Making Space: Save Money By Downsizing

Posted by Dan Miller, REALTOR on Friday, February 1st, 2013 at 5:13am.

Madison CondoMadison, WI condos are very popular for many reasons. As the baby boomers age, more and more are choosing the easier condo lifestyle as an alternative to the high-maintenance single-family home lifestyle. But how does moving into a condo affect your life on a day-to-day basis? Of course, the largest change you'll have to make is living in a smaller space. However, you might be surprised at how large some Madison condos are. There are many available at affordable price ranges with over 2,000 square feet. We've put together a few points of consideration for those moving into a condo from a detached home, and even those just downsizing to a smaller abode. These are potential pros and cons you might not think about when downsizing.

  1. The kitchen in your condo will probably be smaller than it was in your single-family home, in an effort to save room for bedrooms. This can be frustrating for gourmet cooks, but it can also be a very useful tool for keeping costs and (you might be surprised) your health in check. When storage space is at a premium, you're going to be more careful about the food you buy. Your trips to the big box stores probably won't yield cases of snack foods anymore. Instead, you'll be buying staples and eating more fresh ingredients, because your fridge will still be the same size. Of course, you could just end up eating out a lot more, but hey, that's your choice! You might also be less likely to waste money on gadgets you know you won't be able to find a spot for in the kitchen, which makes for savings in both your pocketbook and your waist-line.
  2. Closet space, as you're well aware, is usually at a premium in many condos. This doesn't have to be a bad thing! It means you'll (hopefully) be carefully considering your wardrobe, making conscious decisions about your style, and only buying clothing that you love because there isn't room for anything else. That might mean fewer shopping trips, which puts more money in your bank account for things like upgrades to the condo. This, in turn, will increase the property's value and help you sell it in the future.
  3. Exercise rooms are common features in many condo buildings. Need a reminder to work out? There's really nothing like seeing the gym every day on your way out the front door to keep you accountable! Depending on your building's features, you may even have access to instructors and trainers, to help you achieve your health goals. You'll be able to get rid of your gym membership (which can be a very hefty monthly fee) and start working out at home, whenever you feel like it.

A smaller living space does not have to be seen as a limitation. On the contrary, it can open up many possibilities that you might not have considered in your larger home. You won't have to worry about mowing the lawn, shovelling the driveway, or cleaning the gutters, and you'll have the added security of neighbors living close by. Best of all, living in a condo can help you become more financially comfortable, allowing you to go traveling more often, spend more time with family, invest more in your property, and explore your hobbies. If you've never given much thought to the Madison, WI condominium lifestyle, maybe now's the time!

This article is published courtesy of:
Dan Miller, REALTOR
Mad City Dream Homes & RE/MAX Preferred
1619 Monroe Street #1, Madison, WI, 53711

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