If you’ve been on the market for a new home, you may have asked yourself the question, “How big of a house do I really need?” Finding the right size home is a balance of matching the space you want with the maintenance you can manage and the budget you can afford. Right-sizing involves finding the ideal home that supports your ability to feel happy, relaxed, and at peace.
What Is Right-Sizing?
Right-sizing is about determining how much house you actually need by identifying your priorities and requirements and using that criteria to inform your homebuying decision. The concept of right-sizing goes beyond the conventional idea of upsizing or downsizing and focuses on finding the right fit for your unique lifestyle.
Assess Your Current Situation
It’s important to evaluate whether your current residence offers a sense of comfort and security or if the responsibilities of maintenance contribute to stress. What areas of your home cause you stress or discomfort? What areas are your favorite and why? Are there unused spaces that could be repurposed, or do you find yourself overwhelmed by excess space? Figure out whether reducing clutter and reorganizing will help you to reach your goals, or whether you really need an extra bedroom or bathroom to accommodate your family’s lifestyle. Circumstances change over the years and thinking about your current pain points and future needs can help you when it comes to right-sizing during your next home search.
Determine Your Ideal Lifestyle
After you’ve identified the pain points with your current situation, make sure to also think about aspects of your home that are necessary for your lifestyle. Consider the activities that you engage in often and that you enjoy. If you love entertaining guests, a spacious living area will be very important to you. Alternatively, if you work from home and your children play instruments, you’ll need to have a good number of rooms for some privacy. It’s not only important to look at your current daily life, but to think about the future. Will you be expanding your family? Are you going to soon be an empty nester? Understanding your current and future lifestyle will help shape your home search.
When to Right-Size
Once you’ve assessed your current situation and identified your ideal lifestyle, it’s time to consider what right-sizing looks like for you.
Reasons to Upsize:
- You don’t have enough bedrooms for a growing family.
- An aging family member is moving in.
- You frequently host family and friends.
- You can comfortably afford it.
- You need an additional bathroom for more privacy.
- You’d like to add a walk-in closet or additional closet space.
- You feel cramped, and decluttering isn’t providing enough space.
Reasons to Downsize:
- You have a lot of unused space in your current home.
- You’ll soon become empty nesters.
- You’re taking a pay cut.
- Your monthly housing costs have risen to over 30% of income.
- You have less time and/or energy for maintenance and cleaning.
Other Solutions to Help You Right-Size
If you’re not ready to move just yet, you could try decluttering, repurposing rooms, or renovating your home to have it better fit your lifestyle.
Declutter and organize: Start by decluttering your space. Donate or sell items that no longer serve a purpose in your life. Organize your items to create a more efficient and visually appealing living space.
Evaluate room usage: Consider whether each room is being used to support your lifestyle. Can a guest room be transformed into a home office or hobby room?
Renovate your home: Have you ever thought to yourself “If only my home had _____, it would be perfect!” Rather than moving, you might be interested in a home renovation. You could remodel your kitchen to give you the oversized island you’ve been dreaming of or extend your patio to invite more outdoor activities into your backyard. Learn more about your options with our Renovation blog and our Building Your Backyard Oasis With A New Pool blog.
Right-sizing is a personal journey that goes beyond the physical aspects of a home. It’s about creating a living space that enhances your quality of life and aligns with what’s important to you. By assessing your current situation and determining your ideal lifestyle, you will be a few steps closer to finding the home of your dreams.
Why Choose FBC Mortgage?
FBC Mortgage, LLC is a leader in helping home buyers with fast and simple loans. We’re dedicated to exceptional customer service and are always available when you need us most, even at night and on the weekend. We’ll help you navigate your new home purchase, and keep you updated along the way with weekly check ins, so you know you’re taken care of. That’s one of the many reasons why 95% of our clients would recommend us to their friends and family. It’s also why the nation’s top home builders and Realtors trust FBC to help their new home buyers.
Buying a home is one of the most important financial decisions you will make. Understanding mortgages and the home buying process can help make it less stressful, and so can partnering with a mortgage lender you can trust. At FBC Mortgage, LLC, we’re dedicated to helping home buyers finance their dream home.
All information presented is for educational purposes only and not intended as financial advice. FBC Mortgage, LLC is a national mortgage lender headquartered in Orlando, Florida. Specializing in residential mortgage lending, including purchase, refinance, construction, and renovation loans. See what our clients have to say. NMLS#152859 EHL ©2024.