Downsizing, right sizing, whatever you call it, baby boomers are excited about retirement. As a generation of savers, spenders, planners and adventurers, they are now at the point where they want to declutter and simplify—and go! That makes carefree condominium living the perfect option.
More and more Canadians are becoming official “zoomers”—boomers with zip. This major demographic doesn’t follow trends; it creates them and has been doing so for the past 45-65 years. Today is no different as they make serious decisions about their lifestyle and their future and they are creating a boom in condominium living. This lifestyle change offers a perfect solution to address their complex needs of travel, health, fitness, retirement, reinvention and extended families.
I’ve specialized in condominium real estate for the past 25 years, and am witnessing baby boomers change the tide in the real estate market. They definitely have a wish list of features and considerations, and what boomers want, boomers get.
Here is the appeal of a condo lifestyle:
- Maintenance-free living – no lawn to cut, snow to shovel, house to paint, windows to clean, gutters to empty.
- Lock the door and go – head south for the winter, take a cruise, go skiing, travel Europe, visit the kids – worry free.
- 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.
- Mortgage-free living – many boomers have a property to sell and if downsizing, they can often enter condo ownership mortgage-free. At the very least, letting go of a four-bedroom home in favor of a smaller condos can drop a mortgage payment considerably.
- One-floor living – open-concept designs offer functional plans for downsizing – without stairs. Most empty nesters request a two-bedroom + den/office.
- Space – no need to give up space if you’re simply seeking the convenience of condo living. Some plans offer 2,000+ square feet of living space to rival detached homes.
- Location – always the most important consideration when selecting a condominium. Can I walk to shopping, restaurants? Is there green space, a walking trail or recreation facilities nearby?
- Transportation — 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.
- 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!
- 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.