Downsizing is Rightsizing

We often hear the word downsizing. Downsizing in the real estate world means you trade your present house for a smaller or less-expensive one. An example would be moving into a condo that is smaller than your home. Another example would be moving to a new home similar to your current home but in a more affordable area of town. We help many clients who want to downsize in the traditional manner. This is a core part of our business. However, we are seeing more and more clients opt to ‘rightsize’ instead of downsize.

What is Rightsizing? We define Rightsizing as a move to a new home that aligns with your current lifestyle and anticipated future lifestyle.

Here are 3 recent client examples of Rightsizing:

1.  Birmingham to Clarkston for Golf

Jim and Meg raised their 2 kids in a nice Birmingham home with the classic 4 bedrooms and 2.5 baths. Both kids are adults and now married with young children. They kept hearing from their family and friends about ‘downsizing’.

Rightsizing solution? Sell their 2,500 sf Birmingham home and buy a 4,000 sf ranch in a golf community. Both of them loved to golf and they were looking for a home that their kids would want to bring the grandkids to and enjoy. Plus they now had one-floor living and they could see themselves aging in place.  

2.  Rochester Hills to Birmingham

Steve and Gwen lived in Rochester Hills for the last 30 years. Both were still working and both were able to work remotely. They never had children and they really didn’t need their big Rochester Hills home. Both were looking to enjoy life and be close to friends.

Rightsizing solution? They decided to sell their house and buy a condo in Birmingham. The new condo is about 60% of the size of their house and it cost them 20% more than the sale price of their house. They now have less square footage and invested more in than planned but the Birmingham condo is a better fit for their lifestyle today. They can enjoy Downtown Birmingham and its restaurants and their favorite Griffin Claw.

3.  Oakland Township to Bloomfield Hills

Joan and Joe raised their 2 girls in Rochester area. They started in a 2,000 sf house and just before their girls entered high school they built a large home in Oakland Township. The plan was to stay in their dream home. After a while the large house was becoming less fun as the upkeep was becoming time consuming. In short, their dream house no longer fit their lifestyle.

Rightsizing solution? They bought a condo in Bloomfield Hills that was nearly as large as their Oakland Township home. Joan and Joe loved their new location and are looking forward to the lock and go lifestyle of condo living.

Whether you are thinking of downsizing or Rightsizing, the most important first step is to get clear on your current lifestyle and your anticipated future lifestyle and needs. Once you have clarity on what you want, your plan will fall into place.

For more information on downsizing your home, contact Jeff Higgins today.