In the new decade, do you want to:
Upsize to a spacious home with a large yard?
Or do you:
Dream of a minimalist lifestyle?
Life is always bringing changes. With change, new living situations may be needed. Before your next move, consider these things to determine if upsizing or downsizing is right for you.
Assess Your Space
Take the time to go through your current living space, room by room. Determine what areas you use the most, which rooms are collecting dust (or furniture), and which areas are packed full.
Downsizing is practical if you have rooms or space that is seldom used. A finished basement may sound ideal, but if no one ventures downstairs, then it is a waste of space. On the other end, upsizing is an option if you and your family are cramped or if you feel like you can never get any privacy.
Consider Maintenance
Owning a home requires yearly maintenance inside and out. Determine the amount of time, physical labor, and costs that you are willing to put into your home. Consider all regular maintenance, including weekly, monthly, and yearly tasks:
- Regular and deep cleaning of the interior
- Handyman fixes (i.e., changing light bulbs, fixing cabinet hinges, plumbing issues)
- Washing windows
- Power washing the siding
- Mowing the lawn
- Raking leaves
- Planting shrubs and flower
- Maintaining the driveway and walkway
- Maintaining decks, patios, and other outside living areas
If you don’t have the time or funds to complete maintenance on your home, chances are, downsizing may be an option.
Factor In Life Changes
Significant life changes are the top reason people decide to find a new home. Additional space is usually needed when families have children, or if elderly parents move in. Empty nesters and adults heading into retirement often consider downsizing and moving to an area closer to services and establishments.
Finances
Of course, your financial situation will play a big part in how much home you own. If you receive a raise and desire extra space, you can talk with your mortgage lender to see how much you can comfortably afford with the new income. If you would rather save money to travel, for retirement, or need to reduce your cost of living, a smaller home may make the difference you need in your financial life.
Prepare for Change
No matter what type of residence you are considering, moving requires change. When downsizing, you will need to get rid of furniture and other belongings. Determine what is essential for you to keep, and what you want to donate or sell. Upsizing means you have more space to fill. Do you have the ability to furnish a bigger home?
What are your housing needs for 2020 and beyond?