Some have a need to have all living space on one floor while others are downsizing financially to “free up cash” to do the things they want. Many are tired of the upkeep and want more time to do the things that matter to them.
The first step is to look at finances and see what they should realistically spend. Several clients that we have worked with have downsized space yet paid MORE for their small condominium unit than they got from the sale of their 4 or 5 bedroom home.
A second step is lifestyle. What do they want to do with their lives during the next few years? Questions like:
Do they want winters away?
Are they interested in being on a golf course?
Do they desire to be on the water?
Is being near family members important?
Is an exercise room or a pool a desire?
Is an activity room for crafts, cards, visitors wanted?
Is living in a secure community a priority?
Do they want to be part of an adult community?
Are services like meals and nursing care available if needed?…
A third step is location:
Is staying in the same area important?
Is moving near theaters and restaurants a desire?
Will they mind the traffic or noise nearby?
Are there buses, shops, doctors, or hospitals nearby?
Is the morning sun, a view, or privacy important?
The fourth step goes back to money.
If it is an older building, will there be major assessment fees for air conditioning, heating, window or balcony replacements , garage repairs, elevator repairs…? We have seen seniors assessed up to $30,000 and selling their unit at a loss because they didn’t have the necessary funds to remain in it.
If it is a new building does the developer have an excellent track record ?
What are the estimated monthly fees?
What do the fees cover?
Step five is to take the tentative contract to a lawyer who specializes in condos. Whether you buy the unit or not this is an excellent investment and worth the money.