5 Tips for Downsizing from a House to a Condo
By Condo Culture
Choosing to downsize your home is a major life decision to make, but as you will learn below, there are a number of huge advantages and key considerations for condo living.
Today, we look at five wonderful downsizing elements, and be sure to check out the video as some of our knowledgeable REALTOR®s offer their perspective on the important topic, as well.
1. Maximize your investment - Many homeowners decide to downsize to take advantage of market conditions and the equity that they’ve built up in their home. If you are considering a move to a condo, then looking at pre-construction options before selling your current home can be a sound investment mindset to have if you aren’t in a hurry to relocate. You can typically put down 10% to 15% prior to getting possession of your brand new condo, and in the meantime, both your current home and your future condo unit are appreciating in value.
2. Upgrade your lifestyle - Living the condo lifestyle means freeing up significant time to do what you really want to in life. Forget about having to cut and water the lawn, raking up non-stop falling leaves in the Autumn, shoveling the driveway in freezing cold weather, and other annoying property maintenance responsibilities. Simply lock up and go on vacations, take advantage of incredible building amenities including swimming pools, gyms, rooftop patios with BBQs, theatre rooms, and embrace many other wonderful experiences such as living in the heart of the city with walkable access to restaurants, shops, cafes and light rail transit. If community is important to you, then you are sure to make some new friends since condos are perfect for connecting with other owners, and doing fun activities with them is just an elevator ride away.
3. Downsizing means less space to deal with - Keeping your home clean and tidy seems like work that never ends, whereas living in a condo with less square footage translates to less upkeep for you and frees up important time on your schedule. Perhaps your kids have recently moved out of your home, and isn’t it liberating thinking about a smaller space to maintain?!
4. Vehicle and parking needs - If you currently have a vehicle or two at your current home, will you need parking at your new place? Some downsizers like the idea of moving from the suburbs into more urban environments where vehicle transportation can be replaced by walking, biking, or via public transit, so in this case, a parking spot may not be needed. You may be able to sell any vehicles that you currently have and put that money to better use.
5. Vertical space and natural light - Some buildings have ceilings that stretch up 10+ feet, and that often makes the space feel more spacious, is perfect for additional storage, and it opens up other design and functionality possibilities, as well. If lots of natural light is important to you - condos are often beaming with it since windows are typically generous in size and can even feature floor to ceiling options. Plus, forget about having to clean windows from the outside as your building’s management will take care of that for you. Choosing units that are south and/or west-facing can also really help to maximize your condo unit’s exposure to direct sunlight and increase natural light overall.
As you can see, downsizing can provide benefits from an investment, living, and lifestyle perspective - it’s an exciting new chapter in your life and you’ve earned it!
Our locally-based, Kitchener-Waterloo REALTOR® team, has worked with many wonderful people who were looking to downsize and helped them to make the successful transition. If you are thinking about downsizing and would like some more information specific to your situation, then reach out to us now so we can hear your story and offer some valuable advice for moving forward.