Condo Investing: Mistakes Homebuyers Make by Generation

Dec 01, 2021

Buying real estate properties can be very rewarding but it can also be very difficult to make sound decisions. There are many blunders that can be made by buyers that can really undermine the process of buying a home. There are a lot of things to consider in buying a home and if you have these tendencies, you might want to reconsider. Here are some of the common mistakes that home buyers from different generations make. This article will discuss some of the pitfalls for people in each generation which is helpful for anyone who is thinking about buying property.

Generation Z

Most of the generation Z generation is just starting out in life, and they're starting to think about buying a home. The biggest mistake that they make is that they're too eager to buy a home. They do not understand the consequences of buying a property and this can make them overlook some details which can increase their financial burden significantly. They will start out really cheap when buying a real estate property but before long, you'll see them paying for all kinds of expenses related to maintenance and repairs. They also tend to change jobs more frequently which means that they'll have to move quite often as well.

This may result in them taking out more than they can afford on their fund which will put them in a very difficult financial position. They also tend to be big spenders so they will need to save up quite a lot of money before buying a property. Because they move so frequently, they may have trouble finding work, and this could mean that they won't be able to save up enough money to buy the property at the right time.

Millennials 

Many people say that millennials are typically not able to afford their first home buy so they need to find cheaper ways to live like renting an apartment or condo unit or living with family. However, this may not always be true as there are many millennials who do have good credit and enough capital for a down payment on their first home purchase. 

On average, millennials also take out loans at high-interest rates which makes it very difficult for them to save for larger purchases like homes in the future. These facts help prove that millennials are capable of buying their first home despite what many people may believe. The fact is that they simply do not earn enough money to support the down payment and closing costs associated with purchasing a home.

On buying properties like condominiums, millennials tend to enter into multi-year leases which require them to pay rent and not be able to save for a down payment on a home. And although condo living fits their lifestyle more than many generations before them, they tend to overdo condo design and pieces that hurt their expenses.

Generation X

Generation X is the generation that will be facing more financial pressure than other generations due to the number of responsibilities that they have. This is because they have young children and aging parents at the same time on top of their jobs and other basic expenses. Generation X adults will already be working for over 20 years so they should have sufficient income by now but this may not be true in some cases. 

This generation often makes the mistake of choosing a home that they cannot properly afford. They do this because they are looking for something that seems nice but is also affordable. The problem is that they can end up paying more than they need to for a home. Most of the homes purchased by these people do not fit their lifestyle and it makes them feel like they cannot really enjoy the property as much as they would like to. There are many times when homes purchased by this generation end up becoming personal losses or investments that end up losing money. 

Generation x people also tend to buy more houses than they need and never sell the home after it’s paid off. It's important to remember that even if you can afford your monthly payments, you still may not be able to afford the long-term utilities, maintenance, and upkeep costs associated with the property. This is why it’s really important to make sure you look closely at your finances before determining how much house you can buy. 

Baby Boomers

This generation is the largest in terms of population, and they're currently the largest home-buying demographic in America. They also have a high propensity to buy single-family residences by far. Baby boomers often make the mistake of buying a house that is too large for their needs. Many people in this generation overspend on homes because they're looking for something that is both nice and affordable. This is because they are looking for a grand estate that offers all the amenities they desire. 

They also make a lot of large purchases on credit card debt which means that most Baby Boomers will never be able to afford their dream homes even with a loan. In reality, though, this kind of home can be very expensive and not at all practical because it takes up too much space and does not have sufficient square footage to hold other important items such as cars, furniture, and food. For example, if you have three children you will need to buy a bigger home so that your family can have an extra bedroom for them to sleep in.

There are a lot of properties to consider before making that purchase, for example, a condominium is perfect for those who like to take charge as this can reflect in their condo design. Condo living is also much easier for those who are studying or working in the metro. Aside from which type of property to get, the location is also very important so you should always take time to find what fits you best. If you live in an area where there are many businesses, it's better for you to buy an apartment than buy a house because the price of houses in that area is higher than any other property.

Being smart in home buying can help save a lot of money in the long term. This is because you will be able to get the best value for your money. This is because you do not have to spend too much on certain features of the house that you don’t need. When deciding on what kind of home you want, it’s important to think about your future financial needs. This means that it's important to know how much you're earning right now and how much it will increase in the future, especially if you're planning on buying a more expensive home. It's also important to think about your savings goals before buying a home or making any other large purchase for that matter.

If you are thinking of moving in to a new condominium, check out Vista Residences!

Vista Residences is the condominium arm of the country’s largest homebuilder, Vista Land & Lifescapes, Inc. that offers ready for occupancy and pre-selling condominium projects in Manila, Makati, Mandaluyong, Quezon City, Ortigas, Baguio, Cebu, and CDO that are strategically located within major cities, in close proximity to premium universities, transit oriented locations and developed business districts.   

At Vista Residences, unit owners can take advantage of the property’s centrality. The properties of Vista Residences are strategically located near the country’s premium universities and CBDs, making them an attractive investment for both local and foreign investors.

Living in Vista Residences enables you to enjoy convenience, where everything is pretty much within walking distance or a few minutes away from the property; comfort because the project features and amenities are designed to deliver comfort at all times, which makes condo living a worthy investment; security that is 24/7 and CCTV monitoring, which makes the residents safe and secure within the property.

In line with Vista Residences’ thrust to offer convenience among its residents, it also features an AllDay Convenience Store and Coffee Project in all its projects.

For more information on Vista Residences, email [email protected], follow @VistaResidencesOfficial on Facebook, Twitter, Instagram, and YouTube, or call the Marketing Office at 0999 886 4262 / 0917 582 5167.

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