There are lots of reasons that people choose to downsize. It could be retirement, a recently emptied nest, or just plain “maintenance fatigue.” Whatever the reason, plan your new lifestyle carefully.
When you search for a smaller home, don’t forget that location is still the key ingredient. Even if you don’t have kids or they’ve flown the nest, a good school district and proximity to shopping and recreation are still the best bets for retaining value.
If this will be a retirement move, think about the future and seek out homes on one level, or at the very least, with the master bedroom with the master bath on the ground floor. For practicality’s sake, at least one bathroom should be handicap-accessible or easily remodeled to become handicap-accessible if it’s needed. Even if you don’t think you’ll need it later on, your visitors might appreciate the convenience.
If downsizing to you means less maintenance, you may be tempted by condominium living, but be aware of “hidden costs,” like annual or monthly homeowner’s association fees. Check recent association meeting reports to see if there is a building renovation planned, as you could be hit with an assessment fee in the future, too.
There are a lot of considerations in advance of your move, so ask your trusted local realtor for more advice and then you will be able to enjoy your new lifestyle!