A look at the potential benefits and challenges of rightsizing, plus how it differs from downsizing.
The first is typically a small, affordable home you start with before you grow into a larger home.
Eventually, most homeownersdownsize, buying a smaller home for later stages in life.
Credit:(L) Laurey Glenn, (R) Caitlin Atkinson
But have you heard of rightsizing?
Rightsizing a home does not define increasing or decreasing the size of your home.
In this guide, experts weigh in on how to choose a home while rightsizing.
What Is Rightsizing?
When it comes to rightsizing, the definition is all in the name.
Its about finding a home that is the correct size for your situation.
Downsizing is just numbers, big to small, and you might not get what youd hoped for.
Unlikedownsizing, rightsizing isnt necessarily about going smaller or less expensive.
AgentMichael Yehudaof Coldwell Banker Warburg says downsizing is just a form of rightsizing.
EDWARD SATTLER
Youre not losing anything, not giving anything up, when you rightsize.
Rightsize is better living.
Youll know when it feels right in your gut.
You might have heard the term simple-sizing being used interchangeably with rightsizing.
When Is It Time to Rightsize?
The benefits of rightsizing can be huge.
While it doesnt always mean saving money, it can mean more freedom.
Rightsizing your home can have a huge emotional impact on your well-being, Duncan says.
Rightsizing for Retirees
For many, rightsizing comes at the same stage in life as downsizing.
Their life has changed in many ways.
Rightsizing isnt just about the need for less space.
It can also be about a home that requires less attention.
Many retirees dream of traveling more often, Duncan adds.
Dream about what the day-to-day would be like and how the new home can facilitate these dreams.
Sattler suggests considering how a different home might use some of your assets.
Similarly, purchasing a smaller home near certain amenities can be an excellent way to rightsize.
