Condominium living can be an attractive option for numerous types of buyers, including downsizers (also known as “rightsizers”), first time buyers and single people. Rightsizers can simplify life, free from outside maintenance, such as snow removal and landscaping, and free up time for more desirable activities. First-time buyers may find condominium living is a good first step into home ownership without having to spend weekends mowing lawns.
The “turn key” aspect is a benefit for those who travel, whether for work or leisure. Condominium complexes come in all types and sizes. Many offer common areas, clubhouses, walking trails, fitness centers and swimming pools that are attractive not only to first time buyers but to anyone who likes these amenities and this carefree lifestyle.
While the benefits apply to all types of buyers, each has different reasons for choosing the condominium lifestyle.
Rightsizers are looking to get into a home that better fits their needs. Their kids are grown, they don’t need as much space, and may decide that the upkeep of a large house and property is too much work as well as a big financial commitment.
Another consideration may be the desire to reduce expenses. A smaller living space may be more cost effective, and utilities are usually lower in a smaller space that has energy-efficient appliances and fixtures. And, since many condominium complexes include property maintenance in the monthly fees, condominium owners don’t have to worry about the separate (and sometimes surprising) bills that occur with home ownership.
Homeowners looking to rightsize should examine their current home equity. If their current house is paid for, they may be able to sell their home and purchase a condominium without a mortgage.
If they have not yet satisfied their current mortgage, they may be able to sell the home, pay off the mortgage and purchase a condominium with a much smaller monthly mortgage payment, enabling them to do other things with their money. Condominiums can offer a financial benefit to first-time buyers as well. As opposed to paying rent, they start building equity as soon as the closing takes place.
Anyone considering a condominium needs to be vigilant in their purchase. Condominiums are a great place to live as long as the Association is financially sound. Be aware of Home Owner Association required fees and pending assessments or litigation that the Association has underway. It’s imperative that you ask the right questions. Reviewing the Association financials, Declarations, Bylaws, Rules and Regulations and meeting minutes, as well as any age or pet restrictions, is an integral part of your purchase.
Condominium life has certain expectations. You’ll be sharing space with lots of different people, and being a good neighbor is essential. Rightsizers will be living closer to neighbors than they did in their private homes. The restrictions, guidelines, rules and regulations that are set up to keep the integrity of the property and buildings may be a challenge to people used to making their own decisions about their property. It’s critical to discuss these considerations with a realtor before making a decision.
Once the decision to rightsize has been made, it’s important to analyze your new space. Decide how much living and storage space you need – small enough to be practical but big enough to meet your needs.
Your current furniture and accumulated belongings may not fit a smaller space. Re- home sentimental items or oversized furniture to family or good friends. Purge before you move. It costs time and money for storage or to move items that you will not be using. Digitize your photos and special documents. You’ll need to become creative utilizing your storage and organizational needs.
Keep in mind most often less is more! Feel the freedom of a simplified life!
Susan is a “Certified Condominium Specialist”, having worked in the Capital region selling and buying condominiums and homes for the past 20 years. Susan brings elevated knowledge and experience to all her real estate transactions.
There are numerous options besides condominiums for both rightsizers, singles and first-time buyers. Susan takes the time and puts in the extra effort to assist you in making a good financial investment in your next place to call home.