Baby boomers continue to change the tide in the real estate market.
These times have been different for everyone.
After a few months of isolating in our homes, there has been lots of time to think about how we want to live moving forward, perhaps creating a simpler and easier lifestyle.
This has certainly been top of mind for many empty nesters and retirees, who continue to surge forward, regardless of today’s challenges.
This huge demographic has been influencing trends for the past 45-65 years. And today is no different as they continue to adapt their living circumstances to match changing lifestyles and their futures. This has resulted in a boom in condominium living – a lifestyle change that offers a perfect solution to addressing needs travel, health, fitness, retirement, reinvention and extended families.
Downsizing, right-sizing; whatever you call it, has been a buzz word for years. It focuses on baby boomers making changes in where and how they live. As a generation of savers, spenders, planners and adventurers, they are now at the point where they want to declutter, simplify—and move, making carefree condominium living the perfect option.
Here are 10 reasons why baby boomers are turning to the condo market:
1. Maintenance-free living
No lawn to cut, snow to shovel, house to paint, windows to clean, gutters to empty.
2. Lock the door and go
Head south for the winter, take a cruise, go skiing, travel Europe, visit the kids – worry-free.
3. Monthly condo fees
Some newer condo buildings, based on their design, have central heating and cooling systems with costs included in the monthly condominium fee.
4. Mortgage-free living
Many boomers have a property to sell and if downsizing, they can often enter condo ownership mortgage-free and put some additional funds in the bank. At the very least, letting go of a four-bedroom home in favor of a smaller condo can drop a mortgage payment considerably.
5. One-floor living
Open-concept designs offer functional plans for downsizing – without stairs. Most empty nesters request a two-bedroom + den/office.
6. The right amount of space
No need to give up space if you’re simply seeking the convenience of condo living. Some plans offer 1,500+ square feet of living space to rival detached homes.
Always an important consideration when selecting a condominium. Can I walk to shopping, restaurants? Is there green space, a walking trail or recreation facilities nearby?
Many empty nesters are working towards a one-car family so a condo in a prime location, close to amenities and public transit bridges that gap.
9. Health & fitness
A condo complex can rival resort living with a pool, spa and fitness facilities. Save on gym memberships and choose a condo that has it all.
10. Luxury or bare-bones
Both ends of the spectrum are available and often in the same building. Those spending more time at home may want to ramp up the features while those always on the go may be content with a simpler suite.
This past year will go down in the history books, but regardless, the baby boomer market will continue onwards.