If you are reading the news daily, you will easily notice that everyone is talking about millennials nowadays. And there are multiple reasons why people consider millennials a subject worthy to talk about. Now they are the largest living generation on the planet, and they have different values than the ones of baby boomers and of generation X. When it comes to houses, they have completely shifted the tendencies in real estate. They have other preferences when it comes to buying a house, because their priorities are different from the ones of the previous generations. When they are planning to invest in a house, they consider comfort and cost-efficiency as the main features they have to focus on. Therefore, they prefer condos. This article will help readers understand why millennials choose to spend their money on condos.
Condos are more affordable than other forms of real estate
It is no longer a surprise to find out that millennials prefer to rent a space rather than buying it, because they consider the present prices too expensive. But when it comes to condos, they are quite affordable, even compared with the sums asked for renting a house. When they are looking for a long-term living space, they opt for a condominium because the sum they would pay for monthly instalments would be smaller than the one they would pay for rent. People consider that it is a better investment to buy one of the Old Town Scottsdale AZ Condos because they pay for something that will be theirs when they will finish the mortgage.
Condos are cost efficient
Millennials prefer to save money when it comes to houses, because they want to use their finances to invest in their lifestyle. Homeowners have to pay certain taxes called condominium maintenance fees. There are persons who consider these costs as extra expenses, but in the long run, they are able to save money if they own a condo and not another type of real estate. A part of the sum they pay monthly goes to a reserve fund, and the remaining sum goes to basic maintenance, like window cleaning, gardening and parking maintenance. In case the building experiences any damage at a certain point the money from the reserve fund will be used to repair it.
Condos offer access to extensive amenities
Millennials are considered one of the busiest generations the Earth has witnessed, and if they have the opportunity to optimise their life, they will not have second thoughts before doing it. When they choose a house, they check the amenities it comes with, because they want to make sure that they benefit of multiple facilities, like parking spaces, sports facilities, recreational facilities and other similar amenities. Scottsdale Condos in Arizona offer multiple amenities, and this is why millennials prefer them instead of another type of living spaces.
And more than this, millennials consider condos a wise investment because they can buy a home in a location that would otherwise be out of their budget. They have always preferred prime spots, and they can live there only if they make the compromise of buying a condominium.