We’ve all heard the term “downsizing”. It technically means to make something smaller by eliminating things such as items in the home or even the space itself. Downsizing could mean anything from a company getting rid of employees to folks looking for a smaller home but there’s a new term called “smart sizing” where people are actually finding the right size rather than simply downsizing. Here’s how it works.
Homeowners that might be looking for the right retirement property typically are looking to downsize may be into a condominium or a smaller home. But a lot of them are finding they are downsizing too much. If you have a pet, you may still want a backyard but not a lot of maintenance so you don’t feel overwhelmed. This is where smart sizing comes into play.
“For empty-nesters transitioning out of their longtime houses, making the choice of a new place to buy in a 55+ community doesn’t always mean downsizing.” [Source] Older homes today are smart sizing rather than simply downsizing. Affordability is a big priority so if you are downsizing from a 3000 ft.² or even a 4000 ft.² home down to a 900 square-foot home, that might be too small. You’ll have to get rid of a lot of furniture and then you may just feel cramped. Downsizing to a 1500 ft.² or even a 2000 square-foot home might be more ideal.
Many older homebuyers are downsizing for the financial security but you still want the day to date lifestyle needs such as a backyard, maybe a little bit of a garden, and amenities to enjoy. If you go from a 1 acre or more lot down to a 1000 ft.² condominium, drastic adjustment might just be too much. The average home size in many adult communities is just 1500 to 1800 ft.², which seems to suit a lot of older homebuyers. This is not just downsizing but finding the right size home for your needs and your lifestyle.
Questions to ask when finding the right size home.
What do you do now on a daily basis that you want to continue once you are in a new home? Do you have pets that will need a backyard? Do you want gardening or landscaping capabilities?
How much can you afford when downsizing or smart sizing? Are you looking to lower your mortgage, completely pay off your existing mortgage, or rent a home, so that you don’t have to deal with any of the maintenance costs? What does your budget look like when you move? You want to have a little bit of a cushion and some leftover each month to enjoy your retirement, whether it’s traveling or just spending time and money on your grandkids.
How far away do you want to be from services and family? Finding the right size home also means the right location. How far are you going to be away from people you want to see it on a regular basis? How far away do you want to be from your favorite coffee shop or market?
While downsizing or even smart sizing can be an adjustment to your lifestyle, it’s important that you don’t give up everything you really want. These are the years to really enjoy your day to day life and finding the right size home for your lifestyle, your budget, and your daily needs is important.
Contact our office today to find the right size or smart sized home for your perfect retirement.