The Finance Blogger


Downsize to a Bungalow?

Downsizing to a bungalow is not for everyone. We just finished a post on downsizing to a smaller home and whether it would be a good idea for us or not. One of the options that we considered was downsizing to a bungalow to achieve a number of objectives that we will discuss in a few minutes.Downsize to a Bungalow Friends of ours just moved into a new bungalow and based on their experience we will not be following their path to downsizing. If you downsize to a bungalow, there is all of the landscaping that must be done, new window coverings and other expenses. If you downsize to a bungalow that is older, there is usually lots or renovation work that needs to be completed.

Criteria and Objectives

Everyone has their own criteria and objectives for moving and it is important to set your own based on your life style , age and needs. Our list includes the following:

  • Cost of a bungalow should be less than what our current home is worth
  • We want to make money on the deal or at least break even
  • We want all rooms on one level so no stairs
  • Same neighborhood
  • Nice area and neighborhood
  • Decent sized lot so that we can enjoy the backyard
  • Parking for two cars
  • A relatively uncrowded street

This is our criteria and readers may have others that they may want to add to the list. Comments are welcome.

For us, bungalows in our city fail for a couple of reasons. The cost of a new home with upgrades will cost almost as much as what we can sell our 4 bedroom home for on a much smaller postage sized lot. When you add in the cost of real estate, legal fees and moving, not to mention decorating and new furniture, this ends up costing us much more money. This was the first big failure in terms of our criteria.

Downsize to a Bungalow – Size of Lot and Parking

We cannot find anything in our area with a decent sized lot and the streets are narrow compared to what we are used to with lots of cars parked in driveways and on the streets. Everyone seems to have at least two cars and they end up being parked everywhere. This gives that really busy cluttered look compared to what we have. This is the second reason why we do not what to proceed with a bungalow choice.

The big concern we have is the stairs as we get older. Well that is easy to solve and we can stay in our current home.  There are all kinds of companies that offer elevators that fit into or onto the stairs and lift you up to the second floor.  So this problem is solved in terms of us staying in the current home we are in. We also have ample parking and a quiet street with most people parking in their garage or on their driveway.

Staying Where We Are

So I guess the answer for us is that we will not downsize. We will stay right were we are and the money we save can be spent on maintaining the house and making it more comfortable for us to live in as we get older. I am find that the more people we talk to the more we are convinced that this is the right approach.

One couple who are good friends of ours downsized from a 4 bedroom home to a two bedroom bungalow. They finished off the basement, upgraded the floors, counter tops and many more items. By the time they were done they were well over budget and had spent more than they had received for the home they sold. They had a really nice home too and we still wonder why they sold. Now they have bad neighbors with big dogs that crap over everything, their street is really busy and they have no were really to park other than their driveway. The street is always full.

They also had the hassle of dealing with a builder that did not do a good job on many things and even after a year the builder is still fixing things for them.

So that is my take on downsizing. If you are happy with your current home, stay there, don’t waste the money moving to another home and risk disappointment as you get older when you have less patience to deal with all of the issues that you will be faced with.

Comments on your experience down sizing or thoughts about what we have said in this post are welcome. Looking for more details about downsize to a bungalow and options, click here.

Save

You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

AddThis Social Bookmark Button

One Response to “Downsize to a Bungalow?”

  1. we cannot afford to downsize to a bungalow. There are so many seniors looking for a bungalow, that they are driving the price up. may as well stay were we are.

Leave a Reply

?>


Web Content Development