What you need in a home changes with the seasons of your life. When you’re just starting out as a young single person or a newly married couple, you may not need much space. But add some children, some pets, or some other family members, and you might find yourself pushing the limits of your living space. Empty nesters may look to downsize, but then adult children or aging parents need to move back in, and a larger place may be in order again. Here are some lifestyle factors to consider when deciding if it’s time to upsize or downsize houses.
Most people indeed look to move to a bigger home as the size of their family grows. When new babies are born, when aging parents need to move in, or when adult children need to return home, upsizing might be the right move. However, upsizing isn’t always about space. Here are a few reasons why homeowners might consider upsizing home that have nothing to do with square footage:
● To try out a new area of town that gets you closer to shopping, restaurants, parks, and other lifestyle perks
● To be closer to family, friends, and social contacts who live in a neighborhood where the homes are larger
● To take advantage of tax breaks and government incentives to build or renovate
● To use your existing home as a rental property for investment purposes
● To move into an inherited family home that has sentimental value
Remember that getting into a larger home doesn’t always mean buying a home. Sometimes, upsizing means adding on to your current home if your site allows. This plan may be a good option if you love everything about your home and you just need to increase the space with another bedroom or bathroom or two. Construction experts can help you estimate the cost of
expansion so that you can weigh it against the idea of moving to a new home.
Many people think of downsizing home as something seniors do when they reach retirement age. However, there are many situations, and stages of life where downsizing your home makes sense. Some downsizing benefits have to do with cash flow and income, while others are related to neighborhood factors. Here are a few scenarios where downsizing might be appealing:
● To get the money from your home’s equity to add to a nest egg
● To move into a different neighborhood where homes are smaller
● To accommodate health issues by moving to a smaller home
● To Free up money and time to travel, spend more time with family, or pursue hobbies
● To reduce the housing expenses, maintenance costs, and utility bills so that one parent
can stay home with children
● To adjust the household budget due to divorce or the death of a partner
At Cal Home Real Estate Services, our friendly and knowledgeable team of experts can help you sort through all the pros and cons of upsizing or downsizing. We can help you ask and answer the right questions for your family’s needs. Then, when you’ve made that big decision, we can help you get your home sold or search for the right homes for sale for you and your
family. Contact us today, and let’s get started on “right-sizing” your housing situation.