Benefits to Downsizing from a Home to Condo

Many people, at some point in their life, will be presented the circumstances that encourage them to consider the idea of “downsizing”. Downsizing is a solution to an array of changes in life, from helping achieve other financially driven goals or to alleviating physical day-to-day stress.

Signs it’s time to Make the Change:

Here are some current experiences or feelings you may be having that might indicate it is time to consider downsizing, or specifically, condo-living:

  • Maintaining the home you have is tiresome and “not worth the effort”
  • All of your time is spent doing chores and yard upkeep
  • You are considering a career change, or have experienced a change in career
  • You are commuting far and often to a city job or social activities in the city
  • You don’t use the space or luxuries of your home
  • The wiggle-room in your budget is uncomfortably small
  • You travel often and worry about the security of your home
  • You experience life-impacting stress about your safety living alone
  • You have savings goals or debt pay-off goals that are more appealing than the space you currently live in (you are willing to trade some luxuries of space and land to put more significant funds towards achieving these other financially-driven goals)
  • Aging in place is unearthing physical challenges (climbing staircases is becoming noticeably burdensome, for example)

Answering yes to one or more of the above would justify considering downsizing your home. Depending on your circumstances and preferences, transitioning into condo-living might be a great choice. To further explore the opportunities condo living may have to offer you, read through some of the many benefits condo-living below.

Cost

Typically condos cost less than single or multi-family houses. Additionally, many costs that a house owner is 100% responsible for, become shared cost for a condo-owner who is part of a condo association. Instead, a condo owner will regularly page condo association fees or dues, which is how the condo association manages the shared costs for property maintenance. The benefit is that, in most cases, this means you don’t have to worry about things like snow removal, landscaping, and more.

Location

If you want to be in a more desirable location in regards to entertainment or work opportunity, condo living is often your best or only option based on cost and availability. Many people look to live in busy cities or the near-surrounding cities that make more work opportunities and the social-scene more accessible to them. While you can expect higher price tags and less space with these condos, you gain in access to dining, public transportation, higher-paying jobs and other amenities.

Increased Security

If you are looking for increased security, condo-living may provide the answer. For one thing, the sense of community usually brings with it a sense of security. You might feel safer with neighbours on either side, and worry less if you frequently travel. 

Customizability

Although more limited than with a house, you can still make your condo feel like home with things like paint choices, lighting choices, and more. In rare opportunities, while condominiums are still under development, you might even be able to make specific layout customizations. Forest Glen, a community for 55+ older residents, is one of these condo developments that allow a large amount of customization, considering what is typically within the realm of customization of  condo.