The term ‘downsizing’ is often used in the real estate
market to describe individuals and families who are moving from a larger
property to a more modest residence. Most of the time, this is associated with
major life events, such as when the last child of a large family leaves home.
It has also been used when financial inconveniences or medical events have made
the change more practical. While very few people actually want to give up their
larger house (the achievement of a bigger residence was once a point of pride),
the act of downsizing is understandably associated with forced circumstances,
not always positive. As a result, many people have unfortunately become
embarrassed to admit the need to downsize; due to the current economy, though,
coupled with a new way of ecological thinking, downsizing is beginning to gain
in popularity, under a new name: rightsizing.
Rightsizing and
What It Means for You
Viewed with a more positive outlook that is accompanied with a brighter mindset, rightsizing is the willing act of moving to a property and embracing both the amenities and square footage that are actually needed for your lifestyle. While rightsizing can be done for practical reasons that are time-sensitive (financial and medical, to name two), it is seeing a growing trend as a way to cut back on expenses, be more ecologically sound, and be more mindful of consumed materials. Individuals and families that are looking to rightsize may take advantage of a lifestyle that includes a more intimate space and less furniture while being able to allocate the otherwise-used money towards home upgrades or other interests.
Rightsizing in Your
Community
More often than not, rightsizing does not mean having to leave your current community. While many do choose to examine their rightsizing options when relocating, especially from across the country, the common rightsizing move happens within the same neighborhood. The current economical situation has created a powerful buyer’s market with rich deals to be found in nearly every community across all housing types. The abundance of home choices make rightsizing an opportunistic adventure for those looking to change their daily living needs. In my next blog, I will examine some of the considerations to be mindful of before rightsizing.
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