Why Moving to a Condo or Smaller Home After Retirement Makes Life Easier
Retiring? Moving to a Condo or Smaller Home May Be for You!
Retirement is a time for relaxation, adventure, and enjoying the things you love. As you imagine this exciting new chapter in your life, it’s important to think about whether your current home still fits your needs.
If it’s too big, too costly, or just not convenient anymore, downsizing might help you make the most of your retirement years. To find out if a smaller, more manageable home might be the perfect fit for your new lifestyle, ask yourself these questions:
- Do the original reasons I bought my current house still stand, or have my needs changed since then?
- Do I really need and want the space I have right now, or could somewhere smaller be a better fit?
- What are my housing expenses right now, and how much do I want to try to save by downsizing?
If you answered yes to any of these, consider the benefits that come with downsizing.
The Benefits of Moving into a Smaller Home
There are many reasons why you should downsize. Here are just a few from Bankrate:
Your Equity Can Help Make Downsizing Possible
If those perks sound like something you’d want, you may already have what you need to make it happen. A recent article from Seniors Guide shares:
“And at a time when homeowners age 62 and older have more than $12 trillion in home equity, downsizing makes sense . . .”
If you’ve been in your house for a while, odds are you’re one of those homeowners who’s built up a considerable amount of equity. And that equity is something you can use to help you buy a home that better fits your needs today. Greg McBride, Chief Financial Analyst at Bankrate, explains:
“Downsizing can mean taking that equity when the home is sold and using it to pay cash or make a large down payment on a lower-priced home, reducing your monthly living expenses.”
When you’re ready to use all that equity to fuel your next move, your real estate agent will be your guide through every step of the process. That includes setting the right price for your current house when you sell, finding the home that best fits your evolving needs, and understanding what you can afford at today’s mortgage rate.
Bottom Line
Starting your retirement journey? Think about downsizing – it could really help make your life easier and more enjoyable. To explore your options, contact the Ann Arbor Condo specialists with The Bouma Group at 734-761-3060 or info@bouma.com today! Check out condo complexes in the Ann Arbor area here!
The Benefits of Downsizing for Homeowners
The Benefits of Downsizing for Homeowners
There may come a time in your life when a variety of circumstances make it necessary to downsize your living space. Here are a few of the benefits of downsizing from your current condo or home.
Some Highlights
- Downsizing is a popular choice for homeowners when they retire or when their needs change, but with inflation still high, it’s also a way to reduce costs.
- Downsizing could help cut down on your expenses and your equity can fuel your move.
- A condo is a great option if the upkeep of your current home, yard, etc. is just too much.
If you’re thinking about moving to a condo or smaller home, let’s connect today at 734-761-3060 or info@condohotline.com to go over your housing goals and look at your options on our local market.
Looking for a Place To Call Home? Consider a Condominium.
It’s no secret that one of the top stories in today’s real estate market is low housing supply and high buyer demand. If you’re a first-time buyer looking for a starter home or are someone who’s interested in downsizing, it may be worth considering a condominium (condo) as a worthwhile option.
In fact, trends indicate condos are gaining popularity among buyers. In the latest Existing Homes Sales Report from the National Association of Realtors (NAR), the data shows condo sales rising throughout the first half of this year (see graph below):
There are a few reasons more and more people are opting to buy condos – the benefits of condo life can be quite compelling. Let’s explore the main perks to find out if a condo is a good fit for you.
Affordability
According to the NAR report, the median sales price of a condo is roughly $59,000 less than the median price of a single-family detached home (see graph below). This makes condos a great option for first-time homebuyers, those with limited down payment savings, or those looking to save money by downsizing.
Maintenance
A recent article from BankRate adds low maintenance as another perk of a condo lifestyle. Generally, exterior maintenance for condos is handled by a Homeowner’s Association (HOA). This can include things like landscaping and upholding a certain standard of cleanliness and condition for walkways, siding, and roofs. If you’re looking for a lower-maintenance option or see the appeal in being hands-off with upkeep, condos may be a good choice for you. With exterior maintenance off your plate, you’ll have more time for yourself and your hobbies.
Amenities
You can use that free time to enjoy some of the value-adding features your condo community may have, which could include dog parks, pools, a rentable clubhouse and grilling area for events, and more. If being able to host or attend community social outings is important to you, condos may give you more opportunities to enjoy the company of your neighbors. As a bonus, some condos even have gyms and on-site security teams.
Ultimately, the choice is yours. Condos are great options that often come with various features and benefits that may be important for your lifestyle. Fannie Mae sums up the appeal nicely:
“Condominiums, or condos, can be great alternatives to detached homes. City dwellers, singles, couples, seniors, and many others may find condos that suit their needs and budgets. Others may simply prefer low-maintenance living. Buyers who feel ‘priced out’ of homes may discover condos offer an affordable homeownership alternative.”
Bottom Line
If you’re looking for a home, it may be time to consider a condo as an option. Let’s connect today at 734-761-3060 or info@condohotline.com to explore if one would be a good fit for your homeownership needs.
Searching for a Smaller Home or Condo? Here are the Top Tips for Downsizing
Downsizing can be a great choice for homeowners looking to make a financial or lifestyle change. After all, a smaller amount of space means less money on utility bills and less stress from clutter.
Are you a recent empty-nester? Moving for financial reasons? Or maybe you’ve watched a few episodes of Tidying Up with Marie Kondo and feel inspired? No matter your motivation, you’re not alone—downsizing has become an increasingly popular trend for homeowners everywhere.
If you’re making the move to a smaller place, here are the top tips for a Marie Kondo-style downsizing experience.
Know What You Have
Walk through your place room by room, and make a detailed list of your belongings. A helpful tip for keeping track? If you aren’t in a rush to downsize, take note of each item and how often you use it over the course of a few weeks or a month. That way, you learn exactly what you’d miss most and what you could go without.
Some downsizers use a color-coded sticker system, some jot notes in a notebook, and some just sort things into piles. Find the method that works best for you, and go from there.
…And What You Don’t Need
Once you’ve found out what items aren’t essentials, it’s time to toss them out. Try to focus on things like duplicate items, such as more than one kitchen utensil, and large collections that have accumulated over the years. To paraphrase the aforementioned organizing consultant Marie Kondo: keep the things that spark joy….but get rid of the rest.
There are plenty of great options for rehoming your unwanted items. Try making a little extra money by selling online, donating things to a good cause, or giving items to friends and family.
Maximize Your Space
When your overall amount of space goes down, you’re required to think of ways to use what you have more efficiently. Storage gadgets such as wall racks, built-in shelves, and pull-out cabinets can tuck belongings out of the way and give you a surprising amount of real estate to work with.
You might also have some furniture that can do double duty. Lots of kitchen or coffee tables either come with or can be customized to include drawers underneath, and bed frames are great for hiding away sliding storage units.
Measure, Measure, Measure
Hopefully, you’ll have a solid idea of the space you’ll be moving into—at least as far as square footage goes—so you’ll know exactly how much room you have for all of your belongings.
Once you know the size of your space, break out the measuring tape, and take note of the dimensions of the furniture you’re bringing along. The last thing you want is to haul your couch all the way to your new home only to discover that it doesn’t fit in the living room.
Ready to Make a Move?
We know that paring down your possessions can be tough, and moving comes with a wide range of emotions. Try taking pictures of the things you’ll miss most, so you can keep the memories around in your new space.
Once you’re ready to get started on your new home or condo search, give our team at The Bouma Group a call. With over 35 years of local experience and a wide range of professional expertise, we’re here to make sure your real estate experience is successful and stress-free. 734-761-3060 or info@bouma.com.