People would often like the idea of buying condos because of how easy it resells. Millennials, on the other hand, prefer condominium properties better than other types of real estate. In fact, National Cash Offer even highlights how millennials are increasing the demand for these types of real estate.
Condominiums, or often referred to as condos, are private property spaces typically situated in high rise buildings. According to Investopedia, condominium unit owners share ownership interest in the properties in the community. These properties can include the stairs, the floors, walls, and other amenities. But what exactly makes condominiums so likable for millennials?
Condominiums are more affordable - Even when compared to rent, condos are way more affordable for the hardworking millennial. This is especially true if you're staying in the rent zone for quite some time.
It also goes without saying that it feels way better to pay something you know is going to be yours someday. That is, compared to having to keep paying for a home that will never be yours.
Immediate access to amenities - Millenials are known to be very busy and always on the go. They also like to stay in touch with what's currently the trend and what isn't. This lifestyle requires them to have all the amenities they need within reach, so they don't miss out on anything.
Amenities like parking lots, valet parking, spa, pools, gyms, and the likes are some of the features that millennials look for in condominiums. These not only cure the FOMO (fear of missing out) in millennials. But also makes daily life more convenient for them.
Condos are a great investment - Millennials who don't have kids yet or are just enjoying their youth often go for condos for the reasons above. But another reason why condos are an excellent choice for smart millennials is that it can be a great investment that will pay off one day.
For example, if the millennial owner has gone tired of the place or has started a family, they may need a bigger space. They can then move out and rent the condo to other people for extra income.
Even condo spaces that are very minimal in floor space can still go for good money. That is, provided that it is in a great location where everything is accessible.
Condos are cost-effective - Just as we described earlier, condo unit owners share ownership even in the community properties outside their home. That means they have a responsibility to keep it in good shape as well.
This is where the condo-maintenance fee comes in. Some people think that these types of fees are just another way to get money from them. But as a matter of fact, these fees may actually save you more money in the long run.
A big part of this cost goes to the maintenance of clean surroundings like snow shoveling, window cleaning, garden maintenance, and so on. However, this is also the funds that are responsible for keeping the lights, water, and electricity in a fluid condition.
Read next: Millennials May Have to Wait Longer for Their Dream Home Due to Pandemic
