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Miami Property Search

Downsizing to a Condo? Here’s What to Look For

Even when the decision to downsize makes perfect sense – that you now have four empty bedrooms and are tired of commuting – it can be challenging and emotional to take the plunge.

 

When making the decision to opt for a smaller home, there are some important considerations to keep in mind, especially if you’re choosing to downsize to a condo.

 

But, before you can even begin to know what to look for in a condo, it’s helpful to first identify your main reasons for downsizing. Is it because you feel overwhelmed by maintenance? Perhaps your priorities are shifting if your kids have left the house. Do you want more freedom to pick up and travel on a whim?

 

Factoring in your motivations for making the move are important in prioritizing your condo wish list and must-have list. When you’re ready to make the move, here are some important things to look for in a condo:

 

Location, location, location– Just as you do with a single-family home, location for a condo can be even more important. Not only do you need to zone in the building’s physical location, it’s also important to evaluate the unit’s specific location with the building (most people don’t think about the morning rush hour for the elevators until they live on the 23rdfloor – and one of the elevators is undergoing maintenance).

 

Crunch the numbers and understand the market data– While it can be tempting to make a decision based on emotion alone, it’s important to have some objective measures in place to assess the worth of your next investment. Partnering with an experienced realtor can clue you in to data trends and help identify whether it may be worth it or not for you to invest in a particular property.

 

Evaluate the condo association– Understand how it is run and what your associated costs will be. It’s important to take a hard look at each association’s budget to determine what kind of contract you will be entering into. If any red flags pop up in your mind, don’t be afraid to move on with your search.

 

Is storage space available?– Depending on the condo, it may or may not offer additional storage, and depending on your lifestyle, this could be a hindrance.

 

Understand the association’s insurance policy– Insurance can be tricky, so it’s important to look at both the association’s insurance policy to understand what is covered and how that compares to your policy.

 

Downsizing can be a big step, but we are ready to help you on every step of the process. Give us a call at 305-329-7744.

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