Are you downsizing from a single-family home to a Boston downtown real estate condo?
Boston Condos for Sale and Apartments for Rent
Are you downsizing from a single-family home to a Boston downtown real estate condo?
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Are you downsizing from a single-family home to a Boston downtown real estate condo?
Downsizing has long been a popular option when homeowners reach retirement age. But there are plenty of other life changes that could make downsizing worthwhile. Homeowners who have experienced a change in their lives or no longer feel like their house fits their needs may benefit from downsizing too. U.S. News explains:
“Downsizing is somewhat common among older people and retirees who no longer have children living at home. But these days, younger people are also looking to downsize to save money on housing . . .”
And when inflation has made most things significantly more expensive, saving money where you can has a lot of appeal. So, if you’re thinking about ways to budget differently, it could be worthwhile to take your home into consideration.
When you think about cutting down on your spending, odds are you think of frequent purchases, like groceries and other goods. But when you downsize your house, you often end up downsizing the bills that come with it, like your mortgage payment, energy costs, and maintenance requirements. Realtor.comshares:
“A smaller home typically means lower bills and less upkeep. Then there’s the potential windfall that comes from selling your larger home and buying something smaller.”
That windfall is thanks to your home equity. If you’ve been in your house for a while, odds are you’ve developed a considerable amount of equity. Your home equity is an asset you can use to help you buy a home that better suits your needs today.
And when you’re ready to make a move, your team of real estate experts will be your guides through every step of the process. That includes setting the right price for your house when you sell, finding the best location and size for your next home, and understanding what you can afford at today’s mortgage rate.
What This Means for You
If you’re thinking about downsizing, ask yourself these questions:
- Do the original reasons I bought my current house still stand, or have my needs changed since then?
- Do I really need and want the space I have right now, or could somewhere smaller be a better fit?
- What are my housing expenses right now, and how much do I want to try to save by downsizing?
Once you know the answers to these questions, meet with a real estate advisor to get an answer to this one: What are my options in the market right now? A local housing market professional can walk you through how much equity you have in your house and how it positions you to win when you downsize.
Boston Condos and the Bottom Line
If you’re looking to save money, downsizing your home could be a great help toward your goal. Let’s connect to talk about your goals in the housing market this year.
Updated Boston Real Estate Blog 2023
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Are you downsizing from a single-family home to a Boston downtown real estate condo?
The Boston metro area is one of the best in the nation to downsize, with the potential to cash out hundreds of thousands of dollars, according to a new analysis by StorageCafe.
StorageCafe examined the 100 largest metro areas by population and analyzed the typical home price for four-bedroom and two-bedroom homes, calculating for taxes and closing costs, to determine which cities offer the most potential savings by downsizing.
“According to our study, homeowners stand to potentially gain around $196,000 on average from downsizing across the U.S., with some huge differences when zooming in on specific locations,” StorageCafe reported.
Downsizing from a four-bedroom home to a two-bedroom home in the Boston-Cambridge-Newton area would save the typical homeowner nearly $275,000. That ranks No. 11 among all metro areas studied.
The top 20 metro areas by downsizing savings, according to StorageCafe:
- San Jose — $777,000
- San Francisco — $563,000
- Honolulu — $519,000
- Bridgeport, Conn. — $463,000
- San Diego — $340,000
- Los Angeles — $331,000
- Miami — $322,000
- Seattle — $298,000
- Sarasota, Fla. — $295,000
- Ventura, Calif. — $285,000
- Boston — $275,000
- Stockton, Calif. — $272,000
- Nashville — $262,000
- Durham, N.C. — $254,000
- New York City — $248,000
- Raleigh, N.C. — $247,000
- Dallas — $246,000
- Washington, D.C. — $244,000
- Birmingham, Ala. — $243,000
- Knoxville, Tenn. — $241,000
Downsizing is challenging for most people. I had a conversation with a client who recently downsized. It occurred to me as we were talking that her smaller downtown Boson condo is actually was almost the same size as my house in Lexington.
Larger homes in the burbs make it easier to accumulate more stuff without really noticing it. Smaller Boston Seaport condos like the Echelon or St. Regis in Boston have the same drawback but on a smaller scale.
We tend to fill our spaces and sometimes it starts shortly after the real estate closing is made on a property. Plans are made to fill each room with furniture.
For some home buyers needing a certain amount of space is assumed. Special rooms are needed for special activities and homes with a family room and a living room are common. The space usually doesn’t all get used at the same time but it is always there when it is needed.
I am often surprised by the answer when I ask first-time homebuyers how much space they need. Homes built today are on average 150% larger than those built-in 1980.
Space is expensive, especially in Boston’s Back Bay, Beacon Hill, or the Boston Seaport. There are taxes and maintenance, heating and cooling. Having less space can mean having more free time and more money. Before buying a downtown Boston condo think about how much space you actually use on a regular basis. By use I mean occupy with people rather than just furnishings.
Think about creating spaces that are flexible and can be used for more than one activity. We all have stuff that takes up space but that gives us little in return.
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Homeownership is a long-term commitment. Choose wisely.
Are you downsizing from a single-family home to Boston downtown real estate?
Downsizing to a Boston downtown condo can be a great choice for homeowners looking to make a financial or lifestyle change. After all, a smaller amount of space means less money on utility bills and less stress from clutter.
Are you a recent empty-nester? Moving for financial reasons? Or maybe you’ve always wanted to live in a Boston Midtown high rise condo? No matter your motivation, you’re not alone—downsizing has become an increasingly popular trend for homeowners everywhere.
If you’re making the move to a smaller place, here are the top tips:
Know What You Have
Walk through your house room by room, and make a detailed list of your belongings. A helpful tip for keeping track? If you aren’t in a rush to downsize, take note of each item and how often you use it over the course of a few weeks or a month. That way, you learn exactly what you’d miss most and what you could go without.
Some downsizers use a color-coded sticker system, some jot notes in a notebook, and some just sort things into piles. Find the method that works best for you, and go from there.
…And What You Don’t Need
Once you’ve found out what items aren’t essentials, it’s time to toss them out. Try to focus on things like duplicate items, such as more than one kitchen utensil, and large collections that have accumulated over the years. To paraphrase the aforementioned organizing
There are plenty of great options for your unwanted items. Try making a little extra money by selling online, donating things to a good cause, or giving items to friends and family.
Maximize Your Space
When your overall amount of space goes down, you’re required to think of ways to use what you have more efficiently. Storage gadgets such as wall racks, built-in shelves, and pull-out cabinets can tuck belongings out of the way and give you a surprising amount of real estate to work with.
You might also have some furniture that can do double duty. Lots of kitchen or coffee tables either come with or can be customized to include drawers underneath, and bed frames are great for hiding away sliding storage units.
Measure, Measure, Measure
Hopefully, you’ll have a solid idea of the space you’ll be moving into—at least as far as square footage goes—so you’ll know exactly how much room you have for all of your belongings.
Once you know the size of your space, break out the measuring tape, and take note of the dimensions of the furniture you’re bringing along. The last thing you want is to haul your couch all the way to your new home only to discover that it doesn’t fit in the living room.
Ready to Make a Move?
We know that paring down your possessions can be tough, and moving comes with a wide range of emotions. Try taking pictures of the things you’ll miss most, so you can keep the memories around in your new space.
Once you’re ready to get started on your new home search, give our team a call. With years of local experience and a wide range of professional expertise, we’re here to make sure your real estate experience is successful and stress-free.
