So let’s talk about today’s topic and that is right-sizing. And what is right-sizing? And is it actually a word or is it two words? and I am not really sure how to answer that question! But corporate America sometimes uses the word downsizing when they shrink their headcount or their company footprint. But sometimes in the real estate world, you have to right size, which means you need to find a house that is the right fit for your lifestyle today. For example for families that have a mess of little kids, you buy this big house so you have room for everybody. And then, in the blink of an eye, they go off to college, graduate, and get a job. Then they move out of the house, and all of a sudden you’re heating 3,500, 4,500 square feet of house for two people. Is that the right size? So hence the term, right-sizing.
What is right-sizing?
I always say right-sizing is finding the house that fits your lifestyle today. Right-sizing is not making the house that fits a past segment or past stage of your life. So good examples of right-sizing can be found below:
Examples of right-sizing:
Do you have too much house? Do you need the five bedrooms? Maybe you need a two-bedroom condo or something in between, and that always leads to like too much house
Is your house too much maintenance? Is that big yard that was so much fun to create sort of becoming an albatross? And so is it too much house or too much maintenance? Or both?
Or sometimes the house is just too dated and you just don’t have the desire to go through a renovation. A renovation where you’d update the bathrooms, update the kitchen, and so forth. Sometimes it’s just easier to move and find something that’s going to be a little easier to address. Thus allowing more time in life for the things you like to do in your spare time.
Another example of when it’s time to right-size should be if you’re getting a divorce. Do you need two addresses to come out of the one address that you’re currently in? Maybe you need a real estate divorce specialist. Perhaps Vesta can help you with the divorce sorts of questions.
And I kind of talked about one side of the kids leaving for college. But then they graduate. And then they come back home. So maybe you need a house that’s a similar size but lays out a little differently because you’ve got a 20 something who’s home and not moving out anytime soon.
More on right-sizing to come in the future:
So you’ve got different types of examples for right-sizing. It’s a topic you’ll hear a little bit more about from me over the course of the year because I think we’re sort of in that market now where some people are starting to say, hey, this market’s really strong, pricing is good, and I’ve got too much house. Maybe it’s time to move.
So that’s the topic on right-sizing. It’s really just going through the process of finding a house that meets your needs for how you’re living today.