Downsize or Rightsize: How to Decide What You Need
Downsizing, a term you’ve probably heard pretty often, is the act of moving to a smaller space. Rightsizing, on the other hand, is about finding the values and aspects of your lifestyle that matter most to you. Then, choosing a home based on those qualities.
Both downsizing and rightsizing are popular choices if you’re looking to retire in Colorado. In the ‘empty nester’ stage of life, your children have moved to their own college dorm rooms or apartments, and you have extra space that you no longer need. Instead of turning their bedrooms into a home gym or crafting room, you may be thinking about downsizing.
What’s the next step for you? How do you decide what you need most in this transition?
First, get specific on your priorities and consider the following questions:
How attached are you to the memories? Will you be able to part with the possessions, furniture etc that won’t fit in your new home?
Could you put some belongings in storage to offset the transition?
What hobbies or activities are you passionate about? Be clear about these in speaking with your realtor, so they can help find you the best match.
What will your finances look like? If you’re in retirement, what funds do you need to live on? How much will you owe if you move?
Do you have pets? What kind of yard or outdoor space do they need? Consider looking for a home near a park or outdoor reserve.
What will downsizing/rightsizing allow you to do more of? Are you looking to travel more often? Work fewer hours?
Will this new home provide sufficient space for your foreseeable future? What do your family plans look like?
Are you moving from a suburban to urban area? Or vice versa? How will that affect your lifestyle, budget, and goals?
Discuss these questions with your spouse, or anyone you’re living with, to make sure that they’re on the same page too. When you approach your realtor, you’ll be prepared and knowledgeable about the kind of home you’re looking for.
Perhaps you’re looking into downsizing in an effort to support one or both of your parents or in-laws. Moving to a smaller home can often assist in ‘aging in place’ - a movement supporting seniors staying in their own residence for as long as possible, as opposed to an assisted living or care facility. A smaller space with less responsibilities, but still surrounded by your own possessions and memories can be a great alternative.
There are many reasons you may decide that downsizing is right for you. But regardless of your exact motive, it will likely be a significant change for you and your family.
Nickerson and Associates is available to help you find the perfect home in Colorado for your downsizing needs. Contact us today!