Downsizing Resources

TOP REASONS YOU MAY WANT TO DOWNSIZE

There are many reasons for wanting to downsize or simplify your housing situation. Life transitions such as kids moving away to college, retirement, divorce, changes in financial situation, physical limitations, desire for more time to enjoy life, and less time and money spent on keeping up a larger home.

Some of the most common reasons for wanting to downsize are:

Your home no longer fits your needs
You want to convert your home equity to income for other purposes
You are no longer tied to your location
You want a lifestyle change
You want to spend less time and money on house and yard maintenance
You would like to accelerate your retirement by saving more

YOU'VE DECIDED TO DOWNSIZE — WHAT'S NEXT?

Deciding to downsize from your current home can naturally carry with it some anxieties. You're changing your way of life as you knew it, and that can bring on some challenges. On the other hand, this life transition will open new doors and opportunities. In all the excitement, there are several steps you need to take in order to successfully sell your home with minimal hassle and stress.

- Hire a real estate agent to handle your house search and sale
- Revisit retirement planning and re-assess your estate plan
- Take photos of your home before downsizing
- Start planning for the move and set a target timeline
- Only move things that have a designated space in your new home
- Purge paperwork
- Eliminate rooms you won’t have in your new home
- Get rid of duplicates
- Only make yes or no piles – no maybes

HOW TO HAPPILY DOWNSIZE TO A SMALLER HOME

If you want to make the most of your next big move, here are some things to remember for a seamless, happy life transition:

Set new life goals
Find purpose and determine lifestyle needs
Focus on quality and multi-purpose spaces
Connect with your new community while staying connected to previous
Plan your dream vacation
Pick up a new hobby
Volunteer with a local charity

PROS & CONS OF CONDO LIVING

So you've thought about it and decided that your next home should be a condo? Here's why that could be a good idea for you — and where it could potentially go wrong:

PROS
- Less maintenance and upkeep
- More affordable
- Locations are often more desirable
- Increased security
- HOA and amenities
- Social connections and activities
- One-level living space
- Accessibility
CONS
- Lack of privacy
- Less space
- No land ownership
- Limited storage
- More efficient layout
- Parking limitations
- HOA fees and regulations
- Leaving existing neighbors and community

ASK THESE QUESTIONS BEFORE BUYING YOUR CONDO

If you've weighed your options and decided to downsize to a condo over a single-family home but don't know where to start, you're not alone. Transitioning from being a homeowner with land and certain responsibilities — and privileges — to living amongst others in a close, community space can be daunting. Here are some questions to ask when buying your first condo in Boston:

What is the assessment of the building’s remaining useful life and of its systems? Are there any independent reports available to review?
What is the condo/HOA fee and what is included?
Are there any upcoming special assessments? Has an independent audit been done with regard to future required repairs and renovations to the building?
What does the master insurance policy cover?
Is there parking assigned to each unit or available for lease/purchase? Are there spaces for visitors?
What are the qualifications to run for the condo board? How and how often are elections held? Are there term limits for officers and how long is a term of service?
What renovations and modifications to units are allowed?
Are pets allowed and under what conditions?
Are sublets permissible? What percentage of the building is owner-occupied?
Is it possible to speak to current owners/residents?

Best practice: Engage a real estate attorney to review all documents related to the purchase of a condo.

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TOP REASONS YOU MAY WANT TO DOWNSIZE

YOU'VE DECIDED TO DOWNSIZE — WHAT'S NEXT?

HOW TO HAPPILY DOWNSIZE TO A SMALLER HOME

PROS & CONS OF CONDO LIVING

PROS

CONS

ASK THESE QUESTIONS BEFORE BUYING YOUR CONDO

Find a Chestnut Hill, Brookline, or Newton Home With Me

Work With Ingvild

Follow Ingvild on Instagram

Downsizing Resources

TOP REASONS YOU MAY WANT TO DOWNSIZE

YOU'VE DECIDED TO DOWNSIZE — WHAT'S NEXT?

HOW TO HAPPILY DOWNSIZE TO A SMALLER HOME

PROS & CONS OF CONDO LIVING

PROS

CONS

ASK THESE QUESTIONS BEFORE BUYING YOUR CONDO

Find a Chestnut Hill, Brookline, or Newton Home With Me

Work With Ingvild

Follow Ingvild on Instagram

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Ingvild Brown

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