Reinventing the American Dream: Condo & Townhome Living

Posted by Laine Smith on 10/15/14 10:00 AM

Topics: Economy Home Buying Home Ownership

The days of white picket fences, yards for the dog and huge living spaces in the suburbs are not gone, but they may be less desirable to the new millennial generation.  These individuals are waiting longer than ever before to get married, have kids and buy houses, sometimes even doing it as single entity.  For a group that is constantly on the go, wants many conveniences at their fingertips and desires less responsibility, condo or townhome living might be the new housing of choice.

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One great perk of buying a condo or townhome is that there is little to no yard maintenance, since lawn care and snow removal are covered.  Also, any exterior work on the outside of the building, like the roof which can be very expensive, is included.  Since traveling is a key priority to millennials, these types of housing can also be very convenient for people who travel since there is less upkeep that needs to be handled by the homeowners themselves. 

Another big concern to millennials is financial stability.  Since these types of properties can usually be bought at a cheaper purchase price than similar-sized single family homes in the same area, there is an increasing appeal to buy at the lower price point.

Shared living spaces like condominiums and town houses can also have many great extra amenities that come with the property.  This can include pools, workout facilities, tennis courts, front desk personnel, security, and event space for parties, just to name a few.  All of these amenities are usually also included in your monthly Homeowner’s Association (HOA) Fees, so they are at your disposal. 

Depending on what you are looking for in your next home, a condo or townhouse might be the right answer for you. 

Images courtesy of http://www.stockvault.net/ 

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