Millennials are often stigmatized for being
self-absorbed, narcissistic, and investment-averse. While this generation is seen to prioritize
travel and other leisure activities, data shows that they are in fact good
financial planners. According to an article by Forbes in 2019, millennials are taking advantage of finding new
alternative investments
and securing stability to settle down for their future.
This generation has come to realize the value of growing their money over time to be able to invest and diversify their portfolio and at the same time fund their social and environmental causes.
According to the Philippines’ first online mortgage brokering platform, Nook, millennials emerged as the fastest growing generation to contribute to the growth of home loan landscape in the country and they are seen to lead the real estate industry as they express keen interest to invest in real estate properties.
What makes this generation more interesting is that they have no problem renting out a property with just an adequate space. With the millennials’ knack for making smaller spaces functional, condominiums become one of the most attractive homes for this generation.
Millennials might be a lot different from the Baby Boomers when it comes to buying properties, but they are in the financial position that allows them to choose where to live in accordance to their lifestyle and other factors aside from price.
Most condo developers nowadays are upgrading their condo projects to include amenities that will attract this generation of homebuyers. In fact, today’s condo market is saturated with developers who are promoting swimming pools, game rooms, study hall, roof deck, and state-of-the-art fitness center. These condo amenities have actually become a norm, thus, do not always stand out to the millennial generation who value creativity, sustainability, and innovation.
With these in mind, let us take a look at the things millennials look for in a condominium.
1. Vibrant community and street life
When you live alone, it is easy for you to feel disconnected, so it is important for millennials to live in a condo that would make them feel like they are still part of the larger community.
Who does not want to see a thriving community with cafes and restaurants where you can just sit and have coffee with friends? Nothing beats being close to where the coolest happenings are.
2. Accessibility
Aside from affordability, millennials look for a condo that is located in the centre of everything, a property that is in close proximity to everyday essentials such as grocery or convenience store, restaurants, laundry shop, and banks, among others.
It is also a plus factor if the condo is commutable and near main transportation hubs since these help save their time and effort, thereby, allowing them to do the things that they have to do in order to pursue their passion.
Research has shown that millennials want to live close to work and things to do. This is a huge deciding factor for them when choosing a home.
3. Proximity to Central Business Districts (CBDs)
Proximity to workplace is very important to millennials. They like to live in a condo that is just 10 to 15-minute walk away from their office. The immediate environment and area are important for this convenience-driven generation.
Living close to their workplace enables them to avoid the stress of long commute and daily traffic, have more time to relax and enjoy more time for themselves.
4. Modern amenities and wellness facilities
While space is not as big of a concern for most millennials, they want to live in a condo that comes with modern amenities which include fitness studios, swimming pool, roof deck, and parking.
Another modern feature that piques the interest of this generation is the smart condo technology which enables them to interact with their condo in the same way they do with their smartphones. This can be in the form of automated security, heating and cooling lights, smart door lock system, etc.
5. Outdoor spaces
More and more millennials nowadays want relaxing outdoor spaces. Area/s where they can breathe some fresh air and feel comfortable with their friends.
For millennials, living in a condo should not feel like living in a box. There should be a lot of breathing space so it is really important to have expansive outdoor spaces like a garden.
6. 24/7 Security
In today’s society, one thing that people need to take seriously is their personal safety. This is why security is one of the most important things that millennials check in a condo property.
If a condominium has proper security in place, then residents can feel that they are safe when they are at home, and can unwind in their own condo unit with peace of mind.
Millennials often look for 24/7 security services which include verification and access control for visitors, CCTV cameras, foot patrol of buildings and parking lots, amenity reservations as well as emergency response.
7. Low maintenance
Convenience is of the utmost importance to millennials and they expect all things to be quick, efficient and long-lasting.
Since millennial condo residents are usually always on-the-go, they prefer low-maintenance units which have easy-to-clean kitchen, bathroom, or living space that would help them save their time and energy.
8. Large windows
Millennials are inspired with having large windows which enable them to see the view of the city or the community. Having large windows also allows more fresh air to enter the unit (if they decide to open them), thereby, ventilating the unit.
It might be true that millennials are buying homes later in life than previous generations and that they are doing away with some of the traditional home elements that their parents have wanted and desired. We have to understand that this interesting generation has different views and wants when it comes to home living – be it multifunctional and community spaces, or homes with modern, sustainable elements, what is important is that they know what they want and they will do anything to enjoy their independent style of living.
If you are looking to buy a condominium unit to invest in, Vista Residences, the condominium development arm of the country’s largest homebuilder, Vista Land & Lifescapes, Inc. offers ready for occupancy and preselling condominium projects that are strategically within inner city areas, in close proximity to developed business districts and prestigious schools.
For more information on Vista Residences ready for occupancy condo units and preselling condominium projects, visit www.vistaresidences.com.ph, follow @VistaResidencesOfficial on Facebook or call the Marketing Office at 0908-91478457.
