Condo living can look pretty good to some retiring Baby Boomers. Kids growing up and building families of their own leaves lots of unneeded space that quickly becomes unwanted space that has to be cleaned.
A smaller space means smaller utility bills, which means plenty of money to travel. Some retirees can even be left with no mortgage when they unload their nearly-paid-off family home and purchase a smaller condo. And moving into a condo during healthy years will pay off as the years go on. Getting rid of a staircase that will someday look treacherous or a lawn that needs mowing or a walk that needs shoveling before doing so becomes a necessity isn’t a bad idea.
There are some cons associated with moving into a condo in retirement, but they have more to do with your hobbies than condo living itself. For example, putterers who love working around the house or gardeners who love getting their hands dirty or people who would prefer not to deal with neighbors might find condo living difficult. But for those who want to shed maintenance responsibilities, downsize, take advantage of condo amenities, and reduce their cost of living, moving into a condo at retirement is an ideal plan.
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