Downsizing is often associated with retirees and empty nesters, but the truth is downsizing from a home to a condo offers plenty of benefits following any lifestyle change. A smaller home can give you financial freedom and the maintenance-free lifestyle you're looking for plus a host of other benefits you may not be aware of. Here are nine benefits of downsizing to a condo and why it may be the right move for you.
1. Maintenance-Free Living
Perhaps the greatest benefit of choosing a condo is the reduced home maintenance. In exchange for paying affordable monthly condo fees, you can focus on what's important to you rather than tree trimming, exterior repairs, snow and ice removal, and lawn upkeep.
Condo fees are basically each owner's share of the cost to run and maintain the condo building and its amenities, but they aren't just another expense. These fees equate to the expenses you would have anyway with a home with the benefit of knowing they will be handled professionally and on schedule.
2. Choose A Great Community
A change in lifestyle, whether it's a change in employment or your relationship, can throw your life into disarray. A major change doesn't mean you need to leave the area you love, however. Downsizing to a condo means you can live in a great Edmonton neighbourhood close to your job, friends, and favourite amenities.
3. Reduced Stress
Living in a larger home means more upkeep and, for many, more stress. When you consider all of the furnishings, cleaning, gardening, home repairs, taxes, and utilities that go into maintaining a large home, it's easy to see why many homeowners enjoy life a little more when they downsize to a home better fit for their lifestyle.
4. Ditch The Clutter
The more space you have, the more likely you are to fill it with furniture and clutter. Downsizing can give you an opportunity to prioritize what's important to you and bring only valued or essential items that bring you some joy.
5. Improved Security
Condos offer a greater sense of security, whether you live alone or have small children. Many condo communities offer security features like gated entrances, security cameras, doormen, and fob security access. Keyless access to your condo is a popular feature as it prevents unauthorized people from even accessing common areas of the building.
6. Strong Sense Of Community
Moving into a condo can give you a sense of community that can be hard to come by in a neighbourhood. Condo owners share common outdoor and indoor spaces with plenty of opportunities to get to know your new neighbours. You can get acquainted with the neighbours at the pool, while sharing the elevator, or over a barbecue in the summer.
7. Reduced Housing Expenses
Another clear benefit of downsizing to a condo? A smaller home means lower taxes, maintenance, furnishings, utilities, and many other expenses. Reducing your housing expenses can help you get back on your feet after a major life change like a separation or a career change. This reduced overhead can even be what you need to start fresh and focus more on the things that matter to you, whether it's finding time for travel or taking up a new hobby.
8. More Amenities For Your Money
A smaller home doesn't need to mean smaller living. Condos are packed with amenities covered by your condo fee, including fitness centres, saunas, swimming pools, outdoor grilling areas, security fob access, and manicured outdoor green space. These amenities may be cost-prohibitive otherwise. By enjoying more time at home, you can also reduce expenses in other areas. For example, you may be able to cancel your gym membership in favour of working out in your building's fitness centre.
9. Reduce Your Carbon Footprint
Smaller homes aren't just budget-friendly; they also allow you to reduce your carbon footprint. One downside of owning a large home is the high energy costs in the form of heating, air conditioning, and lighting. A smaller home - especially when it's equipped with energy-efficient windows, appliances, and heating - allows you to reduce your impact on the environment while saving money.
Don't make the mistake of thinking of downsizing as a dirty word. Downsizing doesn't mean downgrading; it can give you the opportunity to live a more financially secure, stress-free life without the worries and upkeep that come with owning a large home. No matter your reasons for choosing a smaller home, a condo can help you achieve your long-term goals while enjoying the benefits of owning a home of your own.