RIGHTSIZE YOUR LIFE
RIGHTSIZE YOUR LIFE!
As the parents of twins who will soon be graduating from high school, in a house larger than our needs and approaching our mid-50’s, my husband and I often discuss downsizing our home when the kids head off to college. But, is it really “downsizing” that we are hoping to do? That seems so final, like something we would choose to do in our 70’s, maybe.
These days, the term for such moves and housing decisions is “rightsizing”. To rightsize in real estate means to choose a home that fits your life where you are right now or where you hope to be in the next five to ten years. It’s not “giving up the ship”, per se, but shedding some of the extra weight and responsibilities that a larger home naturally creates and allowing those changes to carve out a bit more time in your life to enjoy the things you love the most. It is, simply put, allowing your house to work for you instead of feeling like you are always working for your home. While downsizing often suggests a “loss”, rightsizing is about transitioning to the next stage of life. That sounds a lot more exciting to us!
How to go about RIGHTSIZING your home? Well, the first question you want to ask yourself is, are you really ready? Does the idea of something new and more manageable excite or scare you? To me, it’s about creating a home that is smart and intuitive. It does not have to be large to be functional.
Step 1 - Assess your current space.
Are you using all the rooms in your current home? When was the last time you sat in your formal living room or had 6 or more people at your dining room table? Do you still need that space? When was the last time you had overnight guests? Is a guest room important or can you have a multi-functioning room that doubles as an office? Identify what your priorities are in wanting to transition to a new home and update that list as needed.
Step 2 - Think about where you would like to be.
When some folks choose to transition from the larger home that they may have raised their family, they opt to move out of the suburbs to a new and exciting area. Maybe you have always wanted a home “in-town” so that you can walk to your favorite coffee shop, watch the downtown activity from your front porch and feel the energy of “town-life”. Some choose to finally realize their dream of waterfront living; waking up to the sound of the geese honking and boaters zooming by. Rightsizing is often a parallel move in terms of the cost of your home, whereas downsizing is often associated with cutting expenses and saving money. Rightsizing is all about transitioning to the next stage of your life - if you’ve dreamt of it, now could be the time to enjoy it!
Step 3 - Collaborative Planning
This is when you get to work on realizing these dreams of yours. Now is the time to assemble your “dream team”. Working with a realtor who specializes in downsizing/rightsizing will help you to navigate the market and find homes that match your criteria. They will work with you to envision your next adventure, and after finding the right home, help you to negotiate a settlement that works for you. Additionally, a professional and supportive realtor will help you to prepare and sell your existing home for top dollar so that you can use the equity you have built in that home to move into your next phase.
A realtor who specializes in downsizing/rightsizing can also put you in touch with move managers, estate professionals, and home organizers who can help with the often emotional aspect of letting go of years of family heirlooms, treasures and just the “stuff” that gets collected in our homes. A specialist in these fields takes the “what am I going to do with all this stuff?” and turns it into “there is a place for everything and everything has its place!”.
Transitioning to the next phase of your life should be a positive and exciting experience. While downsizing may oftentimes be out of necessity, rightsizing is often out of choice. Gone are the days of feeling tied down to a home for 40-50 years. As the daughter of parents who have been in their home for 53 years, I completely understand the emotional and sentimental attachment to a family home. There is nothing like “coming home” and it will be a sad day for me if and when that home is no longer part of our family story. However, if the home you are in now no longer suits your lifestyle and is holding you back from the things you would like to do, then it may be time to speak to a real estate professional about options in the market that spark your interest!
I am here and waiting to help you get started on your next journey…..
Meg Richardson
Engel & Völkers Annapolis
410-507-7023
