It was bound to happen sometime. You’ve spent years living in your home building memories with your family, watching the kids grow up. But now they’ve all moved out and you have noticed the house feels big. And empty.
It’s time to consider whether your home still suits your needs. But with all the choices to make about what to move into, what’s the right one for you?
We have a handful of reasons why a condo might be the ideal choice for you now that the kids are out on their own.
Decide How Much Space You Really Need
Right now, your home probably feels like it’s missing something, or it may feel bigger or emptier than you’re used to. Condo square footage has a significant range, giving you the freedom to choose how large or small you want your space to be.
You can opt for a modest one-bedroom floor plan at 800 square feet or a more elaborate three-bedroom (for when the grandkids sleep over) model at a much larger 1400+ square feet. The size depends on the property, but there are endless choices in terms of the square footage you can get.
You Can Belong To A Community
Since many condo properties offer common areas, amenities, and even regular activities, you have the opportunity to belong to an entire community of fellow condo owners. Build new relationships with like-minded people while having access to shared amenities right at home.
Save A Ton Of Money
Save A Ton Of MoneyGenerally, a condo’s purchase price is in a lower price range than that of your single-family home’s value. If you’ve paid off your home - or are pretty close - you may even be able to pay cash for a condo and live mortgage free with some extra money in the bank.
The extra money you’ll gain from the sale of your home could go toward your retirement fund or be invested. It never hurts to invest more into your future, and this is an easy way to take the equity you’ve worked so hard to build and shift it into a program that will give you returns.
You could also use the extra money to spend some time travelling. Maybe you spent a good portion of your life travelling with your kids, and now is a great time to get in some globetrotting of your own! If you travel while living in a condo, you won’t need the neighbour or family member to watch your house while you’re gone. What a bonus!
In addition to liquidating your equity, you’ll also save money on utilities, property taxes, and insurance.
Choose Where You Want To Live
There are condo properties pretty much everywhere: downtown core, suburbs, and everything in between. Maybe you moved to the suburbs to have better access to schools when your kids were school age. Now that they’re out of the house, there’s no need to have that proximity anymore.
Maybe you’d prefer to live in the downtown core with lovely views of the city and access to tons of restaurants and shopping.
You may prefer to live in a quiet neighbourhood and choose to buy a condo in a more remote community. There are plenty of condo styles to choose from, and for this, you may choose a gated community or townhouse-style condo.
Or, you could simply choose to move closer to your kids when the grandchildren start arriving. New parents could always use a little help, and you don’t want to miss being a part of those new little lives. The convenience of living nearby is a win-win for both of you.
Swap Your Older Home For A Newer Condo
Are you tired of looking at those drab countertops and old appliances in your current house? Instead of spending time and money on heavy renovations after the kids move out, you can let the next owners worry about it and buy yourself a new condo with modern finishes and new appliances.
By buying a newer (or brand new) condo, you’re buying time before anything needs to be renovated or updated. And the best part is, you get to just turn the key and move in.
There are many reasons a condo may be an ideal purchase for you after the kids have moved away from home. Your life is different now - it’s all about you. Get the finishes you’ve always wanted, free up some cash, and take a walk down to your favourite restaurant. Condo life is a new beginning.