An Unexpected Trend
Surprisingly, empty nesters don’t always opt for smaller homes or condos when the kids move out. In fact, sometimes they upsize! That’s why we prefer the term rightsizing instead of downsizing. More and more, we are seeing this trend happening amongst buyers who are looking for a new home as they enter this exciting chapter of their lives.
What’s The Right Choice for You?
Before making a move it is really important to examine your lifestyle and choose a property that fits your needs. Many buyers decide on a larger home to accommodate their adult children, grandchildren, out-of-town guests or elderly parents. Others purchase luxury properties with high end finishes that they can enjoy without worrying about the wear and tear youngsters inflict. For those who travel something that requires minimal outdoor maintenance so they can “lock it and leave it” has more appeal. Some prefer a stand alone home with less spare footage and less landscaping to maintain.
The Hidden Costs of Less Square Footage
There are some hidden costs you may not know about when considering a smaller property or condo. For instance, to get your current home on the market you may need to make repairs or update carpeting, flooring and paint to attract buyers. Existing furniture may not fit into a floor plan with less square footage. Therefore, smaller furniture may need to be purchased. Remember to factor in the monthly condo or HOA fees into your budget. And don’t forget about the cost of a storage facility if your new home doesn’t accommodate all your treasured items. If a condo or townhouse is something you are thinking about, check out this article with more tips.