Bosley Realestate

Downsizing: The Challenges Of Finding A House Sized Condominium

June 9th, 2018 | Real EstateThe Danforth

At Urbaneer, we like to consider ourselves matchmakers of sorts - uniting our clients together with carefully vetted properties to ensure a good fit, comfort and happiness in their next Home! It's our joy!

Lately, as our clients mature we're increasingly being called upon by individuals and couples alike who are looking to downsize their homes. In fact, it's a trend which is growing steadily for both demographic and economic reasons. As a result, our Buyers are asking us to assist in navigating the challenges in locating and securing their next dwelling which shares many of the attributes, features, and functionality of the full size home which they currently occupy, but down-sized just enough for affordability, ease of maintenance and accommodating the next stage of their lives.

 

 

So what do downsizing Buyers request? We recently assisted a delightful couple who sold the semi-detached residence in the Bayview and Eglinton area which they occupied for 30 years, who are now searching for a 'house-sized' condominium. And given the propensity for a lot of condominiums to be, shall we say, 'efficiently-designed', here's a list of a few of the wishes, wants, and needs they've requested. In fact, their requirements are very similar to a lot of what our downsizing clients requests as we guide them to their next property purchase:

- a separate kitchen beside the entertainment space so the food preparation mess can be contained or, if the kitchen is open plan, it has a half-wall so the dishes, pots and pans are out of sight from the dining table.

- a kitchen with a breakfast area

- a separate, formal dining room that can accommodate extended family for birthdays, celebrations and holidays. 

- bedroom doors which close fully for privacy and sound isolation as opposed to sliding barn style doors which are quite commonly found in many newer condominium buildings

- a split bedroom floor plan - featuring equal sized bedrooms with ensuite baths - ideal for hosting family or friends or for couples who prefer to sleep in their own beds (oh that snoring that comes with age)!

- a living/dining entertainment area which is sufficiently large for dining furniture (don't forget the china cabinet!) and living area seating to comfortably accommodate 3 or 4 couples

- abundant natural light and good sightlines 

- a suite that is well situated in the building - preferably on a lower floor for ease of access in the event of a power outage or emergency

- a guest bedroom with ensuite bath which could serve to accommodate a family member or caregiver later in life, allowing them to "age in place" 

 

 

It's not uncommon for Buyers to also have a list of deal-breakers in their property preferences for their next move, including the following:

- affordability awareness: how much will the sale of our existing house bring, and how much property can we next comfortably afford? 

- relative scarcity of both freehold bungalows or one-level condominiums both suitable, desirable, and of utmost importance, available 

- keeping an eye on the horizon: is construction in the immediate area currently underway or in the planning stages? Part of our due diligence as your realtors, is we provide perspective any mitigating factors that could affect your enjoyment of a next home, including if any new development will affect the amount of natural light, or an impact to view or sightlines.

- finding an otherwise desirable unit with a potential deal breaker - how close are those train tracks, and how often do those trains run? Is the nearest arterial road busy at all hours with public transit or trucks? Will these impediments keep you awake at night? We explore how all modes of transportation may impact your quiet enjoyment! 

- there may be deal breakers within a condominium complex. For example, is the suite adjacent to the weight room with the heavy weights that might audible at night, or is the chlorine from the pool also in the common hall? Is the suite directly across from the elevator where the bells might disturb you? Is the suite next to the garbage chute? It's critical to be cognizant of all potential factors which could be problematic for you.

 

 

Here's a great article from Reboot Social which describes a few of the things many people may overlook before downsizing - things like fire alarms. And the possibility you may hear your neighbours. And scheduled building maintenance - it's funny how the noise we make ourselves doesn't bother us, but when noise is scheduled by someone else on our behalf, it can! Here's 10 Things You Should Know Before Downsizing To A Condo.

Helping to identify and shine a bright light on just these types of concerns and issues is just part of how we provide expert guidance to our clients as they explore their next steps to home-sweet-home-happiness. Are you looking for more info on the process? 
 
Here's some of our past Home Of The Month features sharing the journey of buyers who were down-sizing

November 2017 - Home Of The Month - Scarborough - a multi-generational family sell two dwellings to secure one that fits the three generations

October 2017 - Home Of The Month - Little Italy -  a down-sizing couple purchase a modern urban townhouse with supplement income suite so their tenant can keep an eye on their property while they travel.

May 2017 - Home of the Month - Ramsden Park Near Yorkville - a boomer sells her family home for a pied-a-terre in Summerhill to embrace a city life

March 2016 - Home of the Month - Midtown - our Buyer secures a spacious quiet midtown condo where she can walk to everything she needs.

 

Here's some of our recent posts which you may find helpful:

How To Successfully Navigate Downsizing Your Home

The Renovation Dilemma  +  The Zoomer Home

 

If you or somebody you adore is looking to take a next step, you may wish to consider this House-Sized Highgate Condominium At Wynford/Eglinton! Listed for $1,049,000, this spacious, handsomely-situated and intelligently-designed three bedroom condo on one level is perfect for the Buyer who seeks super convenient shopping, easy access to the Don Valley Parkway, and craves the restorative qualities of surrounding natural green space! This represents a truly rare opportunity for one very fortunate buyer! Contact James@urbaneer.com for more info or to arrange a viewing today!

 

Is the condominium lifestyle not your thing? For the couple looking to downsize and embrace a walking life in the heart of the city - with all the benefits of a 'village community' - this Brownstone On The Danforth offered for $1,089,000 is worth your consideration! Completely transformed with permits in 2014, this low-maintenace turn-key lock-up-and-go residence offers easy-breezy living with plenty of space for your visiting extended family! Contact Steve@urbaneer.com to view!

 

With decades of experience navigating the highs and lows of our market, and our commitment to remain acutely aware of shifts and trends, we're here to help! All without pressure or hassle. May we be of assistance to you, or someone you love? Please know we're here to help!

 

-The Urbaneer Team

 

Steven Fudge, Sales Representative
& The Innovative Urbaneer Team
Bosley Real Estate Ltd., Brokerage - (416) 322-8000

- we're here to earn your trust, then your business -

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