Millennials are becoming the most influential generation of today, making them a huge factor in determining the future of the real estate industry.
Property ownership is still very much the dream, which most millennials associate to having stability. But according to a recent study, Millennials have presented unique views when it comes to home buying.
1.”I CAN’T AFFORD A CONDO'”
In America, a study showed that more than half of millennials feel like their current financial situation is blocking them from making such a big purchase as a home. In the Philippines, Millennials are known to be very optimistic and passionate. An increasing number of Pinoy millennials have been considering buying their homes; however, most tend to spend more on other things like travel. While a huge number of Filipinos still rely on their parents or relative working overseas for their local spending.
While it’s true that it will take a lot of saving, years of patience, and the correct mindset priority to make such a home investment, with planning and proper understanding, one will discover that buying a place like a condo won’t require anyone to shell out as much money as they think.
But because of a strong Pinoy millennial trait of “drive or passion”, it won’t take long for them to figure out that they only need to choose a condo from a home developer that offers affordable units with flexible payment schemes.
Because these developments understand the value of the money of its Filipino homebuyers, condo prices have been strategically broken down to fit into five or even ten years payment scheme that allows lower monthly amortization
2. “I WON’T BE ABLE TO SUSTAIN CONDO DUES”
Research shows that most millennials today don’t mind paying for rent for a long time. It can be because most millennials prefer to invest more in the experience like travelling rather than staying in a permanent place that may curtail their passions. But who said we couldn’t invest and dream at the same time?
It’s just a matter of learning to keep track of all your expenses and exploring more ways to earn extra. Knowing where money goes and how to increase it will help millennials still have the resources for travel and save
3.”CONDOS ARE WAY TOO SMALL AND EXPENSIVE”
Most millennials think that condominiums are too small for their own comfort since they are used to the big family homes they grew up in.
But they fail to consider that living in huge family homes may also be more expensive due to significant repair and maintenance needs as well. Also, large houses may not honestly feel as intimate as most independent millennials would want to achieve for their place.
Current condo owners attest to having more success rate in shifting to an eco-friendlier lifestyle that allows them to save up on electricity, money and resources when living in a condo as compared with a house up for the future.
4. “THE COST OF LIVING IS MORE EXPENSIVE”
A huge percentage of millennials consider the ‘vicinity’ as the most critical factor when choosing a home.
This generation is more known for choosing mobility as their lifestyle which makes perfect sense because the neighborhood is on top of the priority list in the millennials’ home search. Proximity to work and lifestyle activities are just some of the most significant factors they consider when choosing an address.
Truth is, most condo owners save up on travel expenses because most condominiums already have their own malls, groceries or shops within the vicinity. There’s no need to book a cab or spend on gas when everything anyone would need could already be bought in an arm’s reach.
Because of a lot of transit options available, budgeting transportation allowance becomes totally feasible. Office workers find that living within the CBDs also help them save up on gas and transportation fares; saved money on transit becomes allotted on other more important things like preparing homecooked meals, going to the gym, swimming in the pool or even sneaking in a little book club in one’s busy schedule.
Wasted time is way worse than wasted money. When you start saving time, everything else follows.
Empire East, one of the country’s top real estate developers, has been dedicating 24 years creating the best homes suited to every aspiring homeowner’s personality.
One of its pioneer projects are the Transit-Oriented Developments (TOD) that are directly connected to the MRT3 stations and other transit systems such as Pioneer Woodlands in Mandaluyong City, directly connected to Boni MRT3 station, and the San Lorenzo Place in Makati City, which is directly connected to the Magallanes Station. Soon, The Paddington Place along Shaw Blvd. will rise, which is approximately a 3-minute walk to the Shaw Blvd. station of the MRT-3.