An intriguing trend has emerged over the last few decades that serves to make the real estate world function in a more circular fashion: empty nesters are downsizing to condos. The appeal of condo living is at an all-time high, with buildings offering a wealth of amenities and luxurious accommodations in highly desirable locations. New buildings, like NYC’s Manhattan View condos in Hudson Yards succeeds on all fronts, delivering a quality of life that standalone homes outside Manhattan simply cannot rival. Plus, with the strength of the real estate market right now, downsizing can put a lot of extra money in your pocket. What follows are our top five reasons empty nesters should consider downsizing to a condo.
Over the last few years, condominium buildings have been playing a game of one-upmanship when it comes to the staggering array of amenities they include. Indoor/outdoor pools, cabanas, catering halls, libraries, fire pits, fitness centers with yoga and pilates studios, rooftop bars, 24-hour concierge service and pretty much anything else you could think of are built in. As a new empty nester, you’ve done your job, now is the time to relax and enjoy life, and all of these attractions serve to help you do that.
While the design in your home is lovely, I’m sure, it likely was not put together by world-renowned artists and crafted from the planet’s finest materials - many new luxury condos however, are. A bit of elegance and luxury is good for the soul, and now that the kids are out of the house, you deserve to feel like royalty and enjoy the spoils of your work.
Let’s get down to brass tax here: downsizing to a condo will save you money in most scenarios. It’s likely, after your kids have moved out, that your current home is too large for just you and your spouse. So why pay for space you aren’t using? Get out there, have a look around, and see what it would cost to downsize to a condo. Even if the building is at the peak of opulence, in many cases you’ll still come out way ahead. And with the savings each month, you’ll have more money to hit the town and travel.
The Appeal of City Life
Owning a standalone home in big cities like New York, LA and Toronto can be a massive and pricey commitment, and it often leads one to look outside of the most desirable living areas. But condos are everywhere and with the market as competitive as it is, the options are wide and diverse. If you’ve never lived in a big city and have always wanted to experience the culture and the energy, this is the way to go. Downsizing to a city condo can serve to reinvigorate and inspire; we are all influenced by our surroundings, so switching it up can provide a fresh new perspective.
The Appeal of Something New
When your kids leave home, it’s a big deal. It’s a life change; there is no denying that. That first week with just you and your spouse may seem a bit odd, the house may seem much larger—the whole thing will feel, in a word, different. But different is good, different is exciting. For many people, becoming empty nesters is a signal to go and explore, to try new things, to live somewhere new, to get out there in the world. Moving from your family home to a condo in a new locale can be thrilling, and it can help usher in a new journey, rife with new experiences and brimming the possibilities.