There’s nothing like getting older to make you realize what you value in life. And even five years later, the one thing the pandemic has taught all of us is how critical “home” is to our quality of life. Many empty-nesters and seniors talk about “moving down,” when in fact they simply mean moving into a more compact residence.

I don’t think of it as “down,” because in many ways, these homebuyers move “up” in luxury – and more importantly, in convenience and quality of life. The benefits of moving to a smaller home or condominium suite are many and varied.

Let’s start with what happens beforehand – namely, decluttering. Buyers talk about how freeing it is to give away, throw away or pass down possessions they no longer need or necessarily even want. They know what will fit into their new space, and they appreciate
how large an uncluttered room looks compared to one that’s full of stuff. They have reached a point in life at which they want to make the most of their surroundings without continually adding items to them.

Then there’s the benefit of less maintenance than it takes to keep up a large low-rise home. A lot of seniors opt for small one-storey bungalows with just enough yard to have a garden. Sometimes, these homes include a condominium component for exterior maintenance and snowplowing. It’s nice to hand over those duties to someone else.

Of course, the epitome of convenience is the condominium suite. Purchasers coming from large low-rise homes understand the value they get for the maintenance fees they pay – namely, outsourced tasks such as mowing the lawn and plowing snow. Others are anxious
to enjoy life more without having to sweat those outdoor chores. Avid travellers also appreciate the luxury of being able to lock the door and leave, knowing their home will be looked after and protected by security features, including the eyes-on-the-street of the concierge.

These buyers are typically in two distinct groups. First, there are those moving from a more than 3,000-sq.-ft. home to something like a 1,000-sq.-ft. condo, and then using the remaining equity from their large home sale to buy a time-share in Florida or a cottage in Muskoka. The second group is more interested in moving up to more luxury. They tend to stay where they are and purchase a pied-à-terre as their retirement home someday.
It may be smaller than what they have now, but you can bet it will be gorgeous.

Whatever your decision, if you buy new, you get the most advanced construction materials and techniques, energy-efficient features and warranty protection. Today’s suite designs are so well planned that they “live” a lot larger than their square footage numbers.

When it comes to real estate, buy the best you can at any time. If you are thinking of moving to a more compact residential option, go for it. Spend the rest of your life in comfort and beauty.