Are you considering downsizing or moving to a “rightsized” home? Whether choosing to move now or later, you should start asking the right questions today. Begin by evaluating why you are considering a move and list the benefits you wish to gain and the not so desirable qualities of your current space.
According to recent research survey by Trulia, “[t]he size of new homes built in the U.S. are now at record highs, with the average new home size sitting at over 2,700 square feet. In fact, new homes today are about 1,000 square feet – or 57% – larger than homes built about forty years ago.”
The research also showed many of us aren’t satisfied with the current size of our homes with only 32% of research respondents admitting they would not want a home the size of their current home if they moved in a year.
Whether you decide to upsize, downsize or rightsize here are 5 questions you should ask yourself:
1. Does my existing home meet my needs?
It is important to consider what you need in a new space. Is it a different layout? More space to entertain or less space because of limited mobility or health complications. This question will help you hone in on what your needs are as well as compile a list of what needs have not been met.
2. How much does it cost to upsize, downsize or rightsize?
If you are cost conscious this is a very important question to ask about your household. At the very core, you want to assess how much you can afford and still enjoy a great quality of life. Research the expenses associated with the size of home you want to move too as well as the cost of the move. Companies like Caring Transitions can help you offset the cost of any move from downsizing to upsizing and anything in-between.
3. Would a new community better suit my lifestyle or life stage?
Are you active? Do you want to travel? Your lifestyle is a great determining factor for where you plan to live and where you decide to settle for no matter the stage of your life. Choose a convenient community that fits your lifestyle wishlist.
4. Is this a smart financial move?
Consider the long-term risks or benefits of moving. Being realistic about your finances is a great step towards planning to upsize, downsize or rightsize. In many cases, budgets and savings have a limit for what is covered. Making solid financial plans or creating a financial plan could help you decide if a move is the right decision for you or your family’s future.
5. Are you overwhelmed with the current responsibilities of maintaining your home?
Research revealed the average American household spends approximately “70 hours a year on lawn and garden care, according to the American Time Use Survey.” Other research shows most households spends 20 hours each week maintaining their home. These hours and tasks can overwhelm some or be a small price to pay for a comfortable home to others.
Whatever decision you make, the choice to move is a big decision. These questions aren’t always easy to ask, but ARE extremely useful in helping you determine your housing needs and must haves.