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I just read an article that questioned the value of retirees downsizing, perhaps in the process relocating even to a new neighborhood. It got me thinking about our decision. What may be correct for you depends on your primary goal. That can be tricky and over time it may change.
Our primary goal was convenience- it’s a good thing it wasn’t saving money.
It has been almost eight years since we sold our house of nearly 45 years and moved 7/10 of a mile to a 55+ condo community of eight buildings with 12 units each on 16 acres.
We are glad we made the move, we kept old friends and made many new ones, people from other states and other parts of our state.
We have plenty of room with 2000sf and an outside 8×20’ deck. I get up each morning to check on the deer in the woods next to us. Our condo is large enough to still host our family of 21 adults and children so that’s fine.
We released ourselves from the burdens of a house inside and out, we gained a pool, tennis courts and more.
What we didn’t do was save money. Our property taxes are virtually the same now as in our house at $13,900. Our HOA fee which started at $700 in 2018 is now $1,000 a month. I doubt we spent an average of a $1,000 a month on home repairs and maintenance.
We are still responsible for our HVAC equipment, water heater, plumbing and electrical work and insurance. So, what we really gained was freedom from outside maintenance which is fine with me.
That and more importantly, we eliminated stairs. Instead of going to the basement for laundry we have a laundry room in our condo. Taking out the trash and recycling means walking ten feet down the hall and throwing it down a chute. No hauling out the trash or driving to the recycling center.
I like condo living, I like not raking leaves or shoveling snow or getting out of the car in the rain because of a detached garage or forgetting to put trash out.
So, if you are thinking about downsizing, I suggest you make a list of your priorities for doing so and then balance it all out.
We were 51 and 48 when we bought our first condo. The experience was instructional for us, as we got a good idea what was important as we aged. We liked not having lawn or snow duties as well as the rules that keep your neighbors from doing annoying things. We didn’t like sharing walls or floors with neighbors, though I know that newer condos are better built to provide a more quiet and private atmosphere.
Our new place is not our forever home; how can any home be? Rather, it is our ‘until we can no longer function on our own, home’. A free standing home in a 55+ community with an HOA to take care of most of the outside stuff, (we still plant some flowers). It’s only 100 sq ft smaller than our last place, but no more basement, one less bathroom to clean, and almost everything on one floor. My ‘vinyl resting place’ is upstairs, but I can install a chair lift doohickey when needed.
Like Dick said, “if you are thinking about downsizing, I suggest you make a list of your priorities for doing so and then balance it all out”….. I concur, Richard, even if it means using a spreadsheet😂