It used to be back in our Grandparents or even our Parents generation when you bought a home it was with the idea that it would be your “Forever Home.” That was the GOAL – that this one home would be where a married couple would begin their life, raise a family & eventually retire & become empty nesters with room to host large family Christmas dinners. So the idea of a forever home is steeped with emotion. It all sounds very romantic. But, realistically that is asking a lot of one home… It is difficult to imagine that one home would be practical functionally or financially for all of these different life stages.
Nowadays with technological advancements and globalization it’s easier for people to move around. There is also a growing movement to a more minimalist lifestyle with less stuff to weigh us down – think Marie Condo. And baby boomers are more likely to spend their Golden Years travelling or relocating entirely than previous generations.
The current trend in Real Estate is finding the “Perfect Right Now Home.” Finding a home in an area that suits your needs at this point in time but not needing to know that it will still −it the bill in 10 or more years.
Here are some reasons why your home may no longer suit your needs:
Divorce – nobody plans for it to happen but a divorce drastically changes your family’s housing needs.
Family – your kids have moved out or maybe they have just come back? Or maybe you need room for aging parents to live.
Age – a 2 story home with a large yard was great to accommodate your growing family but now you can no longer handle the stairs or yard maintenance.
Career Changes – a job loss or change can mean needing to move due to relocation or for financial reasons.
Lifestyle Changes – what once mattered the most to you like school districts may no longer be applicable to your life.
Change of Neighbourhood Demographics – your friends have all moved and your neighbourhood seems to be filled with families that look a lot like yours – only 25-30 years ago??
Change of Taste – styles change. What you once liked you may not anymore.
Financial Reasons – maybe you want to free up some money so that you can travel more or to help pay for your children’s education.
Any of these reasons may lead you to the idea of needing to “Right Size” your home to suit your life. Right sizing is updating your living space based on your current needs. Between the many career, hobby, family and activity changes that we experience it makes sense to −ind the right home for you. Instead of compromising to meet the needs of your current home, rightsizing offers a freeing alternative.
Questions to ask yourself:
- Do you really use all of the rooms in your home?
- Are there rooms that are used more for storage than any other activity?
- How many times a year do you use your formal dining room, living room, guest room etc?
- Are there routine activities that are uncomfortable or inefficient in your home’s current set up?
- Do you feel like you spend more time cleaning & maintaining your home than you do enjoying it?
- Does your current neighbourhood offer you the connections & accessibility that you desire?
- Do you feel like you are house poor?
It’s important to remember that right sizing does not necessarily equal downsizing. You may discover in this process that you actually need a larger home or maybe just a different configuration. Or you may find that your current home does or can suit your needs with a few changes.
The most important thing to remember is – a home is where you and your family live at any moment. Once you leave that home it becomes just a house again & the next house you move into becomes your home.