Updated: Jan 9
Is it time to move to a larger or smaller space? Whether choosing to move now or later, you should start asking the right questions today. We have a list of five important questions to ask:
1. Does my existing home meet my needs?
It is important to consider what you need in a new space. This question will help you hone in on your needs.
2. How much does it cost to upsize, downsize or rightsize?
If you are cost conscious, research the expenses associated with the size of home you want to move to.
3. Would a new community better suit my lifestyle or life stage?
Your lifestyle is a great determining factor for where you live. Choose a community that fits what you enjoy doing.
4. Is this a smart financial move?
Consider the long-term risks or benefits of moving. Making a financial plan could help you decide if a move is the right.
5. Are you overwhelmed with the current responsibilities of maintaining your home?
Research shows most households spend 20 hours each week maintaining their home adding to the cost for comfort.
After considering those questions, begin to evaluate why you are considering a move and list the benefits you wish to gain and what you’d prefer to leave behind in your current space.
Here’s how to tell if you should move to a larger space:
You need to make room for aging parents or relatives who cannot afford to age in place or an elder care facility
You must make room for returning children
Your home is overflowing with furniture and miscellaneous items that have no place to go
You are running out of storage space
How to tell if you should move to a smaller space:
You or your partner has health complications that are not suited for the current layout of your residence
The thought of caring for your yard, multiple bedrooms, or general upkeep seems stressful
Moving could save you money in retirement
Your home has lots of space that is never used
A few other factors to consider before deciding to rightsize:
You’ve decided to move closer to children or grandchildren to make new memories with family
As your wants and wishes change, your neighborhood may no longer provide what you need
Your home no longer appeals to you and you are not in the position to nor desire to remodel
Selling your home could yield exponential financial benefits
Rightsizing can be new, exciting, and in some cases frightening. Considering the tips on this list can give you a great head start.