Why are downsizers choosing to buy condos?
When people begin to consider downsizing their homes, there are many factors to think about. It is becoming more and more frequent that retirees are turning away from the traditional bungalow home, and instead of purchasing a condo.
In the past, condo ownership was often considered a less desirable option to freehold ownership. That mentality is quickly changing and for good reason!
Condos have so many great attributes that are sometimes overlooked, such as being very low maintenance. Owners generally no longer need to worry about things such as shoveling snow, mowing the lawn, unclogging gutters, and any additional exterior home maintenance. Monthly condo fees generally cover these expenses, so they don’t need to worry about any sudden unexpected repairs. This also allows owners the flexibility to go away for weeks or months at a time without having to worry about the home’s upkeep.
There is also additional peace of mind in condo buildings as many have added security features such as key fob entry for the front entrance, elevators and garages. Many buildings now have security cameras in many common areas and entrances.
Condo buildings tend to attract a similar demographic and are more easily able to find a sense of community within their condo association. Many buildings have unique social events to take part in that allow empty nesters to socialize, create personal connections, and meet new people.
Condos are increasingly being built with multiple different amenities, such as fitness centers, pools, community rooms, and even guest suites that can be rented for when family comes to visit. Owners and their guests are able to take advantage of these amenities, while not having to worry about their upkeep.
Affordability is also a major factor people consider when downsizing their homes. In Guelph, the average price of a freehold home in December 2021 was $999,168, while condos were $626,969. That is an almost 40% price difference! The lower cost of owning a condo allows for downsizers to have access to more capital for things like travel, spending time with children, grandchildren, and leisure.
The peace of mind, potential cost savings, and less overall maintenance will continue to make condos a great option for downsizers. If you or someone you know is looking to downsize and would like additional information about condos, please feel free to reach out to us at the Hare Collective.