Condos appeal to empty nesters

Shari Motooka-Higa, who leads Locations’ Senior Real Estate Seminars, has seen a growing number of Oahu residents relocating from single-family homes to condos after the keiki have left the house.

“Baby boomers love the ease and convenience of condo living,” Motooka-Higa says.

With a variety of condo types across the island, ranging from affordable to luxury, there is something for everyone. Many newer condo buildings have an array of unique amenities, such as dog parks, co-working spaces, community rooms and even rooftop gardens. Fitness buffs will also appreciate that many buildings have pools and gyms, and a few even have tennis courts and putting greens.

Many condos are located in close proximity to dining, shopping and entertainment destinations, so residents don’t have to go far to enjoy a day at the beach or a night on the town.

LOW-MAINTENANCE LIVING

Many homeowners find that after decades of home maintenance and yardwork, they’re ready to enjoy their weekends again. Condo maintenance fees cover not only the cost of amenities, but also the upkeep of the building’s exterior, common areas and surrounding landscaping. Those looking to move from a single-family home to a condo will need to factor these monthly fees into their budget.

Another benefit to condo living is the ability to come and go as you please, without needing to find a house-sitter or someone to water your flowers while you’re away.

“The ability to ‘lock and go’ is very appealing to active retirees,” Motooka-Higa says. “We’re all anxious to resume travel, once it’s safe to do so. Imagine being able to take an extended vacation without worrying about your home while you’re off the island.”

RIGHT-SIZING

“For today’s kupuna, it’s not so much about downsizing as it is right-sizing,” explains Motooka-Higa.

Today’s condos are thoughtfully designed, with many space-saving features. Many also have lanais, which expand living space and help units to feel larger. When larger gatherings are once again possible, community rooms that feature full kitchens or wet bars, and plenty of comfortable seating options, make an excellent alternative to entertaining in the home. Many newer buildings also feature movie rooms — perfect for hosting a movie night for extended family and grandkids.

“Many homeowners who move to condos from larger homes find that once they take stock of all the things they’ve accumulated over the years, they really don’t need or want most of it,” she adds. Special items, like larger pieces of furniture, can be gifted to family members or stored. Other household items in good condition can be donated and may be tax-deductible.

AN INVESTMENT IN THE FUTURE

Even if retirement is years away, it’s never too early to think about investing in a condo for the future. A time may come when stairs or a steep driveway could become a hazard, and a single-level condo becomes more practical.

“Many seniors find that even if they’re not ready to sell their family home yet, a condo is a smart investment that can provide them with passive income until they are ready to move into the unit themselves,” says Motooka-Higa.

One option is to purchase a condo to rent to children or grandchildren until the owner is ready to occupy the unit themselves. In some cases, a tax-deferment strategy, like a 1031 exchange, can be used. Motooka- Higa recommends consulting a Realtor® and a CPA or tax attorney to explore various real estate investing strategies to meet your home and financial goals.

To learn more about aging-in-place, real estate tax strategies and estate planning, attend a free, virtual Locations Senior Real Estate Seminar with Motooka-Higa. To register for an upcoming seminar, visit locationshawaii.com/kupuna

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