When looking for a new home it is common to use your current living space as a reference point when going into the buying process. While this is important to take note of, other factors are worth looking into when it comes to upsizing vs downsizing.
The current and expected size of your household plays a key role when looking into a new property. If you plan to add to your family in the future or your current living space is too small, it may benefit you to buy a property bigger than currently needed. Similarly, if your occupancy will decrease you might not need as large as a living area as before.
The real estate market varies by location which means your money may go farther in one city then another. Buyers with a budget should do research on what their budget looks like in their desired area. If your area is too pricey, you may have to settle on a smaller space or possibly look outside your original location. If you are moving to a lower cost area this is a great opportunity to upsize for less or save money by getting a similar property for less.
Use of Space
What do you and your family use your space for? Is the dining room an everyday spot or only for holidays? Understanding how your family uses your current space will help you narrow down what type of space will fit your lifestyle. If you have a three bedroom house and you have a bedroom set up as a “gym” you may rarely use, you may do fine downsizing to a two bedroom property. If you enjoy sewing but you would like a designated space, getting an extra bedroom or office area could be the answer
In conclusion, it is imperative for buyers to do their research and reflect on their lifestyles when choosing to either upsize or downsize. Talking to a real estate professional about the area and home wish list can also help buyers make the best decision for their needs.