Over the last decade, demand has steadily risen for homes and condo developments designed and built for downsizers: people who, after owning larger houses for most of their adult lives, are ready to settle down into something a bit more manageable. If you are approaching retirement or are simply looking for a change of pace, here are a few reasons why downsizing might be the way to go.
One of the best things about downsizing is the chance to pocket some cash after the sale of your current home. In many cases, new homes within condo developments or adult living communities will carry a smaller price tag than the home you are in now.
When building new communities, developers can employ economies of scale to produce high-quality homes at a much lower cost. With lower costs comes lower price points, and more money to be made the sale of your current home. Whether you stand to make a little or a lot, your dollar will likely go much further with a condo compared to a traditional home.
Downsized, condo living also comes with many month-to-month cost savings as you won’t need to worry about any ongoing yard or exterior maintenance. Instead, you can put that money (and time) towards things you actually care about!
As you age, it’s crucial to be able to stay living comfortably in your home. For this reason, most homes built with downsizers in mind will embrace open-concept, main-floor living.
Long flights of stairs and closed-off floorplans will inevitably become more of an inconvenience or even a barrier altogether. Homes designed for main-floor living counter this by ensuring all of the essentials, like laundry, bathrooms, and ample storage, are all accessible without the need to go up or downstairs.
Downsizing your square-footage also makes sense if you spend most of your time at home alone or with your partner. With kids out of the house, you may not need the current number of bedrooms or bathrooms you have. Doing away with underutilized space and the maintenance that comes with it can be as simple as stepping into a smaller, more practically designed home.
Another important thing to consider is the life that your current home allows you to live.
Do you want to travel more, but are unable to leave your house for long periods? Are there hobbies or passions you wish you had time for, but you’re bogged down upkeeping and maintaining a space that’s outgrown you? Do you wish you had better neighbours or a stronger sense of community?
Questions like these have led many to seek out condo living and the many benefits that come from downsizing.
By moving into a fully-cared for community, you will be able to do things like travel or pursue your interests free of the obligations that come with traditional homeownership. Ditch the snow shovel, sell the lawnmower, and leave all of your exterior upkeep to the pros.
Depending on the community you choose, you will also be neighbours with people who likely made a move for the same reasons you did. Quite often, these adult-living communities become amazing places to connect with people at the same stage of life who share your outlook and interests.
Going maintenance-free with condo living of all types has surged in recent years for people of all ages and walks of life. Combined with the notion of downsizing, it’s no surprise that this sector of the housing market has seen such a considerable boom among active-retirees and empty-nesters.
If this describes you, don’t wait to discover exceptional adult-living at a NewRock estates community near you!