'Rightsizing' means that you move from the 4-5 bedrooms, large lawn, and extraneous space that is filled with unused stuff to a home that fits your emerging new lifestyle.
What's in a name? Juliet answers, "A rose by any other name smells as sweet." But in real estate, the matter is more concrete but does include the critical roles of emotion, pride, and status. From when you were starting a career and family, you felt that bigger was better, and with every promotion or family addition, your home grew also.
Job status and pressure on space became your mantra “bigger is better”. So now what to do as retirement looms and your children have lives of their own? Will you be downsizing with its negative connotations or rightsizing for a positive future?
Instead of cleaning and decorating wasted space, mowing the grass, and rearranging sealed boxes, you can now spend time on reading, sports, handicrafts, socializing, taking long drives, creating, and travel – all the things you didn't have time for before.
There are many factors to consider, and they all depend on your financial circumstances, interests, and desired lifestyle. Key ones to keep in mind are:
The answers to these questions will focus your search and are essential for a real estate professional to find you the best place for rightsizing in Bucks County.
You are in luck for there are many different forms that your new home in Bucks County can take. Examples provided here are for the New Hope, Solebury and Buckingham areas.
This is a smaller place in the woods or by the side of a lake or stream. Or it may be in one of the quaint and historic villages that dot Upper Bucks County. Regardless, it's yours to do with as you please and accommodate who will be living with you. For those who want additional services due to extensive travel or long stays at a vacation home, there are concierge services, such as Brad Michael's "Home and Estate Services" that will open the home before your arrival, ensure fitness for the seasons, manage contractors, and provide other amenities for a carefree life.
They are managed by a Homeowners' Association (HOA) that charges a monthly fee and has clear rules and regulations, esp. regarding the minimum age for residents and long-term guests or family members. But the HOA(1) is also responsible for maintaining the common areas and providing other services, e.g. snow removal of driveways and entrances.
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Like other community living except that the homes are conjoined with a minimal lawn to maintain. They are multi-story, usually with bedrooms on the upper floor(s).
Some of the more upscale properties of this type have inbuilt elevators for easy access between the stories.
Again, an HOA(1)maintains standards of the exterior of the homes but not the composition of the residents. They are responsible for all the common areas and other services.
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This is the simplest of the fee simple forms of ownership. You are responsible for the space from the inner side of the outside wall to the interior of your unit though that can extend to outside service points, e.g. a heat pump.
All exterior maintenance (roofs, gutters, entrance ways, etc.) and common areas are the responsibility of the Condominium Association (COA) for payment of a monthly fee(1).
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(1) Both HOA's and COA's will also assess an initial capital fee upon purchase to maintain a fund for improvements to the structures and major upgrades to the common areas.
Forget boring boxes in a purpose-built apartment building. Many owners in Bucks County have beautiful rentals in converted barns, manor houses, and farmhouses. Some come with extensive grounds, gardens, and other amenities the tenants can enjoy.
These impose the least obligations on the residents for the owner must maintain both the structure, common area(s), and all interior services – plumbing, heating and air-conditioning, electricity supply, kitchen appliances, and furnishings (if supplied).
However, they are leaseholds without any ownership rights, so your length of residency is subject to the lease term or other matters arising such as a sale/foreclosure.
Rather than view your move as an abandonment of the ‘family home’, rightsizing should be a positive step towards a new lifestyle with less stress and work. There are many options in Bucks County, and real estate professionals to help you along the way.
Once the move is complete, you will breathe a sigh of relief and begin the next chapter of your life with renewed energy and focus.