At some point in life, people have to make a huge decision: should they stay in their family home, or is it time to move on?
Perhaps you want to move to be closer to family, or your children have all moved out, and you are thinking about right-sizing your home.
It is a difficult decision to make. If you have been living in your family home for a while, deciding to move into another can be challenging.
If you are planning to sell but unsure how to swing the transition to upsize or downsize, this post will help you work through the pros and cons of rightsizing your home.
What Is Rightsizing?
Rightsizing is the simple process of understanding how you live in your home, uncluttering your life, and moving to a new space—either a small or big one—where you can fully utilize each room.
In the past few decades, household sizes have been shrinking, and square footage of homes has been rising. Surprisingly, only 30 percent of a home’s space is used 90 percent of the time in the 21st century. Americans tend to spend most of their time in one of the three rooms—the kitchen, the bedroom, or the family room.
This calls for rightsizing—finding a home more suitable to your current lifestyle.
Downsizing—When Should You Consider It?
No matter what your reasons are for moving to a different space, you should think about whether it’s the right thing to do. Here are a few different situations when you might want to consider moving to a smaller home.
- When your children move out of your family home
- When a loved one passes away
- When you are moving away and want to consider a different type of living situation
- When you realize you aren’t making the best use of space in your family home
The Benefits Of Downsizing Your House
When considering moving to a smaller space, there are a lot of positives that help you make the decision easy. Here are a few potential upsides of picking a smaller home.
- Debt Payoff
If your family home is big and luxurious, and your mortgage payment is larger than you can afford, a smaller home will help you pay off debts more quickly. If you have significant equity in a house, you might be able to make money on the sale of your current home, and therefore pay off large debts more quickly.
- Wealth Accumulation
Alongside paying off debt, a smaller living space will also help you save money faster. Whether you want to add more to your retirement fund or invest your extra money, paying less for a home will help you accomplish your goals.
- Less Clutter
If you enjoy a calm and serene space, a smaller home might just be your ticket to one. With less room to pile your belongings, you are less likely to create cluttered spaces in your home.
- Smaller Bills
A few housing options come with monthly savings. For instance, a smaller space will cost less to heat and cool, and you will be spending much less to landscape a smaller yard. In some cases, you may also have to pay less to maintain your home.
Upsizing—When Should You Consider It?
Unlike with downsizing, if you find your family starting to grow, it is time you consider upsizing. Just like your assets, family, and their needs increases too. One day, you might wake up to find that you’ve outgrown your home and need more space for your day-to-day living.
Nevertheless, upsizing isn’t as simple as it sounds. From increasing your mortgage to maintaining a large property, there are many factors you should consider before going for the upgrade.
The Benefits Of Upsizing Your House
Moving into a new, larger home comes with some undeniable perks. From having more space to giving your children more space to grow—both socially and physically—it can impact your everyday life significantly. If any of the benefits listed below apply to you, you might want to consider choosing a larger home.
- More Bedrooms
If you have a growing family, more bedrooms might sound like a necessity than a luxury. If not, it’s still good to have some spare bedrooms for extended family members and out-of-town guests.
- More Storage Space
With more square footage comes more storage space. Whether you need a bigger pantry, cabinet space in the kitchen, or overflow storage in the garage, having a little extra space to tuck away your stuff never hurts.
- More Customization Options
A larger home often comes with the added perk of bonus rooms that allow for a lot of customization. You can turn your flex space into a home office, a home bar, a game room, a kid’s playroom, or a sitting area—the options are endless.
The Disadvantages Of Rightsizing Your House
Just like advantages, moving into a smaller space also comes with potential pitfalls. So, before selling your home and moving to a smaller one, here are some possible negatives you should consider.
- Changes Are Hard
It can be hard to leave behind your family home where you have built up years of memories. While there are photos, scrapbooks, and memorabilia to keep a part of the memories alive, moving away from your long-time home will still be difficult.
- Selling Your Home
When you are moving to a new space, you will probably have to sell your existing home. While a real estate agent can make the process of selling your home significantly easier, chances are that you will need to spend time preparing your home for the sale.
- Not Enough Space/ Too Much Space
It’s possible to overcorrect and wind up with less or more space than you need. When rightsizing, think ahead to the future. If you love hosting people for Thanksgiving or want to start a home business, you will require a little extra space. On the other hand, if you are looking for a retirement home to spend the rest of your life, a smaller space would be ideal.
Making The Decision
Once you sit down and talk with your family, you will find that either upsizing or downsizing is the right choice for you.
When that day comes, you might want to reach out to a real estate agent who will make the process or both selling your home and purchasing a new one easier for you.
Remember to have a clear idea about the features and space you want in your new home. You don’t want to rightsize and then regret the decision for your entire life.
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