4 Reasons Millennials Are Making Boston Condos Their First Home
by Nick Warren
on Wednesday, March 2nd, 2016 at 9:44am.
Purchasing your first home is an exciting process––but it comes with some challenges. You want to be sure you make the right financial decision, but you also want to find the home you’ve been dreaming of. And you might feel a little overwhelmed by how competitive the Boston market is for buyers. (It can feel like a feeding frenzy out there!)
As millennials start thinking about purchasing their first property in Boston, the majority of their options will be condos vs. single family homes. While this is largely due to pricing and availability, it’s also because Boston condos have the amenities and perks that are a first-time home buyer’s dream.
Here’s why our millennial customers are opting for condos in the hot Boston market:
BOSTON CONDOS ARE AN INVESTMENT:
Very few people can afford to buy a single-family home in downtown Boston. The average cost of a single-family home here goes well into the millions, while you can get into a small condo starting in the $300-400k range.
However, condo prices are rising, so they are a great investment for you first-time home buyers who want to be sure you’re making a solid purchase that will grow in value. If you see your home as a true investment in this growing market, you’ll see how exciting it can be to watch the value of your coveted home grow. And you’ll be living in a beautiful place while it does!
Money aside, younger buyers are also making a conscious effort to purchase a home that doesn’t require lots of upkeep. Unless you’re looking for a fixer-upper, you want convenience and simplicity when it comes to maintenance of your home.
Boston condos generally won’t become a money pit: It’s a simple way to ease into maintaining an property as you move from the restriction of renting to the freedom and responsibility of home ownership. They’re less work than a single-family, as you might still have building or maintenance staff to help with issues outside the minor repairs you can handle on your own.
Things like security and property maintenance (shoveling and upkeep of green space) are also typically taken care of by building staff. With all of this peace-of-mind, younger homeowners know they can still focus on their daily lives without constantly worrying about the time and money that could come with the upkeep of a single-family home.
By buying a condo at a lower price than a single-family home, millennials can get into the market a little bit cheaper. This allows you to build equity and work your way up (if you eventually plan to invest in and move to a single-family home) over time.
If you’re in this mindset, you can break into home ownership now at a price you can afford. The price point of Boston condos is accessible for you. So if you’ve been holding back on buying simply because you’re not sure if you have the cash in-hand to for a down payment or the budget each month to afford it––think again.
It really is possible for you to break into the market in this price range!
AMENITIES EXTEND YOUR HOME:
While condos often have less square footage than a single-family home, other building amenities become an extension of your home which you can use when you need them. Things like a conference room, lounge, gym, or theater room give you access to bigger spaces. You can bring in more friends and family to these spaces if your condo feels cramped with too many guests.
Depending on the building, these amenities also give millennials an all-in-one feeling: we don’t have to have a gym membership, leave the house to watch a big game, or find a pool in the peak of summer heat––it’s all right there in our building. This is the type of investment that seems to simplify the rest of our lives and give us the freedom to access many amenities we might not have in a rental or a single-family home.
THE BOTTOM LINE
Boston condos are popular for buyers of any age, but millennials, in particular, have taken to them for these reasons. They’re a fantastic way to break into a competitive market at a lower price point, and they also serve as a perfect mix of convenience and freedom.
If you’re ready to see how to the home-buying process would look for you, our expert agents put together our Buyer’s Guide just for you. Download your free copy today to understand the timeline of searching for and buying your home.