Downsizing vs Upgrading: How Much Space Do You Need?

One of the first factors homebuyers should consider before exploring the market is size. How much square-footage is ideal for your family? Do you require a backyard or a two-car garage? How many bedrooms? Choosing the right amount of space is vital to ensure your home compliments your lifestyle and budget.

When current homeowners are searching for a new place, they typically want to upgrade or downsize. But how much space do you really need? We have all heard the cliché interview question “Where do you see yourself in 10 years?” But when it comes to investing in a home, it is important to consider your future plans. Do you intend to have children? Get a dog? Buy a car? Start a home business? Your home does not need to accommodate every possible direction your life could take, but it should be compatible with your most important goals. Make sure you have enough space to progress without having to pack up and move.

At the same time, a home should be affordable based on your current income. Even if your future plans include a higher salary or forthcoming promotion, you want to be able to pay your mortgage based on your present earnings. You should also consider the cost to furnish, renovate and maintain a larger home. A backyard is a great investment if you plan to have children or get a dog, but do you have the time and funds to maintain a pool and two acres of land? Look for a home that you can comfortably afford while still having plenty of room to evolve.

On the other side of the spectrum, some homebuyers are looking to downsize, especially if a couple has reached retirement and their children have moved out. A smaller home can be easier and less expensive to maintain, but location is key. A smaller home in a more sought-after area may be equally priced or more expensive than your current home. Additionally, a new home may require costly renovations. Downsizing can be a great way to save money, but make sure you take into account all costs associated with the move.

When downsizing, you should consider additional factors besides simply size. What else do you want to accomplish by downsizing? If you want to grow old in a smaller home, should you consider a bungalow without stairs? Do you still need to be in a neighbourhood close to work and reputable schools, or are you looking for a location close to family and key amenities? Downsizing can be a great way to simplify your lifestyle, but it is important to ensure your home still fulfills your present and future needs.

Whether you are upgrading or downsizing, you want your new house to be the right fit. My job is to help you find a beautiful home that compliments your goals, budget and lifestyle. Ready to get started? Take a look at current listings in the Ottawa area and do not hesitate to get in touch.