If you live in Denver, you may have just made an official decision to downsize your home For whatever personal reasons prompted this idea, maybe the kids have left and maybe now the new job does not require working from home. Whatever the reason, the excitement is that you might be upsizing your present living financial costs.
In our blog from January 2022, we discussed that current trend of upsizing reporting that: “Families are searching for bigger square footage and recent data confirms yet another impact of Covid on the everyday Colorado homeowner. Existing space is being renovated, rebuilt, enlarged and redesigned. Our needs have changed and the bigger the better.”
Times Are Changing in Denver
Covid impacted real estate and private needs big time. Life took on a new meaning and workers nestled into their home offices and demanded more room for their family. But as the children in families are moving on, so is the concept of moving into smaller quarters. Managing home expenses has become more of a challenge for some and in order to upsize living, families have to choose less square footage.
In The Denver post article from Your Hub, “At some point, everyone has to downsize. The change isn’t always easy, but with a good plan, it can be a positive one—especially for those who plan far enough in advance to do it well and sell while the market is still hot.”.
Bob Villa published an article in May of 2022 naming the 10 best cities to downsize in, and Denver CO ranks #9.
“With property values rising in much of the country, it may pay to downsize from a single-family home to a condo. It all depends on where in the United States you call home.”
The article goes further saying, “If you’re looking to downsize in Denver, Colorado, you’d save you’d save approximately $297,000 when moving from a home to a condo. Residents love Denver’s plethora of outdoor recreational opportunities like skiing, cycling, hiking, and white-water rafting. If you’re moving from another city, you’ll be glad to know there are plenty of job opportunities in the area, including those in the tech industry.”
Denver7 article touts smaller scale homes are the answer to affordable living, “For some, buying a home in Colorado means downsizing and looking beyond the Denver metro area.”
Downsizing Is Cost Effective Too
In addition to the many personal benefits, downsizing is also cost effective. The New York Times (NYT) states: “Many downsizers expect to improve their retirement income stream if their new home costs less than what their old house sells for. Lower utility costs, insurance and property taxes — as well as investment returns on the proceeds — can also improve the bottom line.”
Connect with Katchen Company, so that Kathy and Ed Boyle can offer to help you understand viable options and explore the many downsizing opportunities you will have in Denver and our surrounding areas.
Haven’t met them yet? Here is your formal introduction!
Important news in the most recent 2023 Market Watch PDF report.