Homes are the biggest investment for most of us, and upgrading or downsizing it is an important decision to make. Whether you’re planning a major renovation or just want to freshen up your home by changing its layout and furniture, there are many pros and cons to consider when deciding on an upgrade or change.
We live in a time where housing prices are skyrocketing and home ownership costs continue to rise. Even if you can afford a new home, it makes sense to consider downsizing your existing house instead of buying a brand new one. Smaller homes tend to cost less than larger ones do because they require fewer materials and less maintenance.
If you’ve considered downscaling your house, here are some dos and don’ts that could help you with that decision: When you are planning to buy your dream home or looking for a new home, the first thing that comes to mind is the size of the property and its dimensions. You need to give special attention to this part because it will help you understand what kind of house you can build on that plot.
The plot size and dimensions have an impact on various aspects of your new home, including cost, availability of space, privacy levels, and maintenance needs. You must consider downsizing or upsizing as per your requirements. But how do you know if your home is just right? These points will answer all your queries:
Check for potential home improvements and renovations
You have to check all the aspects of your home and decide what needs to be changed. A general check will help you decide if you need to upsize or downsize your home. The first step is to measure your home’s dimensions to see if there are any potential renovation and improvement areas. You can also get a home assessment for a detailed analysis of your home and its components.
This is usually done by a contractor or a real estate appraiser who will look at your home from an architectural and engineering standpoint. They’ll provide you with an accurate assessment of the current state of your home’s structure, including any issues you may not be aware of.
You must know what will change in your house after renovation or upscaling
You must be aware of the layout changes that will happen and the effect it will have on your home. There are various changes to be kept in mind while upscaling or downscaling your house. Let’s check out what they are: For a smaller home – If you’re downsizing your house, you’ll likely have to rearrange your space to accommodate fewer rooms and more people. You may have to move your kitchen, dining room, and living room if you’re moving to a smaller space.
For a bigger home – If you’re upscaling your house, you’ll probably have to move or remove some walls to accommodate more rooms and less people. You may have to move your kitchen, dining room, and living room if you’re moving to a bigger space.
Determining whether you should downsize or upsize
You must understand your requirements and reasons for downsizing or upsizing your home. You must know what you want from your home and its future. Some questions that will help you determine if you should upsize or downsize: –
– What is the financial gain of downscaling or upscaling your home?
– What are the future expectations of your family?
– Will your future plans fit in your house?
– How will this decision affect your family finances?
– Will you be able to afford a new house?
– Will you be able to afford a new mortgage?
– What are the advantages and disadvantages of downsizing or upscaling?
– What are the risks and limitations of downsizing or upscaling?
– What is your ideal home and its layout?
What to look for in a smaller home
If you are planning to buy a smaller home, you must pay attention to its layout and design. The following points will help you make the right choice:
– The Front Door : The front door is your first impression and it should be welcoming and inviting. A strong, solid door is ideal. If you’re going for a contemporary look, choose a glass door. It can be a single-panel door or a French door.
– The Staircase : A staircase is a must-have feature in any home. But if you’re downsizing, you may have to make some adjustments. Consider a spiral staircase to save space. Make sure it’s sturdy and safe.
– The Entry Hall : An entry hall is a place to put your most important things and a way to greet your guests and family members. The best materials for this area are wood, tile, or marble.
– The Kitchen : The kitchen is the center of your home and a place for gathering. So, make sure it’s large enough and there is enough storage space for your cooking and dining essentials.
What to look for in an upscaling home
If you are planning to upsize your home, you must pay attention to these points to make the right choice:
– The Entry Door : The front door is your first impression and it should be welcoming and inviting. A strong, solid door is ideal. If you’re going for a contemporary look, choose a glass door. It can be a single-panel door or a French door.
– The Staircase : A staircase is a must-have feature in any home. But if you’re upscaling, you may have to make some adjustments. Consider a spiral staircase to save space. Make sure it’s sturdy and safe.
– The Entry Hall : An entry hall is a place to put your most important things and a way to greet your guests and family members. The best materials for this area are wood, tile, or marble.
– The Kitchen : The kitchen is the center of your home and a place for gathering. So, make sure it’s large enough and there is enough storage space for your cooking and dining essentials.
Pros of downsizing
– A smaller home will likely cost less in terms of maintenance and utility bills.
– A smaller home will likely be less expensive to purchase, especially if your current home is in an expensive neighborhood.
– A smaller home will likely be less expensive to insure.
– A smaller home will likely be less expensive to repair or maintain if something breaks, such as a roof or plumbing issue.
– A smaller home will likely be easier to sell in the future.
– A smaller home will likely be less expensive to furnish.
– A smaller home will likely be less cluttered and free up extra space for outdoor activities.
– A smaller home will likely be easier to clean.
– A smaller home may be more energy efficient, requiring less heating and cooling and saving you money.
– A smaller home may be closer to work, school, or other places you frequent.
– A smaller home may have reduced noise levels, making it quieter and more peaceful.
Cons of downsizing
– A smaller home may lack privacy and be more vulnerable to burglaries.
– A smaller home may have less storage space and be harder to organize.
– A smaller home may have less space to entertain guests.
– A smaller home may be harder to sell in the future.
– A smaller home may be less efficient if you have children or pets since they’re more likely to make a mess.
– A smaller home may have less outdoor space for gardening or outdoor activities.
– A smaller home may be farther away from work, school, or other places you frequent.
– A smaller home may be less energy efficient, requiring more heating and cooling and costing you more money.
Pros of upscaling
– A bigger home may have more privacy and be less vulnerable to burglaries.
– A bigger home may have more storage space and be easier to organize.
– A bigger home may have more space to entertain guests.
– A bigger home may be easier to sell in the future.
– A bigger home may be more efficient if you have children or pets since they’re less likely to make a mess.
– A bigger home may have more outdoor space for gardening or outdoor activities.
