Are you considering or already in the process of downsizing from a house to a condo? While this process can be complicated, we want to make this transition as smooth as possible.
How To Downsize From a House to a Condo
When deciding how to downsize from a house to a condo, take the following suggestions into consideration:
- HOA– Moving into a condo also means joining a homeowner’s association. As a member of a condo HOA, residents pay regular dues, which allow the association to maintain portions of the property. Before committing to a condo, it is essential to research the property’s HOA. Be sure to understand its covenants, conditions, and restrictions (CC&Rs), so that you know how the association operates and what your duties are as a member. These rules lay out what you can and cannot do with your exterior space, as well as pet restrictions. Your experienced broker can help you with this step so that you find the right home and right HOA.
- Community– Condos also minimize the space between you and your neighbors. When selecting the right condo, you want to make sure you feel good about the community you are joining. Get a sense of who lives in the condo building you’re browsing and what the environment feels like. You may be looking for a home that promotes a tight-sense community, or maybe you’re okay with neighbors that keep to themselves and keep the noise level to a minimum. The neighborhood the condo is in and the price point of the units are just a few factors that can also influence the community.
- Amenities– While downsizing to a condo typically means forfeiting space, it also means gaining excellent amenities. Condo buildings offer various perks and shared spaces, including fitness centers, pools, outdoor space, dog runs and grooming stations, conference centers and more. As you search for the perfect condo, consider which amenities you would like in your new move.
- Parking– Trading a single-family home for a condo also means adapting to a new parking situation. As you house hunt for your condo, look into the parking options at each building. If you have a car and know that parking is non-negotiable, it may be important to find units that come with a designated parking space or at least offer parking lots or garages. While some buildings do have easily accessible and covered lots, others do not.
- Resale Value- Just like with any home purchase, it’s wise to look into the resale value of any condo you choose to invest in. Check out the factors that impact this value and your return on investment, including the neighborhood, the condition of the condo and neighboring units, the square footage and number of bedrooms within the home, any outdoor space the home may offer, and potential renovations to further increase the value.
With greater insight into how to downsize from house to condo, it may be time for you to put these considerations into action. Partner up with Luxury Living Chicago Realty to find your dream condo. Our team of trusted experts can help make your life transition seamless.
