Time to Go Big?

Is it time to go big or time to downsize?

Here are some reasons why buyers/sellers decide to make a change in their living quarters lifestyle.

Money

Downsizing to save money on your monthly bills.
Taking your equity out to be used in other ways.
Buying a larger property because it’s a buyer’s market and good deals are out there to be had. (Right now in our area, it’s a seller’s market). Determining whether these are good ideas for you to downsize or upsize might be the time to talk to your financial advisor as well as your realtor to see where the market sits in your area.

Lifestyle

Changes in your family size, job status, retirement or health are all reasons people choose to upsize or downsize. Keep your focus while talking to your realtor on what your specific needs are.

Pros

More storage and space to move!
Additional bathrooms allow more privacy and easier morning routines.
Additional bedrooms ease strain on family members and encourage guests.
Larger kitchens enable cooks to do their job with ease.
Added space can accommodate a home business or hobbies.
Larger homes also often have added amenities like larger lot size, lawns and landscaping in addition to more space inside the home.

Cons

In a larger home there may be more walking, more stairs, and facilities may or may not be as convenient.
Costs of heating and cooling will be higher.
Maintenance costs are often higher.
Property taxes may be higher.
More and possibly larger rooms may require more furniture or the scale of the furniture that you do have is off – so additional decorating expenses will be incurred.
Attics, basements, garages, sheds and storage areas need to be organized, and sometimes heated, cooled, or dehumidified to prevent items stored there from becoming ruined.
Lawns, landscaping and larger lots require care and maintenance which can be costly and a lot of work.

Pros

You are not paying to heat and/or cool rooms that you rarely use!
It is convenient to have rooms closer together – often there is less walking.
There is less to clean and to organize.
Maintenance chores are often less, with smaller rooms, fewer windows, floors, less roof, etc.
Perhaps you are seeing a reduction in property tax or mortgage.
Often you have less to take care of in the way of property and landscaping.
You can purge all the unnecessary clutter.

Cons

Often you have to make some tough decisions regarding “stuff”.
Your furniture might be “off” in scale, better suited to a larger home.
Fewer bedrooms and/or bathrooms sometimes require planning for family and guests.
Cooking in a smaller kitchen is different, and storage for kitchen tools and food might require thought.