Boston condos for sale: Downsizing to a Boston condo
Boston Condos for Sale & Boston Apartments
Boston condos for sale: Downsizing to a Boston condo
Retirement is a time for relaxation, adventure, and enjoying the things you love. As you imagine this exciting new chapter in your life, it’s important to think about whether your current home still fits your needs.
If it’s too big, too costly, or just not convenient anymore, downsizing might help you make the most of your retirement years. To find out if a smaller, more manageable home might be the perfect fit for your new lifestyle, 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?
If you answered yes to any of these, consider the benefits that come with downsizing.
The Benefits of Moving into a Smaller Home
There are many reasons why you should downsize. Here are just a few from Bankrate:
Your Equity Can Help Make Downsizing Possible
If those perks sound like something you’d want, you may already have what you need to make it happen. A recent article from Seniors Guide shares:
“And at a time when homeowners age 62 and older have more than $12 trillion in home equity, downsizing makes sense . . .”
If you’ve been in your house for a while, odds are you’re one of those homeowners who’s built up a considerable amount of equity. And that equity is something you can use to help you buy a home that better fits your needs today. Greg McBride, Chief Financial Analyst at Bankrate, explains:
“Downsizing can mean taking that equity when the home is sold and using it to pay cash or make a large down payment on a lower-priced home, reducing your monthly living expenses.”
When you’re ready to use all that equity to fuel your next move, your real estate agent will be your guide through every step of the process. That includes setting the right price for your current house when you sell, finding the home that best fits your evolving needs, and understanding what you can afford at today’s mortgage rate.
Boston Condos and the Bottom Line
Starting your retirement journey? Think about downsizing – it could really help. When you’re ready, talk to a local real estate agent about your housing goals this year.
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Boston condos for sale: Downsizing to a Boston condo
Updated: Boston Real Estate Blog 2024
Condo Broker 137 Charles St. Boston, MA 02114
Visit our office at 137 Charles Street, Beacon Hill MA 02114
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Boston condos for sale: Downsizing to a Boston condo
I have some home seller clients are over 65. I think most are over 70 but I don’t ask. There is no set age for moving or downsizing. In fact some older folks buy larger houses so that there is more space for grandchildren and maybe a parent or two.
Sometimes older people are forced to move and they do not have a plan. They get sick or they lose their mobility or eyesight or maybe there is a dementia diagnosis. Some homeowners decide that the house is just too much work so they move on.
There is a best time to move and it is, if at all possible before moving becomes a necessity.
For people who are over 60, now is the best time to start getting rid of excess stuff. It is a great time to explore various neighborhoods and housing options.
Everyone needs to move eventually.
Where is Ford Realty Located?
Ford Realty is located in 137 Charles Street in Beacon Hill
For more information please contact one of our on-call Boston real estate agents at 617-595-3712.
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John Ford Boston Beacon Hill Condo Broker 137 Charles Street Boston, MA. 02114
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Boston condos for sale: Downsizing to a Boston condo Are there rooms in your home that you haven’t been into for a couple of days…or longer? Do you find yourself shelling out more money than you can afford to stay in your home? If so, it’s probably time to downsize your house to a Boston downtown condo.
When you choose to downsize, you decide to save space, save money, and save your time on upkeeping a huge home.
Check out these four signs that it’s time to downsize your home.
1. YOUR CHILDREN HAVE MOVED OUT
Did you once have a house full of children and the feeling that there just wasn’t enough space for everyone and everything? When the last child moves out of the house, suddenly that space starts to drastically expand again. There are bedrooms that no one uses and huge living and dining areas that go to waste.
If all the kids have moved out, it’s probably time to downsize your home to a Back Bay condo. You can still find a new place with a guest bedroom and a dining room table big enough for when they come and visit.
2. YOU’RE EXHAUSTED BY THE MAINTENANCE AND UPKEEP
Do you find yourself constantly tinkering around your house feeling like there’s always something to fix, clean, or update? Trying to upkeep and maintain a huge space is exhausting. And what’s the point if it’s so much more than you need?
Perhaps it’s time to downsize to a Boston Seaport condo and look for a smaller, newer home where you can kick your feet up and relax.
3. YOUR MONTHLY HOUSE EXPENSES EXCEED 30% OF YOUR INCOME
30% of your monthly budget is the magic number that you should be spending on your mortgage and other house expenses according to the United States National Housing Act.
If you’re paying more than 30%, your house is considered a financial burden and this will become more significant when you stop working. If you downsize to one of the more affordable Boston homes you can reduce expenses considerably.
