With the fierce seller's market that has engulfed San Diego real estate so far this year, each passing week brings more and more homeowners who are looking to cash out the equity in their homes. Buyers are flocking to quality properties, and most homeowners are finding that housing prices in San Diego are significantly more than they were just a year or two ago.
Where are these sellers going? Some are upgrading their homes – selling their existing property and purchasing one that is larger or in a “nicer neighborhood”. Others are renting temporarily and waiting for the market to cool off before deciding their next move. There are some homeowners, though, which are selling their single-family homes and moving into smaller condos.
Why make the switch to a condo? Here are several reasons why selling your single-family home and transitioning your life into a condo unit may be a good idea:
Cut Your Housing Budget
Often times, San Diego homeowners find that living in a condominium is noticeably cheaper than living in a single-family home. Not only is the initial purchasing cost generally less, but monthly utility bills and other expenses such as a maid service are usually cheaper thanks to a decrease in living area.
Sacrificing unneeded space by selling your home and taking up residence in a condo building can add a significantly chunk to your household's monthly expendable income. There are a number of common things that new condo homeowners are choosing to spend this extra money on including new vehicles, traveling and investing for their future.
Less To Worry About
There is no doubt about it – living in a condo is much less work. Ask any homeowner who has spent a scorching afternoon moving their lawn, or a long weekend repairing their roof. San Diego property values have gone up recently, but to many homeowners it feels as if this increase in equity is from all of the hard work and time they put into their home.
In a condo, you have little maintenance to worry about outside of your unit. A monthly maintenance fee charged by the condo-owners association covers the upkeep and care of the building, as well as reserve funds for major improvements such as painting the building or resurfacing the pool. Living in a condo allows you to take more time to enjoy life and spend less caring for your home.
Not Just For Retirees
When many people think of selling their single-family homes and taking up residence in a condo, most often the thought of retirees downsizing after their children have left home pops up. While the condo life is perfect for senior citizens, the list does not end there. Condos are great for the young professional who does not need an expansive home and wants to focus more time on their career and social life. Families find that living in a condo allows them to interact more with each other and stay social active with nearby neighbors. Condos are often situated in more centrally-located areas than single-family homes, making walking to where you need to go a viable alternative to driving.
If you have been thinking about selling your home while the market is hot, make sure that you plan for your next move first. If you are looking for a practical lifestyle choice while has a plethora of benefits in nearly any situation, consider taking the funds from the sale of your home and purchasing a unit in a condo building. Between the financial savings and the quality-of-life upgrade, condo ownership is the ideal situation from a number of San Diego homeowners and families.