Kids gone? Too much house? Tired of stairs? Want to travel more?
Each of these are great reasons to consider downsizing.
It’s important to know your options to choose your perfect “next place.” Sometimes a downsize is as simple as finding a home with smaller square footage and a main floor master. It may be moving to an Active Adult community with many amenities. It might be a condo, townhome or patio home where all of the exterior landscape maintenance is handled by an HOA, leaving you free to wander the earth. Here’s a bit of info on all of these:
Condos are similar to apartments. Depending on where your condominium is located in the building, you could have neighbors above, below or on the side(s). Condo ownership is "from the studs in" - you only own the interior portion of your unit. If there is covered or indoor parking, it may be located away from the residential building. Mortgage lenders are very diligent when it comes to approving a condo loan since you only own "studs in." The lender must be sure that all of the external features of the building are adequate, that there are ample funds in reserve to take care of building maintenance, and that there aren't any pending legal actions against the condominium community. This can require additional steps and time in your lending process. Condos usually have HOA's that cover exterior maintenance and landscape care.
Townhomes come in many shapes and sizes, but the important differentiation from a condo is that with a townhome, you own the land below and the airspace above your unit. Mortgage lenders prefer this (over condos), and you'll find the loan process much simpler. People generally think of townhomes as two-story units, but there are often ranch-style models available. Many townhomes also offer attached garages that lead directly into your unit. Townhomes usually have HOA's that cover exterior building maintenance and landscape care.
ACTIVE ADULT COMMUNITIES
Active Adult or “55+” communities” are springing up all over Colorado. Generally, one buyer must be at least 55 years of age to qualify for the purchase. These communities are usually full of activities and opportunities. Many offer huge club houses with amenities like art studios, wood working shops and ball rooms. They often have pools and spas, workout rooms, bocce and pickleball courts. They almost always have a variety of clubs to join – everything from Bunco to home towns to favorite sports teams. Many of the homes are ranches or models with main floor master bedrooms.
WHATS THE SAME***?
TIP: Every community is different. Even within the same city, you'll find vast differences in requirements, fees and rules for these communities. Your real estate agent should help you understand everything before committing to a purchase.
Colorado Transitions Real Estate Expert
P.O. Box 646
451 Oak St. #208
Frederick, CO 80530-0646