Upsizing, Downsizing, and Resizing what does it mean and how to make the choice.

 By Gina S Soldano Broker/Associate, 
         ABR®, AHWD®, e-PRO®, GREEN, MRP®, 
           PSA®, SFR®, SRES®, SRS®, REALTOR® 

Upsizing, Downsizing, and Resizing what does it mean and how to make the choice.

We have all heard of at least one of these terms when it comes to owning a home but sometimes it doesn’t enter our minds until necessity causes us to put it front and center. There are similarities in all three choices but differences in the decision to choose one over the other.  Although you may think you might only make this decision once in your life it is possible that you will make it a couple of times. Being prepared is always better so let’s talk about it in this article.

Upsizing is when you decide that your current living space is just too small and you want to buy a larger home. It doesn’t have to be a house it could be going from your parent’s home or an apartment to a condominium or your first house. It could be moving from a multifamily to a single family or from your first single family home to a larger single family home. In all of these cases you are expanding your space. 

Why? For most it is the need for increased space.  You could be a growing family with children or becoming a first time home owner.  You may have parents moving in with you and your children.  A change in careers or location can bring this question up. Success and the desire to improve your quality of life is another reason.  You may have added a pet to the family.  Office space, storage, a garage, and additional entertainment space are also reasons for upsizing.

There are a lot of reasons for the need to upsize but knowing the financial cost and the changes to your life ahead of time is imperative before making the decision. How much more will my monthly budget have to increase? What will be the added maintenance and the cost of it? Can I make this my forever home and age in place or will I have to move again? These are all very important and valid questions to ask when considering to upsize.

Downsizing is when you move into a smaller space because having a larger home is no longer necessary or financially sound. One reason is when your children have moved out and you no longer need as much room.  Another is when you are retiring and want a better quality of life. You want less responsibility for the upkeep and maintenance of your home and more capital to spend on other interests.

Aging could come into play if your home no longer can accommodate your physical needs.  You may want all first floor living. A smaller home is more manageable and can make it easier to remain independent for a longer period of time.

Financial reasons could impact your desire to make the move into a smaller living space. Moving in with your children to care for grandchildren or generational living is a common reason for this decision.  It allows for the family to address childcare and elder care as well as financial stability.

Wanting to go GREEN has been a growing desire for many and moving into a smaller place can give you a smaller footprint. First there is using less energy for heating and cooling.  Then there is potential for driving less and using public transportation instead. Decluttering and being selective on what you are keeping and using are also ways of achieving sustainability by moving into a smaller space.

There are many reasons for downsizing your home and it can offer many benefits.

Finally, Resizing is when you increase the size of your home by adding living space to it, for example, building an addition on your home. Some people love their home or the area they live in and just don’t want to move but still need more room so the alternative is to build. 

You may have aging parents and you want them to be close enough to take care of but still have a measure of privacy so you add an in-law apartment to your home to accommodate them. You may need live-in help for the care of your children or family so you build an au pair suite for convenience.

You have decided to work from home or start a business and need an office. Your kids need an indoor play area or their own rooms. All these are very good reasons for changing the footprint of your home and expanding.

There are many financial reasons for resizing your home. You may need to create additional income so you decrease your living space by increasing the overall living space and turn your single family into a multi-family home.

You may resize to support your grown children or accommodate your retiring parents. Generational living has become common and it has many benefits including financial.

Another reason is to increase the value of your property. Adding a family room or entertainment space can add value and make it more appealing to the next buyer and provide you enjoyment in the meantime.

Resizing is a complicated decision to make. Ask yourself what it is that you are trying to accomplish. Is it going to be less expensive to build than to upsize? What are the benefits to it? What are the problems it may cause physically and financially? If you are thinking of a change to your property too add value should you consult a local property expert first? Answering these questions can be eye opening but deeply beneficial in making your decision.

As you can see there are some commonalities between upsizing, downsizing, and resizing. All home owners inevitably will face at least one of these decisions. The best and first decision is to contact professionals before making any changes in your life or to your property. It will make the process much easier.