First Comes Love, Then Comes Mortgage

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?

Pilera is a best-of-class, easy-to-use, comprehensive online property management solution for apartments, condos, and associations. Pilera provides the easiest, most comprehensive data management capability available to property managers, leasing agents, boards of directors, and back-office personnel. Quickly and easily access whatever you need, whenever you need it, from wherever you need to be with office or mobile phone connectivity. You are never out of touch. Act on the document/information accessed from the office or “on-the-road” with Pilera-supported mobile capability. Contact us today!


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