Coconut Creek Real Estate: For Empty Nesters Making the Decision to Downsize

Now that your kids have grown and moved away, is it still in your best interest to keep your large Coconut Creek home? This is a question plaguing empty nesters across the country. Rising energy prices and a down economy are fueling the decision of many to sell the Coconut Creek homes they raised their families in to buy a smaller and more cost-friendly condo or townhome. But is downsizing always the best idea? Here are a few things to think about when determining if downsizing to a condo or townhome is right for you.

Depending on your situation, you can significantly reduce your cost of living by downsizing to a condo or townhome. Property taxes and energy costs are significantly higher in a 3,400 square foot home than in a 1,200 square foot condo. That savings alone could justify a move. Maintenance costs should also be included when determining the potential savings you may incur by downsizing. Things like lawn service and snow removal may not be necessary if you downsize and can add to your overall savings.

It is also very important to consider the cost of condos and townhomes in the area where you would like to live. Your goal should be to eliminate or significantly reduce your monthly mortgage payment. Ideally you should look for a place that you can buy for cash once your old home has sold. This would eliminate the need for a new mortgage which can be overwhelming, especially if you are nearing or at retirement. Moving to a different city or state may be your only option to attain this goal, depending on where you currently live.

Here are some final things to keep in mind when making the decision to downsize. A common piece of advice from people who have already downsized is to sell your current home before you buy your new condo or townhome. You want to eliminate your mortgage, not unintentionally take on a second one. That being said, if you really want to get into that condo or townhome, you need to price your old home to sell. Don’t price it according to sentiment or what you think you should get for it-price it realistically for the market and do a comparative market analysis to ensure you choose the perfect price.

The Township of Coconut Creek is a beautiful, master planned community. Consisting primarily of condos and townhomes, it is a wonderful place to consider when downsizing. Each of its 36 villages has its own pool, and the resort-style amenities at the hub of the community are open to all of its residents. There are many beautiful condos and townhomes available for a great price here in The Township of Coconut Creek so make your downsizing move here today!

To Begin Your Search for the Perfect Home or to Sell Your Home in
the Township of Coconut Creek, Begin Your Journey by Calling
Silva Stoyanova at (954) 673-4402.