TIPS FOR DOWNSIZING TO A CONDO
Moving always comes with plenty of challenges. It’s never easy to transport your entire life to a new location. But downsizing from a large house and property to a condominium also means a huge alteration in lifestyle for those who have been living in the same home for decades.
A major life change such as this can trigger a range of emotions, from stress and anxiety to uncertainty and sadness. The process can become overwhelming when there are so many things to consider.
One of the main reasons seniors decide to downsize is that their home is simply too big. Empty nesters often find they no longer need a four-bedroom, threebathroom house sitting on a large lot that requires a lot of cleaning and maintenance. In addition to regular upkeep, older homes often need costly repairs and upgrades, or maybe navigating the stairs of a two-storey home has become too difficult. If you’re a snowbird or spend a lot of time travelling, moving to a condo has the benefit of more security and less worrying about intruders.
Whatever is motivating you to consider such a major transformation, you want to make sure you’re moving to the right place. Owning a condominium is very different from owning a single-family dwelling. Essentially, you own only the unit you live in but pay a monthly fee to maintain common spaces, like elevators, parking lots, lobbies, lawns and recreation facilities.
Condos tend to be located in more urban areas, which has the benefit of being within walking distance to restaurants, shops, services and entertainment. They often have other perks, like swimming pools, party rooms and gyms. Many seniors are drawn to condos because they’re typically less expensive than houses, and all of the property upkeep — from cutting the grass in the summer to shovelling snow in the winter — is no longer your responsibility.
However, there are some downsides to condo living. You’re going to have less space and privacy than you would with a house. Condos often come with certain rules and restrictions regarding such things as the type of decor on the exterior, balcony or windows, whether pets are allowed, and if there are restrictions about the number or size of pets permitted. There can even limits on the number of guests you have at one time. Condo associations charge monthly fees for upkeep, repairs and other expenses. They may also implement assessments to cover unexpected costs.
If you’re ready to take the plunge, here are three tips for preparing to downsize to a condo.
1. KNOW YOUR NEEDS
Transitioning to a smaller space means making some decisions about what’s important, which will help you determine what you’ll be able to bring with you. Everyone has certain lifestyle preferences. If you’re accustomed to hosting large holiday gatherings, there may not be room for the dining table that seats 12. You may have a balcony, but it’s probably not going to accommodate all of the outdoor furniture that your backyard has. Be mindful of what you’re giving up and how much it matters to you.
2. DECLUTTER
There’s a great philosophy about what to discard: if you haven’t used it in over a year, let it go. Start in the places where things tend to get stowed away, like the garage, basement, attic, closets and spare rooms. This is a process that won’t be easy, so give yourself plenty of time to make it less overwhelming.
Once you’ve determined what you won’t be taking with you, make three piles. There are numerous charities (not to mention friends and family) that would be happy to have you donate unwanted clothing and household items. Bigger-ticket items may be worth trying to sell on sites like Facebook Marketplace or Craigslist, or you can even try having a garage sale. The final pile is what you decide to trash. Leave it out by the curb, and chances are it will disappear before garbage day.
3. GET HELP
Downsizing a lifetime of belongings and memories to move to a new environment can be emotional, stressful and downright traumatic. Don’t be afraid to ask family and friends for help. If you have no one to ask, consider hiring a company to help you pack and get rid of the things you don’t want.
Consider hiring a realtor with an Accredited Senior Agent (ASA™) designation. In addition to being knowledgeable about typical real estate services, these licensed agents understand the challenges facing older adults in transition and can help you manage all aspects of the downsizing process.