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There's a good chance if your children have recently moved out that your home is feeling a lot larger than it used to, 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 off the sale of your home, there's a good
chance that downsizing may provide you with extra assets to sock away for
retirement, travel or whatever your heart fancies. If you don't need the money,
it might not matter, but in the retirement years a little extra can be of
benefit for many.
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.
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 in Mexico 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.
Forget About
The Maintenance
If you've
gotten used to all of the maintenance that goes into a home, downsizing can be
a great relief in terms of the time you'll be saving. Instead of a lawn to cut
or a multi-level home you're responsible for, you'll be able to rely on the
building manager to do this for you.
It can be
comforting to have a home you've bought and paid for that belongs to you, but
by downsizing you may be able to save on time and significantly lower your
living costs. If you're considering purchasing a condo and would like to learn
more about your options, you may want to contact one of our local real estate
agents for more information.
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