Downsizing in simple terms means selling a larger home to purchase a smaller dwelling. It is true that upsizing was perhaps one of the most notorious trends during the pandemic, but downsizing remains an attractive option to many of our buyers in Costa Rica. There are numerous reasons behind the decision to downsize, and while most commonly associated with retirees, many other people decide to downsize at different ages and stages of life. While for some the decision to shift towards a smaller home may be lifestyle-driven, others see in downsizing a wealth of opportunities to perceive financial gains and to lead an easier life. Read more about the main reasons why homeowners choose to downsize in Costa Rica.
Small City Dwelling, Large Beach Estate
Particularly for those with purchasing power, the idea of having a luxury condo or apartment in the suburbs and a larger estate on the coast seems to hit all the right spots. The world pandemic prompted many buyers to reconsider their lifestyle; with remote working allowing many professionals to work from anywhere in the world, many saw their chance to lead the life they’ve always wanted: living on the beach. But for many jetsetters, the need to have a place to stay in the city remained relevant. After all, they get to experience the functionality and ease of living an urban lifestyle when they need to and come back to the laid-back slow pace of the coast.
Convenience and Financial Gains
Downsizing is often the first step in an action plan geared towards saving money and gaining convenience. Financially, it can be a well-thought-out decision to cut expenses in utility bills and maintenance to mention a few. Moreover, condos in Costa Rica are known for having prime locations in proximity to amenities and services, offering that walk-anywhere lifestyle that many youngsters are looking for and that it is becoming increasingly hard to find in a single-family home. Condos are appealing also to jetsetters since they find the lock-and-leave lifestyle very convenient for their busy schedules.
An easier Lifestyle
Of course, while other factors are driving this trend, it is clear that the empty-nester syndrome is one of the most powerful drivers. While there is no formal research in Costa Rica, research by Ipsos Reid Poll shows that 18% of people in Canada over the age of 55 had already downsized in the year 2018, and 34% were planning on doing it in the next five years. It comes as no surprise that many retirees in Costa Rica are looking to shift towards an easier lifestyle and turn to condos or apartments to achieve that. For one, they don’t have empty rooms collecting dust when their children move away, they spend less time cleaning and upkeep their homes, and they have the ease of a one-story dwelling to avoid the up-and-down intrinsic of multilevel homes.
Whether it is the decision to have multiple homes instead of one, the desire to unlock an opportunity for financial gains, or the need to shift towards an easier way of living, condominiums don’t seem to be losing their appeal just yet. And especially in Costa Rica, these housing options keep fulfilling the search criteria of many buyers. To know more about our offer of condos and apartments, visit 2CostaRicaRealEstate.com.