Think Twice Before You Downsize Your Home
You know the bumper sticker, “He who dies with the most toys wins”? Cyndi Fritz, who has sold homes for 25 years, believes that more Americans than ever believe something very similar when it comes to real estate.
To satisfy their cravings--and perhaps also to prove their worth to others--more consumers now seek huge homes or hang onto them after they’ve arrived at middle age or beyond.
“More people are reaching for that brass ring. It’s always been true. But in the past people didn’t do it with such voracity,” Fritz said.
Yet even within a prosperous, highly competitive society, there are people who reach the point when enough is enough--at least with respect to the size of their homes and surrounding property.
Some people come to see an oversized estate as more of a burden than a joy to maintain. They yearn to give up their garden tools and travel. Still others cease caring whether others think they’re successful by virtue of the size of their residence.
“They just don’t have to impress the Joneses anymore,” Fritz said.
Do you wonder when (if ever) a quiet voice in your head will start telling you it’s time to let go of some of your square footage in favor of other life pleasures? Don’t assume it will happen automatically at a particular age.
“Some people reach this stage in their early 50s; some never reach it,” Fritz said.
Here are four pointers for those who think about downsizing but aren’t sure:
No. 1: Consider your extended family, not merely your own grown children.
Many parents in their 50s and 60s relish the moment when they can finally close the file on their children’s college tuition bills. Looking in their grown children’s rooms, they may notice the accumulating dust. “Let’s sell this big place and see the world,” they may say.
But Beverly L. Barker, a Century 21 broker-associate, cautions homeowners against making a sudden move that involves sale of the big family compound. “You should think about it for quite a while before you make a decision.”
Apart from the status tied to the possession of a big home, there are long-term family considerations. “I’m the sort of person who believes your family only gets larger, not smaller,” Barker said.
After 43 years in their sprawling ranch-style house, Barker and her husband vow never to sell voluntarily. This is in spite of the sizable yard to maintain as well as four big bedrooms and an unusually large family room to keep clean.
Barker’s two children are now in their 40s, with five children of their own, ages 8 to 21. Recently Barker became a great-grandmother. Members of her extended family who live in the vicinity come by as often as two or three times a week and often stay overnight.
She’s pleased to be able to accommodate her family members. Especially enjoyable, she says, are the times they spend together in the huge family room with its 10-foot-wide stone fireplace.
“I’ve known a lot of people who have gone into smaller places and then regretted it because there was no space to entertain their family when they came over,” she says.
No. 2: Think about carefree alternatives to the oversized home.
Maybe you’re no longer close to your grown children, either psychologically or geographically. Or perhaps you hold your clan gatherings away from home, such as seasonal reunions held at winter ski resorts or summer beach houses.
Then it doesn’t make sense to retain a large year-round abode to put up your children or grandchildren, Barker acknowledges. Likewise, childless homeowners may see little joy in retaining a huge home after they’ve reached a certain stage in their lives.
Giving up a spacious yard or floor plan doesn’t necessarily mean you have to yield on other amenities. You might enjoy moving to a luxurious planned community of single family homes, townhouses or condo-apartments.
There you could enjoy small yet well-appointed interior spaces and the freedom of knowing that common grounds (including pools and clubhouses) will be kept up by a maintenance company.
“You can find really nice condos, sometimes with gourmet kitchens, two or three fireplaces and wide-open views,” said Fritz of ReMax.
One popular option for many down-sizers is a gated community where security is tight enough that the owners can travel with the peace of mind that their homes and possessions are safe in their absence.
No. 3: Recognize the pitfalls of buying in a planned community.
“The biggest downside is the association fees,” said Barker of Century 21. Regardless of its style and type of housing, any community that features common ownership of property will nearly always require its individual owners to pay monthly fees for upkeep. These charges can range anywhere from $50 to several hundred dollars a month. Rarely are owners in planned communities afforded the protection of absolute ceilings on fee increases.
Nevertheless, Barker points out that fee increases are usually gradual. Still, it’s wise to look into the history of fee increases in a planned community where you’re contemplating a purchase. In many cases, the histories can foreshadow future trends.
Barker also suggests that you inquire about major repairs that could soon be needed in an older community with common property. Most community associations have the right to impose one-time fees for expensive improvements, such as roof replacements within a townhouse development.
No. 4: Recognize that all housing choices require trade-offs.
A smaller home could mean diminished monthly payments, an especially important advantage to retired people living on fixed incomes. On the other hand, if you purchase a low-maintenance property with scarcely any land around it, you’re likely to give up a degree of privacy.
“There’s no single right answer for every individual,” Barker said.
What’s more, one partner in a marriage may be ready to downsize while the other remains adamant on staying put. It’s crucial for both partners to agree to the move.
Fritz advises that those considering giving up a big home to buy a smaller one put pen to paper to be sure the change is not too jolting. “Make a ‘good and bad list,’ including the reasons to stay and the reasons to go,” she suggested.
Ellen James Martin is a syndicated columnist. She can be reached via e-mail at EllenWrite@aol.com.
