For those who are living in a home that may be too large for the number of people in it, paying what you think is too much for a mortgage or you’re tired of cleaning and repairing a huge home a consideration may be right-sizing. Right-sizing is moving into a smaller home, condo or apartment that is a better fit size-wise, economically and environmentally.
Although many homeowners don’t think about eventually buying a smaller home the minimal maintenance and less money that goes into it is an appealing thought. Not only can it be a huge money saver but time saver as well. Fewer hours of cleaning and labor can lead to more free time to do things homeowners truly enjoy.
Some things to think about before right-sizing include:
Does size matter?
There is always the mentality that “ bigger is better” so it comes down to each owner and their thoughts on if bigger truly is better. Homes not only fulfill the need for shelter but it is the center of a family. A place where gatherings, graduations and birthday parties, BBQ’s and more are held. Can only a big home be the center of a family or can a smaller one be too? The main question you have to ask is, does size matter to me?
Will I miss my spacious home?
Will moving into a smaller home feel like a new adventure in life because of the saved money and time? Or will it feel like a step backwards? Although downsizing is an environmentally friendly and simplifying lifestyle there are also things to think about. Some of those include larger yards, bigger rooms and spacious living areas. Is that something you are ready to change?
Although you may be prepared to right-size and move into a smaller space life events come up and can change plans. Are you prepared for your children in college to move back home? Another relative moving in? Something to think of is would you be willing to share a bathroom, kitchen and living space with other people in a smaller home.
Cost to you
One thought people who are ready to move into a smaller home have is that it’s a big money saver. Which is true, but don’t forget that bigger homes hold more items so if you’re planning on right-sizing you’ll have to give away, sell or place furniture in storage, which can be an added expense for you.
Although you have furniture from your current home if you’re planning on right-sizing it’s important to think that a California King size bed may not fit well into the master bedroom or the large L-shaped couch might not work in the living room. Having a smaller home may mean needing smaller furniture.
If you are planning on moving to a smaller home whether it’s because the home you’re currently in no longer fits you, your lifestyle and income or you’re looking for a change that is more suitable and economical be sure to do your research. When looking for a new place to live, no matter whether it’s a home, apartment, condo, etc. be sure to look into any fees that you may not have originally accounted for. That way you’ll truly know what you’re paying for and what you can afford.
Right-sizing can be a great option for those looking for a change. But it is something that takes a lot of thought and looking into before jumping right in.