The Millennial generation has been the focus of much attention in recent years, and this can also be seen by the prominence they have received in the Philippine media.
Indeed, that is not without merit, as millennials are now the largest generation in human history, and their ideals differ from those of Generation X and the Baby Boomers. And one area where this is becoming more noticeable is the property market and why millennials prefer condo living.
Condominiums as a Modern Residential Property
Condos may be found in a wide variety of floor plans, sizes, and styles, contrary to common belief. These residential dwellings may be duplexes, triplexes, rowhouses, freestanding houses, or even low-rise to high-rise buildings.
Each of these properties meets the definition of a condominium since it has common areas that are managed by a condominium association.
Why do Younger People Prefer to Live in Condominium?
Detached homes are losing their appeal among today’s millennials for a variety of reasons. Read on to learn why condos are so popular with millennials and why it’s no longer a race to see who can obtain the most square footage for their money.
1. Affordable residential properties in the real estate market.
Inflated real estate costs are a major factor in why Millennials are sometimes referred to as “the generation of renters,” but this is old news.
For the time being, renting may seem to be less expensive than owning, but this is only the case because of the lack of ownership costs. Almost commonly, renters shell out more each month than they would on a mortgage and maintenance costs in a condo. And let’s be honest: it makes more sense to invest in something that will one day be yours.
It’s less probable that they’ll be able to afford more substantial homes due to rising student loan debt and lower incomes which is one of the reasons why millennials prefer condo living. Compared to single-family homes, condos often provide greater square footage alternatives at a more reasonable price.
2. A space for individuality.
The smaller footprints of condos make millennials more adaptable to individual tastes than single-family houses in larger spaces. It’s common knowledge that millennials have excellent taste and like expressing their individuality which is why the sense of independence in being oneself in a condo setting is undeniable.
3. Complete recreational facilities.
If we’re talking about purchasing a home, the ordinary millennial just can’t afford a residential real estate market that is complete with exclusive amenities.
The gratification that comes from making use of the condo’s high-quality and cutting-edge facilities, such as the pool, gym, gaming room, manicured gardens, jogging area, function spaces, a valet parking lot, and so on, is another major perk why millennials prefer condo living. That is a cost you won’t have to worry about while real estate investing in a condo.
4. Condo residents can enjoy a well-balanced lifestyle.
Millennials are the kind of people that are always on the go, so their ideal residences would have easy access to all the amenities they would need. This is the generation to grow up with the widespread availability of information and communication technologies, and they expect to be able to get everything they want whenever they want it.
For the housing market, this means it’s no surprise that the majority of millennials prefer condos that are convenient to their work, entertainment, and shopping.
Thankfully, Asterra, a state-of-the-art condo projects from Vista Land development and the new talk of the affordable condo market with convenient access to public transportation and shops selling everyday necessities, are sprouting up in many prime suburban sites near major cities.
5. Closeness to the Central Business District.
Young professionals, for practical reasons, prefer to settle in residential areas close to their workplaces, such as condos located in or near Central Business Districts. As a matter of fact, getting property types as close to the workplace and the city center as possible are preferable condos over other property.
6. Compact houses prioritize privacy.
Condominium living, which provides residents with a lot of independence and low maintenance costs, is a popular choice among millennials. They are not very concerned about size, since self-fulfillment is a top priority.
They are content with a quiet place to reflect, a place to make a list and check it twice, and a basic shared activity to share with others. The reason why millennials prefer condo living spaces since they detest large houses that are too much work to maintain on their own.
7. Lesser effort to maintain than single-family dwellings.
Condominiums, as opposed to single-family residences, do not compel their owners to take care of shared areas like swimming pools or laundry rooms. The majority of today’s young adults just do not have the time to devote to home upkeep and prefer to just include them in their condo fees.
Condos would allow millennials to simplify their lives by requiring them to take care of just their own space. The property manager is responsible for the upkeep of the remainder of the structure with the condo maintenance fees and will see to it that all tenants are provided with the highest quality of service and upkeep possible.
8. A sense of safety and security.
These days, particularly, most millennials will accept a safe and secure dwelling as a place to call home. Condominium residents may relax knowing that the building is monitored around the clock, has superior hygiene facilities, and is built to the highest building codes possible. It’s safe to assume that condos are a common housing option among today’s young adults who want to start their own smart investment while prioritizing a safe, secure, and work-life balance lifestyle.
9. Purchasing a condominium is a safe financial move.
Not only do Millennials choose condos for the aforementioned reasons, but there is also one more compelling reason for them to do so.
Considering how rapidly home prices are increasing, a condominium purchase seems to be a prudent financial move. Millennials that can see farther down the road are the ones who know that investing in a desirable location, even if it’s a tiny unit, will pay off as a solid investment. If they ever feel like they’ve outgrown their downtown starter house, they can pack up and go immediately, turning it into a rental unit.
Numerous members of the millennial generation are finally of age and have the resources to become first-time homebuyers. This generation, like their predecessors, is saving up for a home of their own.
Getting an affordable condominium unit in the suburbs is now possible. With the elegant, roomy, and well-designed interiors of Asterra, you don’t have to choose between the metro and luxuriating nature’s lush foliage.