Ten Ways to Downsize
There is more than one way to downsize. Here are 10 ideas:
Consolidate
Share where you live. Stay where you are and share your home with someone else, a close friend or family member, or move in with someone else and share their home. Often, a large home with unneeded space can be divided into separate quarters. In current real-estate speak, when we do this with our immediate family, this trend is referred to as Multigenerational living. Here’s a blog post about it.
Condo
Condos are an efficient way to live. You can buy just the space you need, and share ownership of the structure and ameninties. Condos are located just about everywhere: downtown in high-rises, neighborhoods, resort areas, suburbs, cities, golf courses, on the water, etc.
There are 2 ways buildings become condos, either they are built that way, or they are apartment buildings that were converted to condos. Buildings that were originally built as condos are generally of higher quality than converted buildings.
Because all of the owners of condos in a development usually own the entire structure and common areas, condos have associations that manage and maintian the common areas, and provide a form of self-governance for the complex or building. The associated fees, called association dues, pay for management, maintenance, taxes, utilities and insurance on common areas, and also build up in a long-term fund for future maintenance of the facility including painting, carpeting, roofing, parking lot coating, etc.
Townhouse
A townhouse is a form of high-denisty housing that sits on the ground and has from 1 to 4 or more stories. The main advantage is that you have no neighbors above or below you, so you don’t have to worry about someone dancing above our head, or vice versa. Most of the time townhouses are attached to neighboring townhouses on one or two sides. Many townhomes also have attached garages, and private yards.
How townhomes are configured and how much room they have is usually a result of the zoning codes of the city or town where they are located, along with the economics of the market. Generally, in-city townhomes have smaller footprints, and corresponding smaller rooms, yards, and garages. They also tend to be taller, 3 levels are the norm, and 4 levels are not unusual in some areas. In suburban areas, townhomes that are 2 levels are more common, and sometimes there are 1 level units in townhouse communities that are focused on older populations.
Younger owners tend to prefer three level townhomes, as they offer more privacy within the unit. Older owners and families tend to prefer the 2 level suburban style townhomes, with 2 or 3 bedrooms on the upper level, and kitchen and living areas, and garage on the ground level. In fact, many of these townhomes resemble smaller versions of houses, that happen to be attached. Some even have main floor bedrooms, which means someone doesn’t have to move if going up stairs becomes an issue in the future.
Cottage
Cottage housing is a relatively new housing type that is springing up in cities and towns all over the area. Again, their size is determined by zoning and economics, with many in the 1000-1200 sf range, and some newer ones on the Eastside larger than 2000 sf.
Cottages are usually built in areas of single-family homes to provide an alternative to large homes in these residential neighborhoods. Typically, zoning will allow two cottages to be built on the same amount of land that one larger traditional home could be built on. A unique feature to cottage communities is how the land is used. The individual cottages are usually arranged around a common landscaped area in the back of a property, with footpaths to the units themselves. Parking is in common garage structures near the street, usually in individual garages. Sometimes a common workspace is included with the garage structure.
The smaller cottages tend to be favored by singles or couples for their first house, or by down-sizing retirees looking for an efficient place to base an active lifestyle. Some of the newer ones are favored by families who want a smaller house in a quiet area.
Smaller House
Another popular way to downsize is to move to a house that is a smaller version of the one you are living in. Many people find they can stay in the same neighborhood by selling their larger house and moving into a nearby rambler or bungalow, preserving the many things that define their quality of life such as neighbors, church, and community, while simplifying their life by having a house that is easier to clean and maintan and get around in.
New communities have smaller houses too. Many suburban areas have changed their zoning to allow 2 and 3 level houses on 3500 sf lots. these houses tend to range in size from 1500 to 2500 sf and offer the same single-family lifestyle but in a smaller house with a smaller yard.
Duplex
Living in a duplex is similar to the idea of sharing your home, but in a more formal way. Unlike a home with an accessory or mother-in-law apartment, a duplex has more isolated units, and is more of an investment-type property that has certain tax advantages. Both units can be rented out to non-owner occupants, unlike accessory units in a house, so you could buy it as a home now, and rent it out for income in years to come. Owning a duplex has long been a smart strategy for retirement buyers. The idea is to take the appreciated equity in a family home that is no longer needed, and turn it into both a smaller, more managable living space, AND a source of retirement income from renting out the other unit.
Buying a duplex now, in a down market, can also turn out to be a profitable move when the economy booms again, as the land can become more desireable by builders who want to build a townhouse or condo community on the land.
Co-Housing
Co-housing is more a style of living than a particular style of housing. Co-housing is preferred by people who want like to be a part of a community with a high degree of interaction, interdependance, and cooperation. For many, their co-housing community is their extended family. If you visit several co-housing communities you will find houses of all sizes and styles: houses, condos, and townhouses. Similar to cottage communities, the buildings are usually clustered in one area, leaving another large are of open space to be shared by all members. In addition to common open space, there is also a common building or area for activities that members share, such as preparing and eating common meals, recreation areas, workshop, studio, or play areas. All members are expected to work together in managing and maintaining the comon areas. Participation in community meals and activities is usually optional, but a good idea for busy people or families.
Manufactured Housing
This most affordable downsizing alternative has been around for a long time. Long ago, we used to call them mobile homes. The most affordable way is to own a home that sits in a park where you rent the space. The park contains amenities that vary, and some parks limit their occupants to age 55+. It’s not unusual to be able to buy a home in very good condition for under $50,000, and pay under $500 a month for rent in a park. This lifestyle is on an upswing with recent economic challenges brought on by a falling stock market.
A floating version of a mobile home is a Barge Boat, mentioned below.
House Boat or Barge Boat
Here is a type of housing that is very unique to Seattle and a few other costal cites. It is a way of life that is unique. Hou
seboats are actual houses that are on a floating raft. Many of them were built when living on a houseboat was not hip, but were a cheap form of housing for workers at local waterfront sawmills on Lake Union and Lake Washington. Today they can be found all around Lake Union and in Portage Bay.
Originally, the houses were built on rafts of large logs, and were usually simple one-story structures. Many of these houses have been restored and are a large part of the community today. When houseboats became popular in the 1970′s, many were replaced with modern homes on concrete floats, and are far form basic housing. Roanoke Reef at the foot of Roanoke Street on in the Eastlake neighborhood is where a lot of newer houseboats can be found.
The houseboat lifestyle is unique, and has attracted many of Seattle’s more creative citizens.
A varation of the house boat is a barge houseboat or bargeboat. These homes are really boats that are built to live in while sitting at a dock in a regular moorage space. Technically, you could put an outboard motor on one and go for a cruise, but it is seldom done, as their scow hulls do not make for very good boating, especially with waves. However, they do make for lots of room inside, which is what we need when living on a small structure. The marina where the boat is moored must also be one that allows liveabords, or owners that live on their boats, of which there are a limited number. These marinas are located throughout the Puget Sound area. Most are rentals, meaning you rent or lease the slip for your home. Some are condo moorages that allow you to buy your slip.
