Are you considering downsizing to a rental home?
After years or decades of rattling around in a four or five-bedroom house, you may be itching to move into a smaller and more manageable home. Congratulations on deciding to downsize– whatever your reason for making the decision, it’s a pivotal one. But in all of the excitement of planning a move, many people overlook some crucial factors. Before you take the plunge, be sure to think through the following three things to make the downsizing to a rental home process as simple as possible.
Decide Which Amenities Are the Most Important
Deciding on the size and type of home you hope to move into isn’t the only important decision you’ll make in the downsizing process. You also need to think about whether you’re interested in amenities that offer you entertainment, convenience, assistance, or all of the above. Because different types of homes and communities offer different amenities, it will make an impact on which homes you should invest your time and effort into visiting.
For example, if you’re a car lover, you’ll likely want a private garage- something that typically isn’t available in a condo. If you’re still on the younger side, a well-equipped fitness center or lively pool or clubhouse found in a larger community may call your name. Think about these things before you really dive into your search so you can narrow the number of potential properties down to those that meet your preferences.
Consider All of the Costs Involved in Downsizing to a Rental Home
Choosing to rent rather than buy a home can be a wise choice financially. When you consider mortgage payments, condo fees, taxes, and maintenance costs, purchasing even a small condo may be more expensive than you think. Still, rental homes and apartments do come with extra costs beyond monthly rent that you should factor into your budget. This includes things like monthly storage unit rental. When moving from a larger home to a smaller rental unit, you will likely need to consider a storage unit for the stuff that doesn’t fit. Finding and choosing a quality storage unit can be difficult, and prices vary widely, so taking the time to check different facilities in the area can help you keep costs down.
The same goes for moving expenses- you most likely won’t be able to move large items like furniture on your own, and finding trustworthy, reliable movers can be a challenge. Choosing the wrong movers can be disastrous if your belongings are damaged, and prices also vary widely among different companies. Take the time to get quotes from several different companies, look through online reviews, or, even better, ask friends and family for recommendations of movers who safely got their treasured belongings from point A to point B without overcharging. Considering these added expenses like storage and moving ahead of time will help prevent you from accidentally over-extending your budget.
Find a Reputable Property Management Company
One of the main advantages of renting rather than buying when it’s time to downsize is that you avoid the headaches and hassles that come with homeownership. Imagine no more leaky faucets or pipes to fix, grass to cut, or branches to trim. Even if you don’t do the actual home maintenance work yourself, as a homeowner you need to find (and pay) reliable people to do the work for you. But with renting, you can call on your property management company to handle all maintenance and repairs.
While most people put plenty of time and effort into choosing the right home, it’s also important to choose the right property management company since property managers ultimately have control over things like home maintenance. Finding a reliable property management company is crucial for the quality of your experience as a tenant. You’ll not only want to work with property managers who have industry know-how, but who are responsive and handle any problems that arise in a timely manner to keep your home in tip-top shape.
Contact us at Colorado Realty & Property Management, Inc to find your new home and have a property management team you can count on.