Choose the right time to downsize your home.
Choosing when to make the decision to downsize is very personal, but knowing the positive choices available when it comes to living in a condo can bring peace of mind.
According to Homelight.com’s January 2019 article, When to Downsize Your Home: Seven Signs It’s Time to Put that Big Old House on the Market, there are a variety of reasons that downsizing is a good decision.
A few of these include that your home no longer fits your lifestyle, you’re falling behind on your home maintenance, housing expenses are growing, you want to convert you equity into income, and your career no longer ties you to your location.
It also stated that in a recent Merrill Lynch survey of age 50-plus retirees, 51 percent of those who have moved since retiring opted for a smaller home.
Casey Ebel with Elevated Group, Compass, said when you start to see your priorities in life are shifting, it might be time to consider the option.
“Whether your kids are leaving home, you are retiring, want to travel more or spend more time at your second home, that would be a good time to evaluate if you are ready to downsize. Also, you will want to evaluate the area and your must-haves that need to be nearby. It is also important to understand what services and amenities are most important to you,” said Ebel.
Condominiums can be the next step for those looking to live in not only a lock-and-leave lifestyle, but also a lower-maintenance home, Ebel explained.
“It allows those who have downsized the ability to come and go as they please without worrying. Whether they are spending time in the country, the lake, the beach or traveling the world, they have peace of mind that their home will be watched after,” Ebel said.
Another plus of living in a condo is the range of amenities and services provided with this type of residence.
“At The Parklane, homeowners can still have their pool, outdoor kitchens and green space without the hassle of maintaining any of them. In addition, they will gain a tennis court, 24-hour concierge, dog park, fitness center, coffee bar and residence lounge,” said Ebel.
In addition to having peace of mind in a condo, there’s also the opportunity to explore the world or enjoy a vacation home more frequently. Ebel added that they’ve seen more interest in ranch, lake and beach homes with the 2020 events, making the downsizing option even more appealing.
“We are finding more people are looking to invest in one of these types of properties. If looking to do this, downsizing in the city becomes an attractive option to them. It is a place for them to lay their heads while they work during the week and then escape to their ‘getaway’ property on the weekends. This way they are able to obtain the best of both worlds,” said Ebel.