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With the recession, the trend of home downsizing has grown.   Particularly to buy a condo rather than a house.  And many different types of home owners are making the switch:  young professionals, couples who’ve become empty-nesters and even retirees.  Ask a Denver real estate agent about the benefits of this switch and they can provide a list —no lawn to mow, less space to maintain, a simpler lifestyle to enjoy and of course the financial savings.   So after years of owning your own house, here are a few points to consider about owning a condo:
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Regulations & Residents

A condo building brings a sense of community.  And therefore with every village, there are some extra rules to follow.  So as you tour a condo, be sure to find out the resident guidelines.   It will likely address parking, noise levels, pets and etc…. You’ll want to make sure the building’s expectations fit your lifestyle needs.  For example if you enjoy entertaining people at your house, be sure to select a condo with ample visitor parking.   If you enjoy the outdoors, you’ll probably want to live somewhere with a courtyard and other amenities like a pool.  Understanding you’ll be sharing this space with other residents, you may want to ask questions like, “How busy does the pool get on the weekends? Can you grill on the courtyard?”
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Privacy & Common Areas

In a neighborhood, home owners are concerned about privacy mostly on a visual level. In a condo you’ll be more interested in the sound level.  So ask about how sound-proof are the condo walls, entrance and balcony.  And who might your neighbors be?  Ask your Denver real estate agent some questions and pay attention to the activity in the building.  If you’re an older couple who needs peace and quiet, but learn the building attracts a lot of younger residents and the party room and pool is constantly reserved for parties, this may effect your decision.
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Extra Costs or Fees

While you’re looking forward to paying less on the mortgage, expect the condo’s fees to be at least double your utility bills. No exaggeration. Residents are required to chip in for security, common areas maintenance, garbage and snow removal.  Get an estimate of these new expenses to factor into your monthly budget.

Downsizing to a great condo can bring a greater peace of mind for your budget and lifestyle.  With our city’s wonderful diversity of condos (from urban studios to luxury condos with premiere amenities), a Denver real estate agent can help you find one that makes your move from your house comfortable.

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Are you considering purchasing a great condo?

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Check out more tips at RE/Max of Cherry Creek’s blog.

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Resource:    http://blog.homes.com/2012/04/is-downsizing-to-a-condo-right-for-you-three-things-you-need-to-know/