Downsizing From a Larger Home to a Condo
Have you ever felt like your current home is becoming more than you can handle? Have your kids or other family members suggested that it might be time for you to downsize to a smaller space? Is the burden of maintaining your home and property stressing you out?
If you answered yes to any–or perhaps all–of these questions, it might mean that it’s time for you to consider moving to either a condo or perhaps a rental apartment, with little-to-no maintenance requirements.
There’s a good chance you may have already given the idea some serious consideration, and perhaps have gone to visit a few condos already. Having worked with many clients in this situation, we understand that one’s initial expectations are often met with disappointment. Most would-be downsizers tend to share these common and sometimes unrealistic criteria on their wish lists:
-They’d like the condo to be newer or more recently renovated that their existing home.
-They’re hoping for an equally desirable location as their existing home.
-They’re reluctant to sacrifice on certain features they’ve become accustomed to, such as: bedrooms and bathrooms for guests, large room sizes, garage and storage, gardens, etc.
A common misconception is that by downsizing to a smaller space, after selling the larger, detached home, one will pocket a substantial amount of cash. Many believe that the condo they will move into will be significantly lower in price than the sale price of their existing home. That may be the case if they’re willing to consider a smaller, outdated, older condo, in a less desirable location. However, if their wish list looks like the one we described above, then it’s likely that the condo will cost about the same as the home they’re selling.
More often than not, people who fit this profile either have very small balances left on their mortgages or are mortgage-free. Therefore, their only monthly expenses tend to be taxes, utilities, and maintenance. Sometimes it’s difficult for them to contemplate now paying condo fees, which are usually several hundred dollars per month. What they fail to consider is the benefit of a fixed monthly fee with little-to-no responsibility when it comes to maintenance and repairs.
For many, the thought of downsizing to a condo or apartment is daunting, even though they realize it’s a bridge they want to cross sooner or later. It’s a psychological hurdle that takes time and support from others to overcome.
We’ve helped dozens of clients make this transition successfully over the years, and we gained an even deeper understanding last year when helping our mom go through it. We experienced first-hand how much time and patience is required, and that everyone needs to move at their own pace. However, a gentle push from family members and supporters is sometimes needed to help get the ball rolling. The most important thing for you to remember is that they are only looking out for your best interests, even though it may sometimes feel like they’re pushing too hard. It’s always so satisfying to us when our clients–and especially our mom–tell us how much they love their new lifestyle and that they wished they’d had the courage to do it years sooner.
We’ve learned from experience that making the move sooner is much easier than waiting until later. People often fail to appreciate how, as one gets older, it becomes harder to move, for all sorts of reasons. However, with proper planning, the process can be much less stressful. At Team Broady, we know that downsizing can be very challenging, but we are here to provide you with the support and guidance to make your plans a reality. We can be reached at 514-613-2988 or by email at email@example.com.