Downsizing to Condos Apartments: Help from Home Destination

Is it time for you to consider downsizing your home to a condo or apartment?

Have you determined that you are ready to replace your larger home with a smaller home? Does the downsizing process overwhelm you? You are not alone,most often it is a challenge to decide where to move and how to begin. Thefirst step is to prepare your self mentally to make a move. Always focus on thereasons you are making a move.

Be proactive. Selecting the right home option to best fit where you are right now. Throughout your life stages you may have moved into homes morebefitting a family or a lifestyle. Now you may find that it doesn’t fit anymore and it’s time to think about scaling back. Determine the geographical location where you want to live and what your housing options arein that area. Decide what features fit your lifestyle and prioritize. Do youwant one level living? An open floor plan for entertaining? A large kitchen?Ample storage? Close to coffee shops, theatres, restaurants, entertainment,transit, shopping?

Get a feel for the size of rooms and square footage you will need. Compare the room sizes you currently have with the furniture you are taking and whatyou will need to comfortably live. This will help to determine the size home you need. Consider how much cash can be realized from the sale of the currenthome to purchase a new home or invest elsewhere like a second home. What is yourhome’s current value? Meet with your financial planner to review plansand discuss your financial goals and options.

If you choose association maintained living what does that mean and what do the fees cover? Associations give you freedom from maintenance,however it can also limit options like painting a front door a custom color without approval from your association. Most associations cover building hazardinsurance, snow and lawn care, some cover water and even heating costs. Feesvary widely by what is covered, most are monthly and start about $125. A goodexercise to compare the difference in costs between association fees and yourcurrent home expenses is to add your current annual home expenses and divide by12, than compare the monthly expenses covered by the association, it shows thedifference of costs to be incurred.

It is never too early to begin the process as it feels overwhelming. For most it takes between 1 and 5 years to accomplish. If you have adult childrenthey can be helpful by giving support. Many times this is an emotional time forchildren as well.

 

 

If you would like to talk to Jenna Theuning about downsizing to condos appartments, she will be happy to share more helpful information.