Millennials are the fastest-growing population in the workplace, including the extent to which they influence leadership styles and different career expectations. A condominium is a type of real estate property where residents own their respective units and all share ownership of common areas. Condo units normally share walls and the land in the condominium project is owned in common by the residents.
As stated by mypropertyph, “Most young Filipinos stay at their parents’ home until they get married, but with the changing times came the emergence of free-spirited, independent millennials (also referred to as “Generation Y”), who feel the need to get out from under Mom and Dad’s wings and make it on their own”.
Most millennials are tech-savvy and when they’re looking for a new place to live, they always use their mobile device by being online to find out what’s available and how much is the cost of purchasing a Condo. According to Philippine Statistics Authority, the Filipino millennial generation comprises 53% of the working-age population, with 45% employed. This simply means that this generation has such an increasing purchase power. With higher incomes and the desire to be successful in their own chosen career, Millennials are making their way into investing in a condo and settling into the city where they can be close to where they need to and pursue their work passion in the absence of the hassle of commuting, daily traffic and exposure to viruses, especially during this times.
Is Investing a Condo a Good Idea?
Here are some tips for you to know more about why it is worthy to invest in a Condo at an early age.
For millennials, renting seems to be more affordable than buying a condo unit, but that it is only applicable for the short term. In most cases, people are paying more in rent than investing their condo with miscellaneous and condo dues combined.
Moreover, you can have and enjoy your own living space for years. Condos are affordable and available at very competitive prices especially now that mostly condo are near cities and a lot of developers offering such competing in the market.
Thinking about investing in a condo takes time, you can be sure that you are making your future good by investing in it. Condos also have a money-related advantage – all major expenses are shared by all the condo residents through the condo dues that are being paid monthly. Availing a condo unit can be used both for personal living as well as for investment.
Modern Amenities Accessibility
Millennials are being tagged as the always-on generation and the digital natives because they spend more to themselves being online and thus very conscious when it comes to the happenings that we faced today. Condo investment will enable them to optimize their time since it gives them easy access to their needs. In addition, condo amenities includes as pools, clubhouse which can be used in hosting events, convenience stores, or cafes within the property that makes it more convenient for millennials to sustain themselves hassle-free.
One thing for sure that makes millennials have the urge to invest in a condo is finding the best place or location to live with. Millennials will always choose key cities wherein they can find many opportunities in the field of using their career.
Safety and security in condominiums are compact so you don’t have to worry if you leave your condo for a vacation. Aside from roving guards, most condominiums have CCTV cameras in monitoring who enters the building and goes out.
Rise of Condo Market
In fact, over the past decade, residential real estate market has soared up. This has been the reason why single family dwellings in major cities out of financial reach for many Millennials. According to GlobalPropertyGuide, “The average price of a luxury 3-bedroom condominium unit in Makati central business district (CBD) rose by a minuscule 0.87% during 2019 to PHP 232,000 (US$ 4,488) per square meter (sq. m.), a sharp slowdown from a y-o-y rise of 15.55% in 2018 and the weakest performance since 2009, according to Colliers International. In fact, when adjusted for inflation, prices declined 1.03% y-o-y last year”.
With a limited supply of condos and increasing demand for them, millennials who purchase condos are positioning themselves for a decent pay off years. Millennials should understand that purchasing new a condo is a good investment alternative.
Buying a Condo is a Good Investment
Availing a condo unit can be used both for personal living as well as for investment. Knowing the fact that condominiums serve the lifestyle needs of all millennials, this generation thinks about the property value appreciation that could benefit them in the future. We all know that prices for residential properties are continuing to rise, early buying a condo seems to be a very good investment. And if you feel like you have grown out of their compact place, you can easily move elsewhere and use your units for rentals so that you will be able to earn a passive income or else sell your unit. Because of its popularity, more millennials are now preferring of buying or investing in condos
Considering how many young people are becoming of age to buy or purchase a property more specifically in Condo, these tips will help them decide and to have enough idea of how real-estate investment help you with your future. Think of the things like your current financial standing, lifestyle, needs, and career outlook. Think of what you are truly looking for in a condo. One of the things that this generation may have come to realize is that real estate is the safest way of investment.
Written by Judde Leones