Whether a homebuyer is looking for a larger space or a smaller place to live, resizing is a big step that is best taken with insightful planning. Of course, it starts with a budget, but there’s much more to upsizing and downsizing than simply relocating within a certain price point – especially when considering a different neighborhood. For example, any growing family that’s upsizing is often concerned about schools and other enrichment for children and youth, such as local lessons and recreation. The home’s layout will also be critical, as it may need to accommodate changes as kids mature – perhaps with needs growing from suitable play spaces to quiet study places.
Meanwhile, those who are downsizing might be empty-nesters with more leisure time, possibly interested in a location that facilitates easy airport access. They could also be seeking more financial freedom by retrieving equity from their current home and reducing their household overhead, thanks to lower maintenance and operational costs. In some cases, those downsizing may be approaching retirement and want to make new local acquaintances, such as in a condo community. Whatever the reason for a change in the size of living arrangements, a careful examination of your choices is the best approach. It all starts with thoughtful conversation.