Location, location, location. We’ve heard that real estate cliche so many times that it has all but lost its meaning — until you start looking at homes in the best parts of town.
While $350,000 may get you the 4-bedroom home of your dreams near the outer edges of the community, it may not afford more than one bedroom in a downtown condo. And, therein lies the question for many prospective homeowners: How much space am I willing to sacrifice in order to be right in the heart of the city in an appealing neighborhood?
While you may be certain that a 350 square foot micro unit isn’t right for you, how does one decide on the minimum livable area you need to enjoy the lifestyle you desire?
The key is in knowing yourself and your living needs.
Here are a few questions that may help shape your decision.
How Much Can You Downsize?
Few of us admit to being hoarders until we start packing things up only to realize just how much “stuff” we’ve acquired through the years. How much would you need to whittle that down in order to fit in a condo?
Often, items such as bicycles, kayaks, musical equipment and unique furniture items become wild cards. That’s where on-site storage are key. You may not have space for your vintage record player console and collection of music. Are you willing to pay to have it stored?
For many, a smaller space provides an opportunity to really focus on the things they love. Because there is less space, many people find more room in their budget to buy a beautiful leather couch, and elegant rug and designer furniture to make their condo their dream home.
What Does the Future Hold?
This is one of the toughest questions for many would-be condo owners. A condo is often perfect for a young professional, newlyweds and retirees who place high value on living in a particular area and having maintenance and amenities cared for by a team of professionals.
However, for someone who anticipates having children or taking a new job, a condo may not be adequate space in a year or two, potentially requiring them to quickly sell. Depending on the area and the housing market, the need to sell quickly may or may not create problems. Condos in many markets take slightly longer to sell, and their appreciation often doesn’t keep up with that of a residential home.
Finally, most condos have homeowner association dues that are subject to change. A significant increase in the HOA could also complicate a sale. But, for those who value mostly maintenance-free living, that fee may be preferable to the potential maintenance costs of owning a home.
Find Your Comfort Zone
Condos are often the perfect choice for those who love being able to walk to dozens of downtown restaurants, bars and shops. But if you’ve never lived in a small abode, take time to consider how you feel in smaller spaces.
The recent emergence of micro-apartments in cities such as New York and Austin has led some to question whether it’s healthy for so many people to live in such a small area. An article in The Atlantic explored how living in small spaces that require daily chores, such as putting up a murphy bed and rearranging furniture, can create stress. Likewise, many people may feel somewhat cramped in such small spaces.
While most condos have significantly more space than these tiny micro-apartments, many of the same questions may emerge for someone considering a move to smaller quarters. How might such a change affect you?