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.
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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
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.
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.
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.
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.
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.
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
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.
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.
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.
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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