Ah, the golden years. You’ve made it to retirement and now our society says, “It’s time to downsize and move into a townhouse or condo!”, but we don’t see it that way. The decision to leave your single-family home and move into a condo or townhouse is a choice to be made based upon your lifestyle, not your age or income.
Townhouse/condo living is perfect for those who are:
- often absent due to work or leisure travel
- looking to have someone else deal with the maintenance
- social and looking to be more connected to a community
If you do decide townhouse/condo living is for you, there are a few things to keep in mind. Typically, you’ll be dealing with a Home Owners Association (HOA), which people tend to get skittish in regards to. There are often misconceptions about cost, liberties with your property, and even pets when a HOA is involved. The cost is usually offset by the elimination of other costs. Your homeowners insurance most likely will decrease due to the HOA assuming the liability and casualty coverage for the outside of your unit. Lawn care and snow removal are often covered by the HOA, too.
There are downsides to HOAs. There are choices you may have to give-up, such as where to plant a tree or which color to paint your door. Home maintenance must be agreed upon with your neighbors in attached units, too. If your roof needs to be replaced, but your neighbors don’t want to incur that cost, you’ll most likely go without a new roof.
Be sure to check the pet policy of the HOA. If you are a pet-lover, know there can be breed/size restrictions. On the flip side, if you like quiet and solitude, the Chihuahua living next door can be a hindrance to that.
There are many things to consider when you begin to think about downsizing and we welcome the opportunity to help you with this decision. Our job is to walk you through the process, not dictate what you should do.
If you’re looking to move in, move up, or scale back, we’d love to meet with you and talk you through the process. Contact us to set up a meeting today.