Downsize or Upsize—Which Is Right for You?
At one time, it seemed that everything you read in the newspaper’s real estate section had to do with downsizing—the practice of selling off the family home and moving to a small, low-maintenance villa or condominium. The favored communities for downsizing were often located in the South, offering good year-round weather and no more snow shoveling. It sounded like a great deal—pre-pandemic.
At that point, many families found themselves living in small condominiums with adult children and college students returning home for quarantine. Everyone thought it would be for a week or two, at most. Now, almost a year later, some families are looking to re-upsize, either by buying a new, bigger home, by installing an accessory dwelling unit (ADU) in the backyard, or by renting an additional apartment in order to provide better options and a little more elbow room for their families.
Once COVID is in the past, these homeowners will have to decide whether they want to re-downsize or if more room makes more sense. Meanwhile, Gen-X homeowners are thinking ahead and wondering whether downsizing really works for the active retirement they’re envisioning.
What should you consider before downsizing? How do you know whether downsizing is a viable option for you and your family? Here are some questions to consider.
