1. Downsizing
Why and Why Not!

2. Old Homestead
Condominium
Why Move?

3. Ability to do Maintenance
Reasons for Moving
Age
Health
Energy
Finances
Marital Status
Security
Social Environment
Home Values
Cost of Maintenance
Ability to do Maintenance

4. What services are included?
Most include: Trash pickup, Grass Mowing, Snow Removal, Structure Insurance
However Services can be extensive!
Lawn Mowing
On-site maintenance person
Lawn fertilizing
Roof repair and replacement
Mulching of common areas
External chimney repair
Yearly grub control
Condo siding replacement
Weeding of landscaping in growing season
Major structural repair
Thrice yearly leaf cleanup
Condo exterior repainting
Twice yearly shrub and bush trimming
Gutter and downspout repair
Tree removal, tree trimming
Gutter cleaning
Tree replacement
Dryer vent cleaning
Community entrance lighting
Pest Control
Entrance and common area landscaping
Trash pickup
Pond maintenance
Street and driveway maintenance
Pond bubblers and fountain
Snow removal
Full replacement value condo insurance
Free fishing

5. Advantages to Downsizing
Aggregating Costs Saves Money
Compare cost of each of these services at a private home?
Condo community costs?
Lawn - $10.00 per unit each mowing
Snow - $17.00 per unit each plowing
Tree/Bush, trim/Replace - $ per year per unit
Trash - $101 per year per unit
Insurance - $224 per year per unit
Fertilize/Weed/Grubs - $21.00 each application per unit
 Leaf Removal - $28.00 per year per unit         

6. Major Advantages Cheaper to Buy Than Home
All Community Costs are Shared
Instant Sense of Community
Community Events
Annual Meetings
Senior Safety
Chance to Get Rid of Unused Junk in Basement/Attic/Barn
Declaration, Bylaws and Rules Documents Protect Owners
Complex Remains Neat and Attractive
Easy Transition Into Independent/Assisted Living Facility

7. Most common complaint Too Many Rules
Most Complaints come from Uninformed
Rules Designed to Protect Property Values
Similar to Rules in Homeowner’s Associations
Examples include:
No Clotheslines
No Vehicle Repair Outside of Garage
No Parking on Grass
Non-passenger vehicles – Short Term Parking Only
Condo Owners Cooperate to Protect Property Values

8. Smart Questions to Ask
Current Financial Status of Condo Association
Does Association Save 10% of Annual Fees
for Future Maintenance
Does Association have Required Reserve Study
Who did the Reserve Study
How Many Years does the Reserve Study Address
What Services does Owner get for Fees
How Many Condo Units on How Much Property
Association – Status Quo or Planning for future

9. Summary Be Proactive Avoid Trauma of Forced Downsizing
to Independent or Assisted Living
Homestead Sale Pays for Condo
Money left for Care Facility
Greater Safety in Numbers
Future More Assured