Should You Upsize or Downsize?

In the years leading up to 2020, people moved away from sprawling estates and mega-mansions, opting to downsize and move to areas with walkable downtowns. 

This year, there’s been another shift, as people are spending more time at home and are looking for more square footage and outdoor space. People are reevaluating how they spend their time and what’s important to them, including where they live. 

Keep reading for some tips for finding the right size home for your needs. 

Evaluate Your Current Living Situation

We’ve all spent more time in our homes this year. Pay attention to where you spend the most time, and what areas are seldomly used. Could you repurpose a dining room, for instance, if you only use it a few times a year? Reimagining rooms may offer up additional space for the things you want to do at home.

Know Your Financial Situation

Before any type of move, you need to factor in your financial situation. If you are considering a larger home with a bigger yard, know that your property taxes will likely increase. Determine your maximum monthly budget and meet with your mortgage lender to help you figure out how much home you can afford. 

Signs it’s Time to Upsize

Many people are dreaming of more space this year, but you should take time to think about if the extra space is needed or the result of cabin fever. Signs it’s time to upsize include:

  • An expanding family and not enough rooms.
  • Not enough space for everyone to gather for meals.
  • You require a dedicated home office. 
  • You have budgeted in a larger monthly payment. 
  • You want to move out of the city and into a suburban or rural area. 

Signs it’s Time to Downsize

Other people find themselves with too much space. Here are some ways to know it’s time to downsize:

  • You cannot keep up with the maintenance of your home and property.
  • Many rooms in your home are seldom used. 
  • Children or family members have moved out.
  • Your monthly payments are stressing your current budget. 

Determining the right-sized home is a personal choice, as everyone has different needs and priorities. What are you looking for in a new home? Let us know in the comments!

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