Downsizing/Rightsizing Your Home - Is it Right for You?

When is the right time to downsize or “rightsize” your home? 

The answer to this question is different for everyone.  In years past, homeowners tended to stay in their homes as long as it was physically and financially possible.  Today, we’re finding that many homeowners opt for maintenance free living as a matter of lifestyle, not one of necessity.   And the benefits of this choice can be very rewarding, physically, financially, and emotionally.

Physically, a winter like the one we’ve just experienced can be isolating.  When it’s dangerous to be out in the snow and cold, it becomes easier to skip social opportunities and simply stay inside.  Condo living can provide opportunities to socialize with neighbors without ever bundling up and braving the elements.   When you’re ready to venture out, condos in downtown areas can make a perfect choice for those looking to be close to local restaurants, shops, and even the train.

Not quite ready for a condo?  Perhaps a townhome is a better fit.  This maintenance free option will still provide freedom from lawn mowing and snow shoveling.  There’s no more need to climb a ladder to clean gutters. These tasks are performed by professionals hired by the association.  And with a private entrance and your own patio, a townhome patio could be the perfect way to maintain the feel of your single-family home while downsizing your responsibilities.

Financially, the benefits can be great as well.   Ever increasing taxes on a large home can be burdensome on a reduced or fixed income.  Unexpected repairs can soon be overwhelming.   With maintenance free living, costs become more manageable as exterior maintenance expenses are covered by a monthly association fee.   When it’s time for a new roof or siding, a financially responsible association will have budgeted for these repairs.  Responsibility for big ticket items is limited to those inside the unit, like furnaces and appliances.  The costs of replacing expensive maintenance items like lawn mowers, snow blowers, shovels, rakes, and tools become a thing of the past.

High utility bills are also reduced as smaller living spaces and those with shared walls, help minimize these monthly expenses.  Many condos even include heat in their association fee. 

Emotionally, the benefits are impressive, too.  Home projects that were previously a source of joy, can often become burdensome.  The inability to tackle these projects, can weigh heavily emotionally, on you and your extended family.  Isolation, which can be a challenge in winter months is remedied by neighbors down the hall instead of down the street.  Time saved from work and worry can provide greater time for family, friends and recreation.  Maybe now is the perfect time to pursue a new hobby or play more golf!  Maintenance free living can be a huge benefit to those who enjoy traveling or are regularly away on business trips.  These homebuyers can turn the key and leave for extended periods without the worries of traditional home owners.

And best of all, less physical and financial strain can be good for the soul.   Perhaps, the best shelter of all is the one that provides you peace of mind and a good night’s sleep!

Whether you are buying or selling a home let the Cindy Eich Team at RE/MAX at Home, help you. Cindy Eich and Marty Eich have over 40 years of experience and will take great care of you and anyone you are kind enough to refer!   When you’re ready to make your move, the Cindy Eich Team is ready to help! For a FREE Consultation, please call 847.255.1000.