More and more young professionals are choosing to live in condos these days. While some may think this is simply due to the current housing market, several other factors exist here. In this blog post, Damon Becnel explores why condo-living has become so popular with young professionals.
Difference Between Traditional Apartments, Houses, And Condos
The first reason young professionals are increasingly choosing to live in condos has to do with the difference between traditional apartments, houses, and condos. While all three types of dwellings offer a place to live, they each come with their pros and cons. When it comes to condos, young professionals are finding that the pros far outweigh the cons.
Traditional Apartments
The Pros: The price is the biggest pro of living in a traditional apartment. Monthly rent is much cheaper for an apartment than a condo or house. This is especially true if you live in a big city where real estate prices are sky-high. Another pro of apartments is the maintenance and repairs; your landlord is typically responsible for taking care of any issues in the unit.
The Cons: While there are some definite advantages to traditional apartments, there are also some significant disadvantages. Young professionals’ biggest complaint about apartments is the lack of privacy. You often have to share walls (and sometimes even ceilings and floors) with your neighbours, making it difficult to get a good night’s sleep or concentrate when trying to work from home. Another downside to apartments is the lack of storage space. If you have a lot of belongings, you may find yourself constantly tripping over boxes and cramped in your living space.
Purchasing A Home
The Pros: For many young professionals, the eventual goal is to purchase a home. And there are some advantages to owning your place. Perhaps the biggest perk is the long-term investment aspect; as your property value goes up, you’re building equity that you can eventually cash in on (or use as a down payment for an even more significant investment, like a vacation home). Additionally, when you own your own home, you’re not at the mercy of a landlord who could raise your rent or sell the property at any time; you have complete control over your living situation.
The Cons: Of course, there are also some disadvantages to purchasing a home. The most significant one is the cost. You have to come up with a down payment (which can be difficult, especially if you’re still paying off student loans), and you’re also responsible for all maintenance and repairs. This can get expensive, particularly if something significant needs to be fixed (like a broken furnace in the middle of winter). Additionally, because your home is such a big investment, it can be hard to pick up and move if you get a new job or want to try living in a different city.
Condos: The Best Of Both Worlds?
So what about condos? As you can probably guess, they offer a happy medium between apartments and houses. You get many of the same advantages of owning your place without as many of the disadvantages. Let’s take a closer look:
The Pros: Much like a house, you make a long-term investment when purchasing a condo. And depending on the location and amenities, your property value could increase significantly over time. Additionally, you have more control over your living situation than you would if renting an apartment. For example, you can usually make changes and renovations to the unit (with approval from the condo board, of course) without having to worry about getting permission from a landlord. Another big perk of condos is the amenities; many complexes come with gyms, pools, spas, and other luxury features that you wouldn’t be able to afford if you were purchasing a house or renting an apartment.
The Cons: While condos offer a lot of great perks, there are also a few potential disadvantages. One is the cost; although monthly mortgage payments may be lower than rent for a traditional apartment or house, the upfront costs of purchasing a condo can be high. You’ll need to come up with a down payment, pay closing costs, and (in some cases) buy insurance. Additionally, because you’re part of a condo complex, you may have to follow specific rules and regulations set by the condo board. This can include everything from quiet hours to where you’re allowed to park your car.
Why Young Professionals Are Ultimately Choosing Condos
While there are some potential disadvantages to condo-living, young professionals find that the pros far outweigh the cons. For many, the ability to make a long-term investment, have more control over their living situation and enjoy luxury amenities is worth the extra cost. So if you’re considering purchasing a condo, you’re certainly not alone; you may be ahead of the curve.
Some of the critical advantages that condos have over traditional apartments and houses include:
Condos are More Affordable
One of the biggest reasons young professionals are turning to condos is because they are more affordable than other types of housing. The average price of a condo in the United States is just over $200,000, while the average price of a house is nearly double that at $370,000. For young professionals starting their careers, the extra costs associated with buying a house can be too much to manage.
Condos Require Less Maintenance
Another big selling point for condos is that they require less maintenance than houses. While condo owners are responsible for taking care of the interior of their units, exterior maintenance is typically handled by the condo association. This means that young professionals don’t have to worry about tasks like shovelling snow or mowing the lawn – the association takes care of all that for them.
Condos Offer More Amenities
In addition to being more affordable and requiring less maintenance, condos also offer many amenities that young professionals find appealing. Many condos have gyms, swimming pools, and underground parking, making life much more convenient for busy young professionals.
Condos are located in prime real estate locations.
Another reason young professionals prefer condos is because they’re often located in the best parts of town. If you want to live in a trendy neighbourhood with easy access to all the best restaurants and nightlife, chances are there’s a condo development. One of the big advantages of condo living is that you get to live in prime real estate without having to pay a fortune for it.
Condos offer a sense of community.
Finally, many young professionals appreciate the sense of community living in a condo development, believes Damon Becnel. When you live in a traditional home, you might not know your neighbours very well. But in a condo development, you’ll often have the opportunity to get to know your neighbours and make friends. This can make condo living much more enjoyable and fulfilling.
The Bottom Line
As you can see, there are several reasons why condo-living has become more popular among young professionals in recent years. With the current state of the housing market, it’s no wonder that more and more young people are choosing to invest in condos instead of houses or traditional apartments. So if you’re a young professional looking for a new place to live, consider all your options – you might find that a condo is a perfect fit.
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