Do you feel like you have too much space in your home? When you’re raising a family, it can feel like there’s not enough space in the world to find a moment of peace and quiet. But as the kids move out, you may find yourself using less space in your home. If there are rooms you feel like you haven’t seen in weeks, it may be time to downsize.
Downsizing is an opportunity to move somewhere with a stronger sense of community, reduce your monthly expenses, and cut your maintenance costs. There are two popular options for downsizing: moving into an adult lifestyle community and moving into an urban condo.
Active Adult Lifestyle Communities
Active adult lifestyle communities are not retirement homes. They’re communities that look like just like any elegant subdivision, made up of bungalows and townhomes and often with an aesthetic consistency that keeps the neighborhood looking great.
Many adult lifestyle communities are built by a single developer, that uses consistent architectural elements and landscaping to create a stronger sense of community.
They are often located in places that make an active adult lifestyle easy to enjoy. For example, Blythwood Homes creates adult living communities in the Niagara region, known for its vineyards, tourism, and biking trails.
Moving into an adult living community means you can keep up an active lifestyle with people like you. It’s a step away from the bustle of the rat race. It’s the peace and quiet that has made adult living so appealing to baby boomers ready to move into a fulfilling retirement lifestyle.
The alternative to a more suburban adult lifestyle community is moving into a much smaller space like an urban condo. Moving from a suburban family home to a downtown condo can be a dream come true for some homeowners. Living downtown is an excellent choice for people who love to feel surrounded by the bustling city. You can walk to basically anywhere you want to go, and there are lots of opportunities for forming bonds in a diverse community.
There are some hazards to condo living, though, including the long list of rules formed by condo boards. Also with high rise condos you hope that the basic structure and exterior finishes are sound; otherwise big increases in maintenance fees could be a serious threat to your retirement nest egg.
If you’re just not willing to give up the backyard and parking space, smaller towns offer a great opportunity to get the best of both worlds, with quiet, adult living communities only steps away from old town cores. They have all the amenities of city living like restaurants and entertainment, just not as many.
Asses the Costs of Downsizing
One of the big reasons to downsize is cutting down on your monthly expenses and freeing up capital locked in your current home. If cost-savings are a big part of your reason for moving, make sure you do all the math before you commit to it. Keep in mind hidden costs such as:
- Legal fees
- Property transfer taxes
- Realtor fees
- Moving costs
And don’t forget to factor in that a quality new home will cost a lot less to maintain and heating and cooling costs will be minimal.
If the numbers work out, downsizing can be an opportunity to move into the home, and neighborhood, of your dreams.