Downsizing or “Right-Sizing”
The choice to move is a lifestyle decision. And there are common and important considerations for transitioning to a larger or smaller home.
Determine Your Needs
What are some of the needs driving the decision to downsize? What is your timeline? And why do you ultimately want to make a move? Here are some important factors that may play a role and that are worth considering:
Retirement
Improved resources for family (pets, children)
Estate planning needs
Reduce taxes and increase monthly cash flow
Lower maintenance costs
Move closer to family and friends
Consider the Benefits
If you are downsizing, chances are you are soon free of commutes and other work obligations. For the first time in a long time, you may feel like you can grow your lifestyle substantially as you become more involved in your local community and organizations. Consider what type of home and living arrangements will best fit the lifestyle you seek to live.
Plan the Lifestyle
Every type of home comes with different and important considerations. A Single Family home may require additional upkeep and maintenance, even if it is a Ranch Style (one-level home). A Condo or Townhome may have a Home Owner’s Association (HOA) with an additional cost or restrictions. You will want to consider your lifestyle when planning your real estate needs.