Downsizing in Dallas: One-Story Homes, Condos and HOA Questions

How do I move from a two story house to a smaller one?

Work in this order: define the next home, price it, then prepare and sell the current one. Downsizers who list first and figure out the next step later often end up rushed.

1. Write down what the next home must have: one story, number of bedrooms, garage, outdoor space, and how far from family and doctors.
2. Look at real options and prices, so you know what the move costs or frees up.
3. Sort furniture by what fits the new rooms. A floor plan helps.
4. Prepare and list your current home.
5. Line up the closings, with a leaseback if you need time to move.

Is it a good time to downsize in Dallas?

The right time is usually personal more than market-driven, because you sell and buy in the same market. If prices are soft, your sale brings less but so does the next home, and the reverse is also true.

Good reasons to move now: the stairs, yard or upkeep have become a burden, rooms sit empty, or you want to free up equity. Ask for a pricing review and compare it with what the next home costs. Those two numbers answer the timing question better than headlines.

Reasons to wait are just as real: you love the neighborhood, the house is paid off and easy to keep up, or the right smaller home has not appeared yet. A move is not cheap to undo, because selling and buying both cost money. So set a trigger instead of a date: the moment a home that fits comes up, you are ready to list.

Being ready means the house is sorted, any repairs are known, your lender has looked at the purchase, and you have a pricing range. Then you can act within days rather than months.

Where can I find nice one story homes in Dallas?

One-story homes are easiest to find in neighborhoods built out in the 1950s through the 1970s. Ranch homes on generous lots line many streets in North Dallas, Far North Dallas and Lake Highlands, and parts of Preston Hollow have large single-story homes too. For something newer, look at one-story homes in Plano and Frisco.

Other low-maintenance choices:

• Patio homes and zero-lot-line homes, with small yards and often an HOA that handles the front landscaping.
• Townhomes, though many have stairs, so check for a main-floor primary bedroom.
• Condominiums in mid-rise and high-rise buildings with elevators.
• Newer one-story homes in suburbs such as Plano, Frisco, McKinney and Allen.

What should I check in a patio home or townhome?

Check who maintains what. Patio homes and townhomes usually sit in a homeowners association, and the split between the owner and the HOA decides how low the maintenance really is.

• Does the HOA handle front yards, roofs or exterior paint, or only common areas?
• Is the primary bedroom on the main floor, and are there steps at the entry or garage?
• How close is the neighbor's wall, and is it shared?
• What do the deed restrictions say about changes, fences and rentals?
• What does the subdivision information or resale certificate show about dues, reserves and assessments?

Walk the home as you would live in it ten years from now: doorways, showers, stairs to the garage and lighting. Small changes, such as a curbless shower or grab bars, are easier to plan before you move in. Ask your inspector to note anything that would make the home harder to live in as needs change, such as narrow halls or a steep driveway.

Is a condo better than a small house for downsizing?

A condo is better if you want no yard, an elevator, someone else handling the exterior, and the ability to lock up and travel. A small house is better if you want a yard, a garage, full control over changes and no shared budget.

Before you buy a condo, read the association documents. In Texas the seller provides a condominium resale certificate. Look for:

• The budget and the size of the reserve fund.
• Any special assessments, planned or pending.
• What the dues cover: insurance, water, staff, amenities.
• Rules on pets, rentals and renovations.
• Whether lenders will finance units in the building, if you need a loan.

Should I consider a Turtle Creek condo for retirement?

It is worth a look if you want a full-service building close in. The Turtle Creek corridor has high-rise and mid-rise condominium buildings near the creek's parks and trails, minutes from Uptown, the Park Cities and downtown. Many buildings have a doorman, valet parking, a concierge and elevators.

Compare buildings, not just units: staffing, the age of the building and its systems, reserves, parking, guest rules and what the dues include. The Turtle Creek page describes the area.

Are condo HOA fees expensive in Dallas?

HOA dues range widely, and the building's services drive them. Compare what they cover instead of the number alone:

• Staff: doorman, concierge, valet and security.
• Amenities: pool, fitness room, guest suites.
• What is included: building insurance, water, trash, sometimes cable or electricity.
• The building's age and how well the reserve fund covers roofs, elevators and other large repairs.

Get the exact figure from the resale certificate and the association's budget. Low dues with weak reserves can mean a special assessment later.

How much money could I save by downsizing?

It depends on the two homes, so compare them line by line rather than trusting a rule of thumb. The drivers:

• The price gap between what you sell and what you buy, after selling costs.
• Property taxes, which follow appraised value and your exemptions. Homeowners 65 or older get an additional school tax exemption and a tax ceiling. Ask the appraisal district how your ceiling applies to a new home.
• Insurance, utilities and maintenance on a smaller or newer home.
• HOA dues, which can offset savings in a condo.

I can price your current home and the homes you are considering so you see real numbers. Ask a CPA about taxes on your sale.