With the continual rise in everything from coffee to gas, power to movie tickets, and the inevitable rise in interest rates, now may be the time for you to consider downsizing to a condo. Lets take a quick look at what some of the benefits of a smaller living space might be:
1. Save on Mortgage and Down Payment- The first and largest place that savings could occur is in the actual sticker price, condos tend to cost less compared to single family homes in similar areas.
2. Savings on Power and Heating Costs- Let’s face it, a smaller space will require less in the way of lights (as there will likely be fewer of them) and less in the way of heating costs. I can’t tell you how many times I have been in someone’s home, gone into a room or even an entire basement that is completely empty, just waiting to be finished or filled with furniture and in the meantime the homeowner is heating this space. The other great one is the basement “man-cave” an entire second living room, which many men aspire to having. I don’t know about anyone else, but with how busy things get in this day and age, when I get some time to sit down in front of the tv, I like to spend it with my significant other.
3. Savings on Maintenance- Do you really need all those bathrooms? How about all that roof? Paying monthly maintenance fees may seem like a lot at first glance, but when you compare that with ongoing maintenance of a house, they aren’t that bad. Over the life of a house you will have things to deal with like re-caulking windows and doors, repainting and re-roofing, unless you have established your own contingency fund, those can become big expenses all at once.
4. Renos Will Cost Less- When it comes time to do some renos, you will love the smaller size especially when hardwood and tile are sold and installed on a per square foot price.
5. Save Time- If there is one thing that everyone loves, it’s cleaning and mowing and raking the lawn, and sweeping off the deck, and cleaning their windows, and painting fences. I’m sure we would all much rather be doing that than say, sailing, or reading, baking cookies, or working on our parkour skills.
6. Save Time AND Money on Your Daily Commute- In many cases, moving into a condo is going to allow for moving closer to downtown, this will allow you to either take advantage of public transit, walk, or at least shorten your drive to and from work. Which brings me to another of the big savers….
7. Do You Need Your Car?- If you move closer to downtown you will likely be able to sell your car and use public transit or walk day-to-day. Many households in the ‘burbs require two cars, one that often just commutes one of the parties to and from work and sits downtown, where you then pay to park. A car can be a major expense, even just reducing the number of kilometers driven and fuel consumed can help a lot.
8. Reduce Your Property Taxes- By switching to a condo and reducing your square footage you could reduce your property tax bill significantly.
9. Clear Out Your Stuff- Decluttering is another advantage of moving to a smaller space. Over time we tend to accumulate stuff, lots of stuff, in a large enough house, tonnes of stuff! All that extra furniture for the second living room and extra bedrooms, not to mention all those hawaiian shirts that you haven’t worn since the 80’s (thank-you) that can likely be offloaded to someone hosting a theme party. Decluttering can be good for the pocketbook and good for the soul.
There we have it, nine fantastic ways in which you can save by downsizing into a condo, I’m sure there are many other ways in which you can save, if you think of one, have any questions about condos contact us here.