Making a move is a big deal. This is true whether that move is down the road or across town. You will need to go through your belongings, figure out what is worth moving and what is worth donating or tossing and then pack it up for the move. Add in the expense that comes with a move and real estate costs like closing fees and a bit of hesitation is a good thing.
But when is the right time to move forward? If you find yourself having any one of these following conversations, it may be time to make the move.
#1: Change in life circumstances
Perhaps kids moved out of the house and your are empty nesters, maybe the children are still young but would do better at a different school with a different lifestyle, or you are transitioning into retirement. Any of these significant changes can serve as a catalyst to a move from a single-family home to a condo.
#2: A desire for more free time
Having a home takes more than just money, it takes time. Cleaning and normal upkeep take more time for a large home compared to a smaller condo and there is the time that comes with outdoor space. Generally, these spaces are maintained by the condominium association. This means you can still enjoy sitting in a beautiful outdoor space without having to put in the time to weed, prune, and complete other gardening yard tasks.
#3: Conversations about a remodel
One of the benefits of condos is that there are often new or recently remodeled versions available. This means you can get the benefits of all the latest trends and layouts without actually going through a remodel process. As a result, serious conversations about a potential remodel project on your home should also warrant conversations about switching to a condo.
These are just a few of the reasons to consider downsizing. If you choose to move forward with this decision, it is important to do so wisely. It is generally wise to have a real estate professional on your side to advocate for your interests. This will help to better ensure that there are no surprises at or after closing and that the real estate contract documents protect your interests.