As families grow older, one moment that acts as a signpost to a significant new chapter in life is the departure of your children from your home. Watching your kids go to college or chase after their dreams can be the most fulfilling aspect as a parent, but it feels bittersweet to have your children move out and spread their wings, leaving you with “empty-nest” syndrome.
The “empty-nest” syndrome is amplified by an empty house, where you find yourself using less and less of your home and find it more and more difficult to maintain it. As you get older, the responsibility of mowing your lawn or climbing a ladder to clean the roof is a hindrance to the life you envisioned for yourself. This could be a sign that downsizing could simplify your life. So should you move? If you ask me, the answer is yes, yes, you should.
If you’re not convinced, ask yourself:
- How do I want to live?
- Where do I want to live?
- What are the financial benefits of downsizing for me?
- How is downsizing going to help me plan for the future?
- What will I do with all of my stuff?
While simply selling a big house and purchasing a smaller house in a quiet location may help you put more money in your pocket and cut down on wasted space, there’s a better option: downsizing to a condo. We would go as far as saying that it’s a more logical trade. Yes, you may have to sacrifice some space, but do you really need it if you are getting a staggering array of amenities and high-end accommodations in exchange?
Not having to worry about extensive maintenance in the future as you age is and should be a priority. In my personal experience, the lack of unnecessary rooms and no exterior to keep up has made life much easier and left me with a lot more free time to explore the hobbies and interests I had shelved earlier.
As with everything in life, living in a condo has its fair share of advantages and drawbacks. So before you make a big decision, here are some things we think you should take into consideration.
Isn’t a condo just an apartment?
A condo is a privately owned space within a building which can take shape in the form of a townhouse, loft or high-rise apartment. The main differentiating factor between an apartment and a condo is that an apartment is usually rented instead of owned, and condo residents pay Homeowner Association (HOA) fees for maintenance of all communal areas and amenities like pool, gym or library etc.