Baby boomers proceed with altering the tide in the real estate market. As a result, this period has changed things for many people. After the whole world was quarantining for a few months, many investors have thought and rethought about how they want to live in a world after the pandemic outbreak. Now many of us want to have a much easier and simpler lifestyle. Of course, many retirees and nesters already have thought about that. Moreover, they are the group who proceed to surge forward despite any nowadays issues or challenges.
This broad social group has sway over various trends for the past half-century. Nowadays, the situation is no different. This group is still adjusting living conditions to associate with their variable future and lifestyle. As a result, this leading to a rise of interest in condo living. These condos offer a specific lifestyle that offers solutions related to health, fitness, travel, reinvention, retirement, and big families.
Some call it downsizing, some call it right-sizing, it is still going to be a catchword for many years. Its meaning is concentrated around the baby boomers’ changes in places and lifestyles they live in. Baby boomers are a generation of planners, economists, wasters, adventures. Now they are at the point of their lives when it is time to simplify, throw away things, and move to other places like condominiums. This is a perfect option for them.
There are a lot of reasons why baby boomers choose the condo market. However, there are only ten of them that are the most widespread. Among them:
- Life without maintenance
One of the biggest advantages of living in a condo is the absence of maintenance for which you may not have a desire, time, or even the ability to spare. Among such maintenance tasks can be shaving a lawn, shoveling snow off paths, or fixing outside the structure. Instead, you will pay monthly fees so that specialists will do it for you.
- Lock the door and you are free to go
With no worries about your property’s safety, you can travel south for the winter holidays, go skiing, take a cruise, travel around Europe, visit your children, etc.
- Condo fees on a monthly basis
Nowadays, developers build condos according to their design, add cooling and heating systems. All of that is included in monthly condo fees.
- Life without mortgage
More and more baby boomers who want to sell their property, opt for downsizing. This way they can be part of condo ownership without a mortgage and even deposit on bank accounts their extra funds. As a result, selling home with four bedrooms for a smaller condo can lower a mortgage payment substantially.
- Living on one floor
If baby boomers prefer a property with one or two bedrooms, condos allow them to become owners of the space rather then renting it. Of course, there are common spaces like recreation rooms or pools that provide variants to socialize with their neighbors. Some developers build condos for specific social groups like families, young professionals, and elderly people.
- The sufficiency of offered space
Baby boomers do not need to forgo their space if they just need the comfort of living in a condo. Some layout plannings provide more than 1,500 square feet of habitable surface to similar detached homes.
Many boomers have a car for a whole family. Thus, they are looking for condos that have a good location, close to public transit, and all possible amenities to smooth the difference.
This is one of the main considerations when baby boomers look for condos. They always ask themselves whether it is comfortable to walk to restaurants or shopping. Also, are there any parks and entertainment nearby?
- Health and gym
A condo complex can easily compete with the resort complex with its spa, pool, and gym facilities. Now baby boomers can save on it all only by choosing one specific condo.
- Economy or luxury
Developers usually make sure that both propositions are available in the same complex or even building. Those boomers who wish to spend more time at their home mat save money for better and more expensive condos, however, those who always spend a lot of time outside their home can opt for simpler space.
All in all, this year is going to be memorable for many changes, some of them are going to be positive some are negative. But anyway, the market that depends on baby boomers will continue to grow.
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