, it gives us an advantage in making informed decisions, especially when it comes to jumping into real estate investment, just like investing in a home. It is not new to us that condo lifestyle is now becoming mainstream among young professionals. The following are some of the things that will enlighten curious minds as to why affordable condominiums are the perfect investment for young professionals.
Investing in a condominium is economical, as the cost will not exceed your financial capacity, and you will not stress out and go overboard for the maintenance costs. It is also less expensive than owning a standard house for a single person, couple, or family. Aside from that, having a condo unit means that you can enjoy exclusive amenities like a swimming pool, basketball courts, fitness gyms, function halls, and other amenities. This is more beneficial than having an affordable house. In view of this, the younger generation who wants to save money will make a condo investment, a worthy investment.
2. Lower maintenance fees
Worry less because living in a condo requires less upkeep than having a house, which requires a lot of work such as cleaning, roof maintenance, yard mowing, and other maintenance. Of course, when we say affordable, we do not want substandard quality and the extra expenditures that arise from its poor quality. We want one that is not only affordable but also of high quality and cost-effective. As young professionals, we do not want to stress ourselves with extra costs and maintenance. Moreover, we want to avoid emergency repairs that will result in extra expenditures.
Condominiums also reduce our responsibilities for both interior and exterior maintenance, as the latter is already covered in exchange for condo dues. Meaning, our concern is only limited to maintaining the interior part. Hence, condo unit owners will have more time to achieve work-life balance.
3. Accessibility and convenience
Yes, young professionals do not have more time to commute and sit in traffic jams in order to get to work or just to buy necessities in the local market or shopping centers. Living away from our work, from local markets, and from shopping malls is a great hassle we want to avoid. Well, do not stress yourself too much, as condominiums are often placed in prime locations and in thriving communities just like in Metro Manila and in Quezon City. Yes, condominiums are not like some of the affordable homes that are located away from commercial establishments and will require you to commute. The affordability of these kinds of real estate properties also means that you do not have to pay more for transportation services because these are placed in prime locations.
The strategic location of the condominiums minimizes the time spent commuting, as condominiums are placed near commercial establishments, shopping malls, and transportation services, which are just walking distance from the building. Condo investment will give younger professionals the utmost convenience and more likely to achieve work-life balance. This gives another reason why affordable condominiums are the perfect investment for young professionals.
4. Lifestyle Benefits
Younger professionals are also interested in an active lifestyle and therapeutic activities. Yes, you got it right! Real estate properties such as condominiums offer exclusive facilities and fancy amenities that will cater to a common lifestyle compared to having a house and lot.
As a young professional, you do not have to travel in order to relax, get in shape, party in a bar, travel long hour-drive for movie nights, and rent a place for family days. Since, this kind of real estate property offers exclusive amenities like swimming pools, clubhouses, basketball courts, function rooms, playgrounds, fitness facilities, weekend bars, parking lots, and they often have shopping centers. Some also offer green spaces such as covered walks and jogging paths.
The affordability of a condominium is determined not only by the purchase price but also by the benefits it provides.
Having access to amenities is one of the benefits that owning condo units as compared to having a house and lot that will make you pay more. This is well suited to younger professionals who need to relax after long hours of work. This means that an affordable condominium is a perfect investment for young professionals as this will give them the lifestyle they prefer.
We do not want a home or an environment that is affordable but poses risks to our safety and security. Affordable condos are a great home choice as they offer the highest level of security compared to a house and a lot. It has tight security features that make unit owners worry less about their security.
One of the reasons why condo living became mainstream among young professionals is because they wanted an environment that was safe and secure. But, worry less as being a unit owner does not require you to spend more money on closed-circuit television, or CCTV, because condominiums are surrounded by these security cameras. There are also CCTV cameras set up before you even approach the building. There are also roving security guards that patrol the neighborhood, and a thorough security check is performed before you even enter the building.
6. Create and design your Condo Unit
Young professionals have varied preferences when it comes to their home styles, especially their home interior design. Younger generations are into minimalist, industrial, and Scandinavian types of design. Moreover, DIYing personal space is now on trend. Condominiums allow unit owners to create their own personal space based on their tastes and preferences. This would be of great help to them, as they can design their surroundings in a way that will motivate them to work hard.
In most condominiums, the owners of the unit are free to do whatever they want with the property. The majority of condo management companies have remodeling standards in place. As a result, a condo is a fantastic choice for families or even single people who want to maximize their space while minimizing their expenses.
7. Time Value and Return on Investment
Most young professionals are hesitant when it comes to investing or buying a property since there is no return in the future or the money does not grow. Young professionals spend on things that are meaningful and economical. Thus, investing in condominiums poses a great advantage because condos are now becoming popular in the market and tend to sell quickly.
Moreover, there is also a strong probability that in a few years, a condo unit’s value will increase due to the market’s rising demand, which makes condominiums one of the safest real estate investments. Aside from that, the advantage of investing in a condominium is that it has a high chance of selling quickly because of certain benefits such as its location, amenities, security features, and affordability.
Rising Affordable Condominiums
Affordability is defined not only by the entry cost and not exceeding the budget but also by the overall experiences and benefits provided to condo dwellers. Condominium living is characterized by convenience, usefulness, and style, making it an appealing choice for highly mobile young Filipino professionals who have a lot of responsibilities and have lots on their plates.
One of the goals of young professionals who have their own families or live independently is to have their own homes. However, only a few people took the risk of investing in a home because there are many factors to consider, such as budget, security, and location. Also, some young professionals tend not to take risks, thinking that their income will not suffice to buy a property. However, with the constant and easy access to information, this kind of thinking is now being overlooked, and people are more open to new investments and home choices. In this instance, condo living also became mainstream among young professionals since their standards are met in this kind of property. It is undeniable that having that kind of investment will help establish a future and provide a fresh start in life by saving a lot of time and money. Furthermore, the sense of fulfillment and contentment they would derive from owning a home would fuel their desire to work longer and harder for their future.
For young professionals, buying an affordable condo apartment is a smart move toward home ownership.