Downsizing is becoming increasingly common in today’s real estate industry. New residences are being built in major markets throughout the U.S. every day, which means finding homes that fit your clients’ desires to downsize should be no problem.
If you want to hit the nail on the head early on, you should consider a few things before touring homes with prospective buyers.
1. Reduce living area, not luxury
Keep in mind that clients looking to downsize want to reduce square footage, not luxury. With kids out of the house, many people realize they no longer need the large space they had for so many years.
By downsizing, empty nesters gain full-service amenities, such as lawn maintenance, pools and concierge services.
2. Increased safety
While not always the case, downsizing often means moving to a new or unfamiliar location. With retirement and relocation on the rise, empty nesters are weighing their options, but they all have one thing in common: they want to feel safe and secure in their new home.
After evaluating your options, you will probably find it best to start looking at homes in established neighborhoods. The surrounding area should be a top selling point as proximity to shops, restaurants, the beach and other attractions is just as important as affordability.
3. Proximity comes at a cost
Losing square footage does not always equate to a lower monthly payment, but a block or two can make a huge difference.
In South Florida, for instance, developers are building further away from the water because so much of the coastline is already developed; zoning and land use restrictions make coastline development harder, too.
This means there are plenty of inland housing options to choose from.
Instead of showing homes located right on the beach, explore the ones situated a little further in; living just two minutes from the beach — as opposed to living right on it — can save a lot of money.
4. The comfort of boutique living
Boutique is the new chic trend in the condominium industry, and it’s definitely something to keep on your clients’ radar.
Boutique doesn’t mean small and cramped housing: It represents a more reserved and discreet option for those who do not want the hustle and bustle of living with over 300 neighbors.
Keep in mind that buyers who are downsizing don’t want to give up the luxury of their quiet, private homes.
Tim Lobanov is the managing director of the Verzasca Group. He has experience in the international real estate space, specifically identifying emerging market trends across both commercial and residential real estate.
Connect with Tim on LinkedIn.