An interesting trend in the real estate market that has become noticeable in the last two decades is the visible decline in the demand for houses, and consequentially, the visible increase in the demand for condos instead. Young adults today, even when they can afford it, are voluntarily choosing not to buy houses and are instead opting for condos because condos, like houses, can be bought, so people still get to invest in permanent property ownership, just not through houses anymore. Linx Condos is just one of the many condominium projects that are underway recently.
This trend has fascinated a lot of people, and there are actually a number of reasons why people are choosing condos over houses, and we will be discussing a few of them below:
- After the housing crisis following the economic crisis, a lot of people are now hesitant when it comes to investing in real estate, especially houses.
- The prices of houses have only increased after the crisis, and this is only reducing the pool of potential buyers.
- The job market has gotten tougher and a lot of people are not financially stable enough to afford a house, but they can still acquire security by buying a condo instead since they are cheaper than houses.
- Condos are located near and within the city. This means that people who live in condos are automatically closer to their office, to markets, stores and everything else, so they do not have to worry about commuting.
- Condos are smaller than houses, and this is great for young adults, and even families today since they are a lot smaller than traditional families, so their needs are easily met in a condo.
- Living in a condo means that there is less worrying to do regarding cleaning and maintenance because the condominium owners are responsible for it.