If your kids now have kids of their own, and your home and all that comes with it (yard, maintenance – and SHOVELING) is becoming too much, it might be time to consider a move to a condo, townhome or villa, where the costs and chores of home ownership can be shared – or even ignored, altogether! While these downsized “homes” and the idea of “shared ownership” might all seem similar, there are some differences worth noting.
Typically, in a condominium, what you own is really only the “air” inside the unit and your belongings. Your home is one of many in a building that is maintained through your association fees. You share walls with your neighbors and don’t actually “own” common areas and amenities, but have access to them. Significant updates to your unit, beyond paint, might require association approval. Overall property upkeep is handled by management – so you can sell that lawnmower!
Unlike a condo, owners of a townhome typically own both the inside and the outside of their unit. While you may share a wall with a neighbor, a townhome may allow more autonomy in how you update the structure – and you might also be responsible for some upkeep of your yard – or costs will be included in your association fees. Every owners’ association is different. Make sure you’re clear on your responsibilities.
While it might just be a more romantic name for a townhome, the term “villa” usually describes a unit in a retirement or warmer-climate vacation setting. One-level floorplans, patios – and even space for that golf cart – are common. Some villa communities specifically cater to retirees with community leisure programming and care assistance available.
Looking for more information? THIS ARTICLE does a great job of explaining the differences in these property types.
As the leaves fall and colder weather moves in, many experienced homeowners ask themselves that annual question “Is this Minnesota winter really for me?” We’ve had many recent conversations with people going through this decision-making process. If we move, do we sell first or buy? Should we downsize to a condo or smaller home? Should we get the heck out of here and head to warmer climate? When’s the best time to put our home on the market?
The Kim Pease Team can help ask the right questions that will assist you in navigating your next move, whether that be, to a smaller home, a condo, or a move to another state.
Contact us if you or someone you know might need some guidance.