Pros and Cons of Downsizing to a Townhome or Condo in the Ottawa Market
Have your kids left the nest? Are you looking for extra cash as you head into your golden years? Downsizing your current Ottawa home and purchasing a townhome or condo may be the ideal solution. If you currently live downtown, you might also consider moving to a more affordable area, like Barrhaven or Kanata, where new housing developments are on the rise.
WHY DOWNSIZE TO A TOWNHOME OR CONDO?
The most obvious benefits of transitioning to a townhome or condo include financial freedom and reduced maintenance responsibilities. Beyond these advantages, downsizing can also be a strategy for planning to age in place.
A recent study on generational real estate trends highlighted a significant desire among baby boomers and older adults to remain in their homes as they age. Nearly 90% of participants expressed a wish to stay in their current neighborhoods for as long as possible. This has led many to reconsider their housing needs for the future.
The key considerations for adults planning for their later years include:
Single-floor living
A full bathroom on the main level
A bedroom (or potential bedroom) on the main level
Given these factors, a townhome or condo can be the perfect solution for those looking to age comfortably.
PROS OF DOWNSIZING TO A TOWNHOME OR CONDO
The lock-and-go lifestyle offered by condos and townhomes is perfect for retirees who wish to travel or spend winters in warmer locales.
Downsizing your home is an excellent way to simplify your life. After years in the same house, you’ve likely accumulated a lot of belongings. Downsizing is an opportune moment to apply decluttering principles, akin to those popularized by Marie Kondo. This movement encourages individuals to reflect on their possessions, regardless of age.
Eliminating unnecessary items allows you to concentrate on what truly matters and eases the burden on family members after you’re gone. Moreover, with less space comes less cleaning and maintenance. Many townhomes and condos include snow clearing and maintenance in their fees, a service that becomes increasingly beneficial as you age.
CONS OF DOWNSIZING TO A TOWNHOME OR CONDO
One important consideration when downsizing is the potential impact on your social support system. If you’ve lived in the same house for many years, moving can mean leaving behind long-term friendships.
Often, people plan to downsize but hesitate when faced with leaving the familiarity of their neighborhood and community. However, with the rising popularity of condos and ongoing developments, you might not need to move far from your current community to downsize.
To stay informed about new builds in your area, consult our MacDonald Property Group real estate agents. With extensive knowledge of the Ottawa market, our realtors can provide valuable insights on upcoming developments and the best timing for your purchase.
Downsizing may not always yield the financial benefits that some anticipate. Condos can be more expensive per square foot compared to detached homes, partly due to additional services and amenities. However, for many, the benefits of the condo or townhome lifestyle outweigh the extra costs.
Moving to a smaller home may also mean less room for adult children to return, which can be viewed as either a pro or a con, depending on your perspective.
PLANNING FOR YOUR FUTURE
It’s never too early to start planning for your later years. If you reside in Barrhaven and wish to maintain your current friendships, our real estate agents can help identify the type of home that best fits your future needs and recommend nearby adult-oriented communities.
The pandemic has prompted many individuals to move from urban centers to smaller communities. As a result, condos have become a more affordable option in the current climate, while detached homes are in high demand. If you’re considering downsizing, now may be the perfect time to contact our realtors.
Buy and Sell with Confidence. Choose The MacDonald Property Group.
At The MacDonald Property Group, we have a dedicated, nationally recognized, award-winning full-service team ready to provide the expertise you can trust. Our team and associates have been recognized as the top 1% in North America since 2010.
With over 25 years of experience in all facets of real estate, we have bought and sold well over a thousand homes. We’ve proudly assisted thousands of clients in Barrhaven and across the Ottawa area to close deals with confidence and satisfaction. Contact us today and let us show you what we can do for you!