The Millennial generation has garnered a lot of attention recently, as evidenced by their increased visibility in the Philippine media. That is not without merit, though, since the Millennial generation is the largest in human history and they have different values than the Baby Boomers and Generation X.
Born between 1981 and 1996, Millennials are gradually replacing Baby Boomers as the largest generation of homebuyers in the Philippines. The real estate market and condo living are two areas where this is starting to become increasingly apparent.
Modern Residential Property
Contrary to popular assumption, condos come in a wide range of sizes, layouts, and floor plans. These residential properties could be standalone homes, row houses, duplexes, triplexes, or even low- to high-rise structures.
Since each of these condominium buildings contains common facilities under the management of a condo and homeowners association, they all fit the definition of a condominium.
Living in a Condo
Millennials nowadays are becoming less interested in detached homes for a variety of reasons. Continue reading to find out why condominiums are so popular among millennials and why getting the most square footage for your money is no longer a contest.
1. Cost-Effectiveness
One of the key reasons millennials like condos over single-family houses is their affordability. A significant barrier for many young individuals who are just starting their careers or first time homebuyers is the high cost of conventional residences. Most condominiums are often less expensive because of their smaller square footage and shared amenities.
Millennials may find it easier to build equity and create a long term investment. The lower expenses associated with condo ownership can also free up money for other big purchases like travel, schooling, or launching a business.
2. Low Upkeep
The minimal maintenance and requirements needed for condominiums is another factor in millennials' preference for them over homes.
Condo owners spend less time and money on maintenance costs. A typical homeowner is responsible for maintaining the entire building, including the outdoor space, the yard, and all furniture and fixtures. This may be expensive, time-consuming, and labor-intensive.
On the other hand, condo life is typically low-maintenance with a number of amenities included in the monthly cost, including lawn care, exterior repairs, and more. Residents will no longer need to engage professionals to take care of any issues or do regular upkeep.
Low-maintenance living appeals to millennials who may have busy lives with work, parties, and travel. By choosing to live in a condo, they can choose to spend less time worrying about upkeep and more time pursuing their goals and hobbies.
3. Community
Shared spaces with more space commonly includes a swimming pool, clubhouse, recreation room, game rooms, and social areas that encourage socialization with other residents.
Millennials, who place a strong emphasis on interpersonal interactions, might find these aspects quite appealing. Condo communities allows them to take advantage of these common areas and events without having to pay extra money for memberships or leave the building.
4. Facilities
This could be a cost-effective and useful way to get involved in different activities and socialize with new people. While security cameras and workers frequently monitor these areas, a condo community can help instill a sense of security in locals. Locals can engage in a variety of recreational activities, keep active, and socialize with their neighbors thanks to access to these amenities.
5. Location
Millennials usually place a high value on living close to prime locations, such as restaurants, public transportation, and commercial establishments. Condo dwellers can live in the heart of the action without having to pay the high cost of owning a house in the same area.
For example, Vista Estates are in a fantastic location among business districts and IT zones as well as commercial and retail establishments. Residents may take advantage of all the city has to offer and enjoy exciting and dynamic lifestyles as a result.
6. Safety
Condos can also provide dwellers with a sense of security and safety because they are typically found in gated communities or high-rise buildings with security guards and cameras.
Vista Estates, for example, have security staff on duty around-the-clock and CCTV cameras to ensure the safety and well-being of residents. Millennials who are concerned about their safety and wish to reside in areas with strong community ties might find this especially alluring.
Condo owners who install security systems may focus on other factors of their lives with confidence and without having to worry about their safety. In addition to protecting tenants' belongings, security measures can discourage theft and vandalism.
7. Adaptability
Condo living can provide more flexibility than traditional houses since they can have more diversified layouts and floor plans that can accommodate a range of needs and tastes. Millennials who work from home, for example, could appreciate having a dedicated workspace. Even so, people who love hosting events or entertaining guests might go for an open floor plan with a large living area.
Additionally, condominiums can afford tenants greater options for ownership and renting, allowing them to choose between short or long-term leases as well as subleasing their apartments. This is especially appealing to millennials who may not know what their future holds and who want the freedom to move around or change their living arrangements.
8. Energy Efficiency
Energy-efficient features found in many contemporary condos include insulated windows, high-efficiency HVAC systems, and appliances with Energy Star ratings. These attributes may contribute to lowering the building's energy consumption and greenhouse gas emissions.
These solutions can improve the apartments' livability and comfort by assisting in temperature and humidity control. This may be especially appealing to millennials who are concerned about the environment and want to reduce their carbon footprint. Owning an energy-efficient condo unit can promote a sense of community and shared responsibility in addition to being a source of pride.
9. Investment Possibilities
Condos are often less expensive than single-family homes, which makes them more accessible to first-time homeowners or those with limited personal finance. Compared to owning a rental property, buying a condo might offer a more hands-off financial potential because the condo association may handle maintenance, repairs, and property management.
As the value of the property may increase over time in reaction to market conditions and demand, owning a condo may have a potential for profit. Condos are a great alternative for those looking for a long term investment in real estate.
10. Contemporary Style
Many condos are constructed with modern features like high ceilings, open floor layouts, and large windows that can give the impression that a space is larger and lighter than it actually is.
On the other hand, energy-efficient appliances, built-in storage, and smart home technology are common amenities found in modern condos that can enhance daily convenience and comfort.
This may be appealing to millennials, who are drawn to basic, minimalist design and want a dream home that reflects their taste. Modern design can also raise a property's value and make it more appealing to prospective buyers or tenants.
Summary
To wrap it up, a lot of millennials find condo living to be an attractive option due to its many unique advantages — a modern aesthetic, a multitude of facilities, and an excellent location, among others. They provide a number of benefits that are hard to overlook, whether they have to do with cost, community, or convenience.
One of the top integrated property developers in the Philippines is Vista Land & Lifescapes, Inc. You can choose from a variety of vertical villages depending on your lifestyle requirements, mostly located in Metro Manila and other suburban areas. This is where residents can enjoy an enhanced quality of life in comfortable clusters of residential enclaves.
