One size does not fit all, especially when it comes to your living space. One size does not fit even two sometimes. And one size doesn’t even fit one person throughout his or her lifetime because things inevitably change.
Maybe your kids have moved out?
Maybe all you want to do is travel?
Maybe your financial situation has changed?
Maybe you’re ready to move from your large home in the suburbs to a smaller place in the city?
Maybe your old house was designed with a lot of rooms for the kids? And you now want a large house with an open concept?
Whatever your current situation is, it’s important that you feel great inside your home. If you do. Problem solved. Stay put. If you are not feeling like your current home is best suited for you, it’s time to look into the option of moving.
How To Get Started Right Sizing:
To help you determine what size might be the right size for you, we’ve broken down some common reasons people move into a bigger or smaller home. We’ve also highlighted why it might and might not make sense for you, and what you need to know:
The House Is Feeling Too Big
We hear this a lot. Sometimes, your current home really is too big for two people.
Maybe it’s not the interior but the exterior that is no longer working for you. Is your yard too big?
Do you really need 5 bedrooms when the only people living in the home are you and your spouse? Or maybe, it is only you?
Do you want to keep cleaning a pool, paying for chemicals and maintenances on it when no one’s swimming in it?
If you are thinking of moving, it often makes sense to do so sooner than later. Moving is never easy. It’ll only feel more mentally and emotionally daunting the older you get, and the more you accumulate.
You may also be holding “stuff” for your children? If so, it may be time to talk to them about storing their own belongings.
You’re Trying to Reduce Your Costs
This happens a lot as people get older and they live on a fixed income.
A big reason to cut back in your later years is retirement.
Although this is supposed to be a time for kicking back and enjoying life, retirement can often come with many expenses of its own. There are many families who have not properly saved for retirement. So, having fewer expenses is going to save them in the end.
Maybe you don’t have quite enough to float yourself for the rest of your retirement years. Or maybe you could use the cash for the traveling you want to do, or pay for medical costs, or help adult children start their lives?
If any of those reasons resonate with you, selling your home and moving to a smaller place with less overhead is one way to ensure that you have the money you need.
On the surface, trading in a house with a paid-off mortgage for a place that charges you rent and maintenance fees may sound like you’re guaranteed to increase your monthly costs. But even a paid-off home has many hidden expenses that add up. Items to consider: property taxes, maintenance, utilities, and gardeners’ fees and so on. And because these costs tend to be less obvious, it can be hard to calculate your fixed expenses for budgeting purposes.
Another solid option is to sell your large family home, purchase a smaller home with a rental suite and make money off of people who live in your basement. This is also a great option if you plan to travel as someone will always be watching over the house.
You Crave a Different Lifestyle
After spending years in the suburbs, in your car driving children all around your city maybe you are you craving a more walkable downtown existence?
Are you dreaming of cutting down your commute to the city every day?
Or, is this the time to enjoy your current home in a way you never could? Maybe you finally get to spend time inside your sunroom as you do not have to commute everywhere? Or maybe you get to enjoy the basement or the movie room now as you never had time for these things before? Again, if this is you… you should probably stay put.
However, If you’re looking to stay in your current city but shift to a more urban setting, try looking at areas with detached homes, townhouses or condos, as these tend to be more common closer to the center of town.
If downtown prices are a bit forbidding, try checking out more up-and-coming neighbourhoods where housing prices are more affordable.
As an added benefit, buying in a neighbourhood that’s currently less prominent but starting to grow means that your investment in this new property has even more potential to appreciate.
You Want to Upgrade Your Home & LIfeStyle
Maybe you’re looking to move into a bigger home because you finally have enough income and net worth to afford the home you’ve always wanted. Maybe it’s time to buy that dream home?
If your children are taken care of and you have money set aside for a rainy day plus more maybe it’s time to buy the house that you have always wanted, but were never sure you could afford?
Having a once in a lifetime home means the world to some people. If this is you, take the plunge. Just make sure you have money for taxes, maintenance, incidentals and of course, your new mortgage.
You’re Moving for Your Family
Another reason to “rightsize” your home is to accommodate changes in your family life.
Maybe your adult children or aging parents are thinking about moving in, or you’re pondering purchasing a place for your children. This can be a great way to help your kids with their finances, minimize your tax liability and invest in the real estate market, but there are also some major pitfalls that you’ll want to avoid.
In the end, you know what’s best for you, your children, your family and your future. Whether that means simplifying your living space, buying a larger house or pitching in to help a family member, there are many avenues you can take. And ideally, the home you end up with won’t be too big or too small. It’ll be just right.
If you need help “right sizing” your home do not hesitate to reach out. As always, we are here to help.
Gregg Bamford and Ryan Bamford