Going the traditional route usually means meeting that someone special, getting married, then buying a house. But real estate agents have noted a recent trend. Now young couples are buying property before getting married. They often look at the exorbitant cost of a wedding and decide that a down-payment is a better investment. And young singles loaded with student debt who are looking to save money might find that a mortgage payment is less than a rental payment. This means that condo managers could see more and more young people looking to buy.
What do these young, almost-married couples and singles look for? If children aren’t a factor, they seek small 1- or 2-bedroom condos that are within walking distance of entertainment and other amenities, like public transportation that can ease their commute. Generally, they look for the same thing in a condo that they’d look for in a rental property — an updated property with plenty of amenities, entertainment within walking distance, and easy access to a fun neighborhood.
Experts caution these young people to be sure that marriage, or at least long-term commitment, is in the future, however. If a big fight over paint color escalates into a break-up six months after closing, they should keep in mind that disentangling themselves from a mortgage is as difficult as disentangling from a marriage.
Are you noticing a trend like this among people looking to buy a condo in your building? What are you doing to help attract young people to your building instead of another?
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