Your home was perfect for your family when you purchased it…10, 15, 20 years ago. But now? You’ve added to your family. Or, perhaps, the youngest child has flown the coop. Is your home still a perfect fit for this season of life?
A family’s needs change over time. Nearly 90% of our clients come to us because they need to upsize or downsize their current home. As we do with all our clients, the first step in the process is always to sit down and talk about their objectives—this is an important starting point because while there are pros to upsizing and downsizing…there are also cons to consider.
The Ups and Downs of UPSIZING
The upsides to upsizing:
- More space for a growing family and/or entertaining guests
The downsides to upsizing:
- Larger financial investment, including higher taxes
- More house typically means more cost for upkeep
- While larger homes usually have plenty of gathering space for families, being spread out may actually mean less time with your kids
My advice to clients looking to upsize: If you need more space, and you can afford to buy and maintain that space…go for it! A word of advice when selecting the right “big home” – make sure all that extra space you’re paying for is livable. Just because the square footage is what you’re looking for, doesn’t mean it’s the right space for your family. As you walk through, think about how your family (and furniture!) would fit and function in each of the rooms. If you’re a visual person, bring a tape measure and a list of the dimensions of all your biggest pieces of furniture to get a feel for how it would change the functionality of the space.
The Ups and Downs of DOWNSIZING
The upsides to downsizing:
- Energy efficiencies
- Lower financial investment
- If a certain neighborhood is cost-prohibitive to your family, a smaller home in the area may make the desired location feasible
- Less house typically means less cost for upkeep
The downsides to downsizing:
- Cramped living quarters for large families
My advice to clients looking to downsize: There are plenty of good reasons to downsize, but make sure that your family and all of your personal belongings that you would like to keep will fit! A little experiment might be in order before making the big decision to go smaller. Try selecting a portion of your current home to exclusively live in for a week or two. Avoid entering or using space (even as storage) that is not part of that designated portion during that time. If you can comfortably live in just those few rooms and with the limited square footage…you’re probably a good candidate for downsizing.
Ready to make a meaningful move? Whether you’re upsizing or downsizing, we’ve got 30 years of experience of helping your neighbors do the same.