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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.
One thing that recently became apparent although obvious is when you put a few hundred seniors in one place, even 55+ in our case, but with a much higher average, there is going to be illness. So many of our new friends acquired here have fallen ill over the last few years. There is hardly a family not affected. I find it depressing. I can’t image what it may be like in a CCRC.
i’d find it depressing too. In fact, it’s a main reason why I like living in a neighborhood with mixed ages. We do have people die, but we also see newborns, kids starting school, and teens. It also forces us to blend in. The neighborhood has an annual Halloween party on our block. In addition to distributing the usual $40 of candy, we set up a 7 foot raven— complete with red lit eyes, cackling, and pounding a rod with a skull attached. Hands down we were the prime destination for the 6-7 year boys; tween girls dared one another to kiss it, and a toddler tried several times to work up the courage to approach it!
That Halloween raven sounds amazing! Not for the first time, I wish we could post photos here.
For about the last 18 months, Suzie and I have been keeping an eye on a small 55+ development right beside a 40-acre park, about a mile from our current home. By my unscientific reckoning, the mortality rate must be high — rarely does a month go by without one of the units coming up for sale.