Upsize Or Downsize? What You Should Know Before Shopping

There are lots of reasons someone might want to move, but the biggest reasons often involve the need for upsizing or downsizing. No matter which way you're going, your current home just isn't meeting your needs. That's a good indication it's time for a change. Here are a few things to keep in mind to get it right.

Consider the future first

Buying a house is a big investment and a long-term commitment. Consider if and how your finances or lifestyle may change in the near future. Retirement, growing families, and career changes are a few examples that can make a difference.

When to upsize

Do you really need a bigger home? These are some signs you do, and now might be the time to make the move.

• You need more living, storage, or outdoor space. Or all of those.
• You need more room for entertaining. You entertain frequently, but it's usually overcrowded.
• Your family life is changing. For example, having more children or blending families.
• The people who live in your home constantly feel like they have no privacy.

Other things to consider when upsizing

• Maintenance and cleaning. Bigger houses generally come with more maintenance and maintenance costs inside and out. There may be some trade-offs in this area depending on the age, condition, and amenities of your current home compared to the one you purchase.
• More property taxes. Larger properties tend to have larger property taxes. You'll want to know how much more you can afford and where the favorable tax rates are before you start shopping.
• Other living expenses. Moving to a bigger place may mean other expenses increase too. That could be something like higher utility bills, paying someone to mow the lawn when you used to do it yourself, or higher commuting costs.

When to downsize

Sometimes it just makes more sense to downsize. Here are the signs it might be right for you.

• You have more maintenance and cleaning than you can handle. If you can't spend the time or money necessary for maintenance and cleaning, it's probably time to downsize. Also, if you're spending all your free time on either of those instead of enjoying your life and home, downsizing may make you genuinely happier.
• You have unused space. The more unused space you have, the more likely it is you need to downsize.
• You want to use your money for other things. Less money spent on maintenance, property taxes, and a house payment means you can save for retirement, pay off debt, or travel.

Other things to consider when downsizing

• You'll have to get rid of some of your stuff. That can be seriously difficult for some people. You'll also need to allow yourself enough time to actually do it. It's good to start as soon as you decide it's time to move.
• Proximity to community amenities and public transportation. The transition to a smaller home may be easier if you can compensate in other ways. For example, you'll miss the big backyard less if there's a nice public park or community garden nearby.
• Relocating away from neighbors, friends, and family. Many neighborhoods tend to consist primarily of one type of home, so moving from a larger to a smaller home may mean you're moving further away from long-time friends and neighbors or family. 

The decision to buy a new home, whether it's bigger or smaller, can mean you have a lot to think about. Ultimately, the best choice will fit both your financial situation and lifestyle. And you can look forward to life in your new home.

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