When it’s just you or just you and your partner living in your home, then it may start to feel too big. You may consider downsizing or “rightsizing.”

But before you put up the “For Sale” sign in your front yard, be sure to consider all of the factors to make sure you’re making the right decision for you.

What Is “Rightsizing?”

Downsizing sometimes has a negative connotation. It suggests that you’re taking a step down from your current status. “Rightsizing” means choosing things that are right for you in your current situation.

When you “rightsize” into a new home, you’re choosing a home that better suits your needs that also happens to be smaller. You can often still have the same quality of life in a smaller home. You just won’t have as much space.

Why You Should Downsize or “Rightsize”

There are many good reasons to “rightsize” or downsize your home. When you had children living in your home, you needed extra space. You may now feel like that space is no longer utilized.

Less to Maintain

When you have a smaller home, there’s less to maintain. You don’t have as many spaces or stuff to keep clean. You may also have a smaller yard, which will require less landscaping.

Even if you hire someone to keep up your house and yard, there are still daily tasks you have to keep up with. A smaller home is much easier to manage. You’ll have more free time to pursue hobbies and spend time with friends and family.

Lower Mortgage and Other Bills

If you’re still paying on your home but have built up a good bit of equity, you may be able to sell it, pay off your current mortgage, and get into something more affordable. You may be able to decrease your monthly mortgage note significantly.

Smaller houses are also less expensive to maintain. You’ll spend less on electricity and other utilities. If you hire help like landscapers and housekeepers, you’ll be able to pay less.

By freeing up some money each month, you can do things you’ve always wanted to do. You can travel, take up new hobbies and activities, or even give more to charities or your church.

Less Stress

With your kids out of the home, your life should now be about spending time focusing on yourself and your partner. You deserve to pamper yourself and do things you love.

A smaller home means less stress all around. You should be enjoying your life, not worrying about paying bills or keeping a large house clean.

Things to Consider Before Buying a Smaller Home

Even though downsizing/”rightsizing” is a good idea for many and can sound appealing, there are a few things you need to consider before you put your current home up for sale. It may not be the right time for you to downsize.

Current Market Value

Before selling or buying a home, you need to spend some time researching the current real estate climate. Is it a good time to sell and buy? Are you comfortable with your home’s appraisal? Will a new, smaller home get you more bang for your buck?

If you still owe a lot or are upside down on your home, then it may not be a wise financial move to sell.

Less Space

In many cases, less space is a good thing. However, if your kids are in college but still spend a significant amount of time at home, you may still need some extra space. Likewise, if you have grandkids and other family members that plan to visit often, you may not want to get into something too small.

Lifestyle Changes

Sometimes downsizing means moving out of your current neighborhood. If you live near good friends or are used to entertaining guests frequently, then you may not be as happy in a new place.

Wrap Up

Ultimately, there’s no one right answer when it comes to downsizing/”rightsizing.” You can gain a lot when moving into a smaller home, but you’ll have to give up some things too. Just consider what your main goals are for your life moving forward. Your best choice is the house that will help you meet these goals.