There’s a good chance if your children have recently moved out for good that your home is feeling a lot larger than it used to and maybe a little more empty and perhaps you’re re-considering the extra space. If downsizing to a condo is on your mind and you’re weighing the benefits of this kind of move, here are some that might make it worth the switch in size.
A Little Extra Money
With the additional money you should be making from the sale of your home, there’s a good chance that downsizing may provide you with extra assets to tuck away for retirement, travel or whatever you have been dreaming of doing once you are free of the daily grind. If you don’t need the money, it might not matter, but in the retirement years a little extra can be of great benefit.
Minimize Your Costs
Usually, there are many utility and heating costs that go along with home ownership, but by moving into a condo you can alleviate many monthly payments instantly. Instead of paying for every utility, condo living can help to simplify and minimize the amount you owe each month. Condo living would reduce maintenance tasks and costs if you hire a company for snow removal or landscaping or if you are the chief of all things labour intensive for your home, there would be no more shovelling in the winter months and no more mowing and raking in the summer allowing you more time to do exactly what you love.
Free Up Your Retirement
Often times it may seem like home ownership is the dream, but many people approaching retirement would rather have the flexibility of renting. Because there are limited responsibilities with a rental, it means you can spend the winter months someplace warm and sunny without having to worry about who will take care of your home.
A Condominium Community
The great thing about many condo buildings is that they are built close to amenities like grocery stores, drycleaners and restaurants, so you don’t have to worry about venturing far out. It might not seem important if you’re used to driving to the store to make your purchases, but being able to walk might make you a convert to a different way of life.