The average age of a first-time homebuyer is 35. So, in case you’re under 35 and ready to buy your first home, that’s truly a pat in the back moment. By buying a home early in your life, you can build equity sooner. As the value of your first home increases, your equity will grow which you can later use for investments or upgrading to a larger home. But keep in mind that home-buying is a big decision and you’ll need to make a lot of important choices including which home type to buy.
Usually, most young adults choose condos for sale in Brampton over other housing types. Condos provide young adults with a lot of appealing benefits that can enhance their overall living experience and lifestyle. Let’s explore why young adults are drawn more to condos in-depth below!
Factors That Make Condos a Popular Choice for Young Adults
They Are a Great Option for Those on a Tight Budget
With student loans and entry-level salaries, the home-buying budget of most young adults is tighter as compared to most first-time homebuyers. This is one of the key reasons why condos are more preferred by young adults – “affordability.” Condos usually have lower prices which allows these young first-time homebuyers to step foot in the housing market without stretching their budget too thin. You can grab your first house at a young age and start building equity immediately instead of waiting to buy a larger house.
As of September 2024, the average price of condos for sale in Brampton is around $513.82K while detached homes cost about $1.19M. This means condos are about 80% more affordable as compared to single-family homes. You can use the money you save on the purchase price of the condo on other important expenses such as furnishing your new place or saving for the future.
They Demand Very Little Maintenance
When first-time homebuyers think about buying a home, maintenance is probably not the first thing that comes to mind. But for most young adults, it’s a huge factor. That’s because as a young adult, you probably lead a busy life filled with work, a lot of social activities, and personal interests. In the midst of this busy schedule, you may not have the time to take care of the maintenance and repair tasks of your new home.
But thankfully, when you buy a condo, many property maintenance tasks are taken care of for you. The condo association usually handles exterior repairs, lawn care, snow removal, and maintenance of common areas on behalf of residents. This means you won’t have to stress about mowing the lawns on weekends or shovelling snow during the winter when you buy a condo in Brampton for sale. Instead, you can spend your free time doing what you love, whether that’s going out with friends, travelling, or simply relaxing at home.
The only maintenance tasks you would have to focus on in a condo are the ones inside your unit. This usually means small tasks like changing light bulbs, cleaning, and maybe fixing a leaky faucet. These chores are much easier and quicker as compared to the extensive upkeep that a big house requires.
They Provide Residents with a Wide Range of Amenities
Another reason why young adults choose a condo as their first home is due to the range of amenities these buildings offer. These amenities can provide convenience to residents, enhance their lifestyle, and make their day-to-day lives more enjoyable. Among the many amenities a condo offers, the most common ones are on-site gyms, pools, lounges, party rooms, game rooms, and concierge services.
They Are Often Located Close to Major Amenities
Most condos in Brampton for sale are located just a short walk away from popular shops, cafes, and restaurants. This means that while living in a condo, you won’t have to spend hours driving or commuting to find a good cafe or a place to hang out with friends. The public transit options near most condos are also a big plus. If you don’t have a car or prefer not to drive, you can get a bus or train to get to work or other places from your new home.
Additionally, the condo’s prime location can help you increase the value of your investment. As the area becomes more desirable, your condo’s value may rise, giving you a good return if you decide to sell later.
They Provide Residents with Opportunities to Connect with Each Other
The community aspect is another perk that attracts young adults to a condo for sale in Brampton. The condo authorities often host events and activities in the building from holiday parties to fitness classes. These events give you a chance to meet your neighbours and build friendships. This is especially appealing to young adults who may be new to the city or are looking to make new friends.
They offer a range of Security Features That Amp Up Safety for All Residents
Condos also come with a range of security features that allow young adults to enjoy their new home and building without constantly worrying about safety. The first safety feature you’ll usually find in condos is gated access. This means that only residents and their guests can enter the building.
Another key security feature in most condos is the presence of security personnel. A few condos employ security guards who monitor the building premises around the clock. Even if there’s not a security guard in the condo you’re eyeing, it’ll at least have surveillance cameras. Because of these security features, you won’t have to worry much about break-ins or strangers wandering around your building. You can even go away for a vacation knowing the condo for sale in Brampton you just bought and your belongings are safe.
They Have a Stylish and Modern Design That Appeals to Young Adults
Lastly, the newly constructed condos come with updated finishes like sleek countertops, stylish cabinets, and trendy flooring. These features look great and make your new home feel contemporary. Another benefit is that modern condos often come with energy-efficient appliances and smart home technology. This allows you to save on utility bills while also enjoying the convenience of smart home appliances.
Remember to Check Out the Negatives of Living in a Condo Too
As you have seen, there are many great reasons why young adults prefer buying affordable condos for sale in Brampton. But you also need to keep in mind that condos have a few downsides that you might find unappealing. For instance, the condo fees. These monthly fees could be a strain on your budget and can make you feel like you’re paying rent again. Plus, there are a lot of rules and restrictions in condos that might limit your freedom in your new home.
This is why you must always hire a Realtor when buying your first home. A Realtor can walk you through the pros and cons of each condo unit and help you decide if the property can really fit your lifestyle.
At the end of the day, keep in mind that your first home should be something that makes you happy and fits your budget. Whether that’s a condo or something else, the most important thing is that the new home feels right for you.
