It can be difficult to know when it is time to make the transition from a home into a condominium. Those who are in the process of considering this move should discuss these five considerations to help guide their decision.
#1: Maintenance, maintenance, maintenance
Although location, location, location is arguably the most important factor when it comes to purchasing a home the frustrations that come with maintaining that home can be one of the top signs it is time to downsize. It takes time and energy to take care of a large yard and other outdoor spaces. Most condominium units provide this service and may even offer other amenities like a pool or exercise area.
#2: New interests
Transitioning to a condo can mean more free time. Less time to deal with those maintenance issues noted above can lead to more opportunities to travel and take up or explore other hobbies.
#3: A step towards financial goals
Homeowners are likely to turn a profit when they sell their home. If the market to sell looks favorable, it may be a good idea to take advantage. This, along with potential tax benefits, can make it financially beneficial to move forward with plans to downsize.
#4: The space doesn’t work anymore
Maybe you bought the home to raise a family and are empty nesting or thought a big home was ideal but find space remains unused. Maybe you want to reduce the need for stairs or just don’t like the home’s layout. Our daily needs change and if our current home no longer fits those needs it could be time for a change.
#5: Community
A condominium can offer a sense of community that isn’t present in larger, sprawling neighborhoods.
Those who choose to move forward with this transition can increase the odds of success with the following tips:
- Wants. Make a list of what you want out of a condominium. Are you interested in the amenities like a community gathering space and outdoor areas, or would you prefer more privacy? Having this figured out before you start looking can help to better ensure you find the right home for your needs.
- Budget. Figure out how much you are willing to spend on your new home. Be sure to include funds for any HOA and other community fees.
- Donate and gift. Downsizing means more than a smaller home; it also means you need more things to fill that space. Donate and gift items you no longer need to help smooth the transition.
