Is It Time to Rightsize Your Home?

Author Alice Garwood

Does your home still fit your needs or is it time to think about the benefits of buying a new one as you enter the next phase of your life? Whether you’re an empty nester with rooms that are no longer used or need more space to raise your growing family, rightsizing – finding a home that’s the ideal size for your current lifestyle – may be the best option.

Assess Your Living Space. Before deciding whether to rightsize, take stock of your everyday life and ask yourself a few questions, including:

• Are some areas of the house, like formal living and dining rooms, rarely used?
• Is a dedicated office a must?
• Do you want a hobby area or kids’ playroom?
• Is your kitchen too big or too small?
• Is the garage the right size?
• Do you prefer a large yard or a cozier outdoor living space?

Look to the Future. If you decide it’s time to make a move, consider your current lifestyle as well as potential changes in circumstances that could occur in the next few years to determine what size home is best. Maybe you’re planning to have more children, retire in a few years or anticipate an aging parent moving in with you. While you might not need extra space right away, you could in the near future.

Great Layout vs. Square Footage. Getting hung up on a property’s square footage could mean missing out on your dream home, especially in today’s highly competitive market. If a house or condo has the number of bedrooms, baths, kitchen and amenities you want, but its square footage is somewhat less than you envisioned, it still may be worth considering if it has a well-designed layout that uses space efficiently.

Review Your Finances.

Whether you’re looking to downsize or up-size, how much you can afford extends beyond monthly mortgage, tax and insurance payments. Relocating from a sizable residence to a condo or townhome – perhaps in a maintenance-free community with amenities – could mean significantly higher HOA fees and require you to buy new furniture that fits smaller spaces, while a bigger house will have higher utility costs and need additional furnishings to fill extra rooms.

Regardless of your reason for wanting to move, a Coldwell Banker agent has the tools and resources to help you sell your current home and find a new one that’s right for you.