Downsizing VS. Upsizing your next home
– know what’s right for you

People may move into a new home for a variety of different reasons. Often, the need to change according to new circumstances is at the heart of the decision. Perhaps you have a new job and need to relocate, or you may have a growing family. Regardless of why you need to move, there is one decision that will eventually need to be made; should you downsize or should you upsize?

In today’s world, downsizing and simplifying your life is in vogue. Much of the country is still feeling the effects of the recession and the associated housing issues. At the same time, however, the average size home in the US has been on the rise consistently for decades. How do you know which is the right choice for you?

Why Would You Choose To Downsize?

There are a number of reasons why a person would want to downsize. Many of them have to do with changing circumstances, but it can also be a personal choice as well.

One group that tends to downsize are those who are getting older. As they approach retirement or when the children leave, the need for a larger home may leave along with them. Moving into a smaller home is certainly going to reduce the need to maintain the property; so most people will find it more manageable.

Yet another reason why downsizing may be beneficial is if you want to live a simpler lifestyle. This could either be for personal reasons but it may also be due to a change in financial circumstances as well. If you are feeling the pinch every month, moving into a smaller home with lower payments can surely go a long way in fixing that situation. Keep in mind that the banks allow 28% of your budget for mortgage, so staying below that limit will be of benefit.

Additional reasons why downsizing may be considered include wanting to travel frequently, needing to move into a more expensive area to be closer to family or work and even wanting to cut down on your carbon footprint.

Why Would You Choose To Upsize?

Although downsizing may be in vogue, there are still many families who find it beneficial to increase the size of their home. Like with those who downsize, upsizing typically revolves around changing circumstances, such as a growing family or an increase in income.

One of the more obvious reasons why you would consider upsizing is if you are looking for additional space. It may fit in with your personal lifestyle, regardless of whether you need more space because you have more people or because you have “more stuff.”  The square footage of living space per person has increased drastically in the past 50 years, from 506 to 980 square feet. Many people feel more comfortable living within the average.

Some families prefer to live more of an open lifestyle, and having the additional space will work well for them. It could be because they just like to have more elbowroom or perhaps because they entertain frequently.

Finally, many growing families will upsize because they anticipate needing additional space at some time in the near future. They may feel it is better to buy a larger home now, before they need it, than to buy a larger home and take on the move with several small children in the family.

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