You’ll be in a more financially secure situation, preparing for retirement, for the future, or for doing things you love.
4. YOUR HOME NO LONGER FITS YOUR LIFESTYLE
As mentioned above, you may have a large family home yet all the family has moved out. When your home doesn’t fit your lifestyle, it’s a good sign that you should downsize your house.
The family home is just one example. You may also have a house that was built for entertaining, yet no longer host the grand dinner parties and massive soirees. Or perhaps, you have a large backyard but you’ve lost interest in gardening.
Whatever the case may be, consider your lifestyle and whether your home is still suitable.
ARE YOU READY TO SELL YOUR HOUSE AND SAVE SPACE?
Selling a house or moving to a new home can be overwhelming and intimidating, but ultimately, the benefits of downsizing are worth it. You’ll save space, ease financial burdens and live in a more suitable home.
If you’re ready to make the move, then contact us today. Serving our clients with honesty and loyalty is top of our list. We’ll ensure that selling your house and finding a new one is as stress-free as possible
Boston Condos for Sale
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Boston condos for sale: Downsizing to a Boston condo
Over the past year, we’ve had plenty of opportunities to reflect on what we consider most important in our lives. The place we call home is one of the biggest things many of us are reevaluating. George Ratiu, Senior Economist at realtor.com, shares:
“The very nature of the pandemic, through the health implications, social distancing, and need to isolate, has really brought a central focus on the importance of home for most Americans…In a sense, it has elevated real estate markets as a centerpiece of our lives.”
For some, this has spurred an interest in making a move to a home that better suits our changing needs. In a recent study on today’s homebuyer preferences, the National Association of Home Builders (NAHB) states:
“When asked more specifically how the pandemic may have impacted their preference for home size…21% or about 1 out of every 5 buyers, do want a larger home now as a direct result of the health crisis, while another segment – 12% – would prefer a smaller one instead.”
While you might expect more time at home to lead to a need for more space, it’s interesting that a significant portion of homeowners actually want less. For those who own larger homes right now and have a desire to move, today’s housing market is full of opportunities. Danielle Hale, Chief Economist at realtor.com, explains:
“In a real estate market that is tipped in the favor of sellers, boomers and older homeowners are really the ones holding the cards…Those who are selling homes can use the profits to help them buy new ones.”
As a homeowner today, you likely have equity that can be put toward the purchase of your next home. With the equity growth homes have seen over the past year, you may have more than you think, which can help significantly as you make a move into your next home. According to a report from the National Association of Realtors (NAR):
“Home sellers cited that they sold their homes for a median of $66,000 more than they purchased it. Sellers 22 to 30 years gained the least at $33,400 in equity compared to sellers 66 to 74 years gained $100,000 in equity as they likely had lived in their homes for a longer period of time.”
Despite the benefits of growing home equity, some homeowners are still hesitant to move and could be considering remodeling or making changes to their current space instead. However, if you’ve thought about aging in place rather than downsizing, you may want to reconsider. The U.S. Census Bureau points out:
“Of the nation’s 115 million housing units, only 10% are ready to accommodate older populations.”
If your house is no longer the best fit for your evolving needs, it may be time to put your equity to work for you and downsize to the home you really want.
Boston Real Estate and the Bottom Line
Today’s housing market favors homeowners who are ready to sell their houses and make a move. If you’re thinking about downsizing this year, let’s connect to discuss your options in our local market.
Boston Real Estate
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Boston Real Estate One More Move
Are you of the age (40+) where you might move one more time? Here are my resources to assist you.
Reasons to move again:
- Be closer to the family (primarily to be near the grandkids).
- Change from Beacon Hill condo walks up to a high-rise condo building.
- Looking for a new Boston downtown condo neighborhood for you.
Being closer to family, and especially to be near the grandkids, is high up the list of reasons for seniors to move. Not only will it be easier for you to get some help from them as you grow older, but they will appreciate the free babysitting and help around the house!
If that means you will be leaving the downtown Boston real estate market Ford Realty Inc., is the best at finding you a quality agent in your new neighborhood.
Are you thinking about buying into a Boston high-rise condo?
We have a large selection of Boston high rise condos on our Boston real estate website here – it might ask you to sign-in but I promise I won’t call you every day until you buy or die:
Boston Real Estate and Empty-Nesters
Today’s video topic of discussion will be about downsizing especially how it applies to empty-nesters. The video below will discuss: downsizing, decluttering, mistakes to avoid, the emotions of leaving your large home for a Boston condo, the decisions, helping elderly family members, preparing to downsize, moving into a smaller Boston condo.
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