If you’re like many people, you’re downsizing for retirement – and that may moving from a single-family home into a condo. Downsizing is a big step, so here’s how you can do it easily (and without giving up all the things you love).
Downsizing for Retirement: Moving From a House to a Condo Without Giving Up the Things You Love
Downsizing for retirement may be the best choice you make. Downsizing:
- Gives you an opportunity to reorganize for simpler living.
- Helps eliminate stress when it comes to caring for a larger home.
- Gives you more time to enjoy yourself.
When you downsize to a condo, you’ll be able to forego home maintenance tasks – no more trimming the hedges, cutting the grass, cleaning the gutters or making repairs. You may also be able to save money if you’re purchasing a less-expensive home, and you’ll have the opportunity to reorganize your belongings and keep only what’s important to you.
Common Mistakes People Make While Downsizing for Retirement
When you’re downsizing for retirement, the entire goal is to make your life simpler – so watch out for these three common mistakes:
- Overestimating your current home’s value
- Underestimating the cost of your new home and the move itself
- Forgetting to plan for your pets
Here’s a closer look at each.
Downsizing for Retirement Mistake #1: Overestimating Your Current Home’s Value
Many people attach sentimental value to their homes and believe it translates into financial value, but that can be a huge mistake. The bottom line is that your home is only worth what someone is willing to pay for it right now, regardless of how much you owe on it, how many improvements and upgrades you’ve made, or how special it is to you.
Your best bet is to have a Boca Raton REALTOR® perform a free comparative market analysis, or CMA. Your REALTOR will compare your home to similar properties currently on the market, those that have recently sold and those that were taken from the market because they didn’t sell, and she’ll use that information to figure out what buyers are likely to pay for your home right now.
Get your no-obligation, free home valuation here.
Downsizing for Retirement Mistake #2: Underestimating the Cost of a New Home (and the Move Itself)
It’s always a good idea to start exploring your options before you commit to downsizing for retirement. That means looking at properties for sale that might be a good fit for you. You can check out the condos for sale in Boca Raton by clicking through the images below. You can also use the links at the bottom of this post, or use our advanced home search tool, which lets you search for homes based on location, price and several other factors.
- 2 Bedrooms
- 2 Bathrooms
- 1,481 Sq Ft
875 E Camino Real 2g Boca Raton, Florida
View Property
You’ll also have to account for things like closing costs, which can total between 2 and 5 percent of your next home’s purchase price, as well as the move itself.
Downsizing for Retirement Mistake #3: Forgetting to Plan for Your Pets
Not all condos in Boca Raton and nearby communities allow pets. Some that do allow pets have size restrictions, breed restrictions and other limitations, as well. For most people, it’s best to work with a pet-friendly REALTOR who knows which condominium complexes allow dogs, cats and other pets, as well as the restrictions each community places on each type of pet.
Related: How to find a condo that allows pets over 40 pounds
4 Tips for Downsizing for Retirement
You don’t have to give up all your belongings when you downsize – in fact, you shouldn’t. Check out these four tips for downsizing for retirement that can help you make the most of your move:
- Get rid of big things first. Go through each room in your home and find big items, like furnishings and appliances that you haven’t used in 6 months or more, or those that you just don’t like and would like to get rid of. You can choose to donate them to your favorite charity, sell them or send them to the dump.
- Go room-by-room and find smaller things you don’t use. After you’ve cleared out big items, start hunting for smaller things that you can live without in your new home. You don’t want to get rid of anything you’ll have to buy again later, but don’t hang on to things you no longer use (or that you think you might use someday; if you haven’t used it by now, will you really need it soon?).
- Digitize what you can. You may not need to keep things like old tax documents, real estate paperwork and other files, but if you want to be on the safe side, scan them into digital files you can access from anywhere. You can also free up storage space by scanning old photos, newspaper clippings and your kids’ or grandkids’ artwork. If you have old photos you no longer want to hold onto, think about donating them to the local historical society – they’d love to have them.
- Try to avoid getting a storage unit. “Out of sight, out of mind” is a real thing, and once something’s in storage, there’s a good chance you’ll forget it’s even there. If there are items you’re willing to store but not bring to your new home, do you really need to hang on to them? (Storage is just an added expense, anyway.)
Are You Buying or Selling a Home in Boca Raton Because You’re Downsizing for Retirement?
Ready to sell your home quickly and at the right price? Find out how much your home is worth now!
If you’re looking for a new home in Boca Raton, Boynton Beach, Delray Beach or Highland Beach, we can help. Use these popular one-click searches to find what you’re looking for: