Opting for an urban lifestyle is not just for Millennials. Many Boomers are choosing the hustle and bustle of the city over their single-detached home in the suburbs. For many, the pros of city life outweigh the cons and this type of lifestyle is growing in popularity. Here are a few points to consider:
It is Less Work.
Moving to a condo in the city means less work for the homeowners. When you own a house you have to do a lot to maintain the lot and house itself: landscaping, mowing, watering, shoveling, and general maintenance and repairs. If you can’t do these things yourself, you end up paying someone else to do them. Not a day goes by without something that needs to be done around the house. With no yard, driveway or unneeded extra space, city living can have its perks.
You Can Downsize.
Moving to the city will probably mean disposing of a lifetime of furniture and belongings, and for many, this is a good thing. Condo living also means you can sell all your yard equipment (snow blowers, lawn mowers, etc) and maybe even cut down on the number of vehicles you own. This is an opportunity for a fresh start with only your most essential belongings.
Convenience is King.
One of the main reasons boomers are opting to move to the city is to have the ability to walk to shops, restaurants and other services, as well as enjoy a bustling community. Many buildings have cafes, restaurants and stores within the building. With the right location, everything you need on a daily basis can be mere steps away.
If you opt for a condo, you will usually have a number of amenities available. Most buildings offer a gym and pool and many will have a BBQ area and meeting rooms. Condos are also attractive to Boomers because most have no stairs as they are typically one storey suites.
More Choices as a Boomer.
If you have an empty nest, you have more choices on where you can move. You no longer have to worry about school districts or yard sizes and instead can focus on finding a community that suits your interests and preferences.
There are a few downsides too…
It Can Be Expensive.
Surveys show that most people aged 50 to 64 prefer to stay in their current residences, but the percentage decreases with income. Those with the financial ability to move are more willing to live closer to downtown cores. Another factor is Boomer preferences. Many Boomers are searching for a condo or home with two or more bedrooms – increasing the price drastically from the studio sized suites that Millennials are after.
It is Busy.
Living in the city can be overwhelming for some, with the constant noise and traffic and countless people around at all times of day. Many Boomers say that they can handle the crowd at their current age but in five or ten years, they do not think they want to deal with it.
In today’s market, moving into a condo or home in the central core can be pricey. Many suffer from sticker shock in the beginning, but realize it is worth it for them because of the time and energy they save in the long term. Thinking about moving to the city? Give me a call at 416-921-1112 – I would be happy to help.