Many Millennials are still living in rental properties, but with the cost of rent beginning to inch higher and higher across the country, this generation is starting to realize it may be wise to buy a home. But, should Millennials go straight to a single-family home or should their first purchase be a condo? Here’s why Millennials should start with a condo before jumping to a house:
Millennials tend to live on-the-go lifestyles, rushing between the office, social engagements and trips around the world with their loved ones. With such busy schedules, there’s little time to remember to cut the grass, trim the hedges and clean the gutters. That’s why Millennials would be wise to choose a condo as their first home instead of a single-family house. Condos have smaller lawns, and therefore there is less to maintain, so Millennials can still spend their weekends doing the things they love instead of pulling weeds or pushing the lawn mower.
Millennials put a high value on networking and meeting other people, but in a house, it can hard to meet neighbors who may prefer to keep to themselves or be too far away to strike up a conversation with. Condos, on the other hand, put Millennials right next to their new neighbors, so they’ll have a better chance of building a strong relationship with them. Plus, people who live in condos tend to be young professionals or students who will have more in common with Millennials than families who live in single-family homes.
With skyrocketing rent prices, it can be hard for Millennials to save up enough money to buy a single-family home. But, condos are typically much more inexpensive than houses, so Millennials will be able to afford this type of property. Plus, condos are usually smaller than single-family homes, so you will end up saving money on the cost of utilities, too.
Because condos are cheaper than single-family houses, you can probably afford to buy a condo in a great neighborhood, whereas you would have had to sacrifice the quality of the neighborhood to afford a house. This means Millennials can stay close to the trendy restaurants and retailers that they love without having to go way over budget on a pricey home.
Even when the real estate market is not on fire, it’s fairly easy to find tenants to live in a rental condo. Millennials who invest in a condo now can move into a house later and rent out the condo for an additional source of income. Just be sure to check with the rules of the HOA before relying on this plan. Some HOA contracts do not allow owners to rent out their property, but this is not as common in condo communities.
Want more real estate advice? Talk to the professionals! Contact our team of real estate experts at Coast 2 Coast Realty who have years of experience helping buyers and sellers in the Tampa area.