Owning a house and raising a family has long been hailed as the American Dream, but that dream may be changing. White picket fences and two-car garages may be replaced by balconies and bicycles.
Among the younger generation, condos are becoming more popular. This means that condos are also gaining value.
Condos have long been thought of as a dumb real estate scheme to help landowners earn money, and there are some fees to live in one, as with any house. Are condos worth it?
Condos are worth it, and we’ll give a few reasons why in the paragraphs below.
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1. Low Maintenance
When you buy a house, you own the entire building, which also means that you’re responsible for the upkeep. For many, this is worth it, but others can’t do maintenance tasks or would just prefer not to.
Condos can be a great benefit to those who aren’t capable of such tasks or are simply too busy.
Condos tend to be more affordable than most homes, and unlike apartments, you can own them. This may help explain the popularity with the younger crowd.
You do have to pay a little extra each month, but it’s still less than you would pay on a house. The additional upkeep costs of a house are some of the biggest complaints among millennials.
However, if money is not an issue, there are upscale condos as well. There are some great places out there to help you find your home.
Are condos worth it? They certainly are if you like activities.
Most condos come standard with things you wouldn’t have in a normal house. There are often pools and gyms. Others have golf or tennis courts, or even simple clubhouses.
These extras can be a huge benefit, especially if you live in a small town where there’s not a lot to do. It can even give you a chance to meet your neighbors.
Perhaps one of the biggest reasons people are investing in condos is because of the social opportunities. In college, we often live in dorms with a roommate. We have access to clubs and sports to keep us engaged and connected with the community.
Condos mimic college in this way. There may not be quite as much community in a condo, but there’s more than a house would offer.
It’s what the younger generation already knows and has grown to love. To them, it makes no sense to get out of college and immediately transition into a place where your social circle consists of family and coworkers.
Are Condos Worth It?
Are condos worth it? The answer is yes, depending on what you’re looking for.
Those who are comfortable with the traditional model of homeownership may not find condos attractive. However, some people find that the quiet house in the suburbs just doesn’t suit them.
It all depends on what lifestyle you want. If you’re a traditionalist, a family home should be fine. For those who prefer to go against the grain, there’s always condos.
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