Upsizing vs. Downsizing: Which One Is For You?
A big part of any move is deciding what kind of home you want to relocate to. For retirees, that means figuring out whether to upsize or downsize. There are many reasons why you’d want to go with either option. Traditionally, older homeowners have leaned more towards downsizing, but recent studies have shown that people are actually upsizing more. Here are a few things to consider when deciding which is the right choice for you:
Why Upsize? After an entire career of working hard, many people feel that it’s time to treat themselves to something bigger so they can live comfortably. First and foremost, this is only really an option if you can afford it in the first place. If you’re planning on entertaining guests with social gatherings or having your family members stay with you for reunions and extended stays, upsizing may be in your best interest. In fact, surveys have shown that a contributing factor to upsizing home deals with many college graduates moving back home after graduating while they try to find work. The last thing to consider, especially if you’re a senior, is mobility. You want to make sure you’re buying a house where you can easily go up and down the stairs without causing too much stress to your body.
Why Downsize? Downsizing for your next home is still a reasonable option. Especially when you consider how high mortgage bills, utility bills, and property taxes have gotten over the years. Again, if you have medical reasons for needing a one-floor house, that’s something you’ll always want to take into consideration when shopping around. Plus, saving money on the actual purchasing of the house can free up your bank account to purchase other accessories for your new home! Or you could always use it to travel the world. It’s entirely up to you!