Many retired couples consider downsizing their home. Maintaining a real estate property can require a lot of time, effort and money, and some couples would prefer to trade the space of a house for the minimal upkeep of a condo. This is particularly true for Florida retirees—after all, less time spent caring for a house is more time spent at the beach.
If you and your partner are thinking about downsizing to a condo, you probably have a lot on your mind. The prospect of selling your home, finding a condo and relocating would seem daunting to anyone. The first step that you should take is considering whether purchasing a condo would is right for you and your family.
1. The costs of a condo
At first glance, a condo may seem less expensive than a house. There are still many expenses that come with owning a condo, such as the monthly fees that condominium complexes typically charge. Granted, these fees do go to important things like maintenance that you don’t have to take care of. The fees for a condo can run anywhere from a few hundred to several thousand dollars a month, depending on the size, location and amenities.
2. Less living space
Some homeowners don’t realize just how much they enjoy their suburban lifestyle until they move into a condo. Your house probably has several rooms, a lawn and your own garage; your condo may possibly have a few rooms, a balcony and a shared parking garage. Minimalism is not for everyone, but those who choose it often love it. Are you prepared to downsize your lifestyle this significantly?
3. New rules
In your house, you are the master of your domain. In a condo? Not necessarily. Most condominium buildings have boards that set regulations for the building’s tenants. You may have had regulations imposed on your home if you belonged to a homeowner’s association, but the rules for condo dwellers can sometimes be quite strict. Since everyone in a condominium complex is sharing close quarters, following the rules closely is crucial to staying on your neighbors’ good side.
Downsizing to a condo in Florida
If the previous three points didn’t deter you, then purchasing a condo may be the right choice for you. Condo living in Florida can be the best combination of city luxury and beach relaxation. Making the transition from a house to a condo may be intimidating, but the payoff can be amazing.