A couple sits in a kitchen discussing life

The Question of Space: Is it time to downsize your home? Part 2

In Buyers, Homeowners, Sellers by Doug Phelps

While some of my clients go looking for more space, I also have a fair amount of clients who go looking for less space.  Some people are looking for more space, while others are looking to downsize because they think they have too much space.  Believe it or not, I have clients who have a cap on the amount of space they’d like to look for and the reasons behind it can vary greatly from family to family.  While it can be really easy to decide if it’s time to hunt out more space in a new home, it can be more difficult for clients to understand if it’s officially time to downsize space.  After all, some homeowners may decide that the extra space may come in handy later.  In our first call, I help you to decide the next best step on whether it’s time to upgrade your home, stay where you’re at or downgrade your home; mostly dependent on your needs and lifestyle.  Below is a quick guide to help you start thinking about which one might be right for you.

Are you thinking of downsizing your home?  Why some homeowners decide to:

Too much upkeep

Many of my clients come to me when they are thinking of downsizing a home with the prioritized reason that their current home is too much upkeep.  This can mean many things to many people but a few key reasons people decide to downsize is their current home is too much space after having kids, relatives or friends move out and now many rooms in their home sit empty.  It can be daunting for some to know they have to clean rooms regularly that nobody is ever in.  Cleaning a wide, spacious home can be a real disappointment for homeowners who are looking for a more relaxed lifestyle.  Upkeep can also mean external and many people get very tired of maintaining a large yard and want to downsize to a property with a smaller yard, or even no yard at all.  Another example of too much upkeep is if the home is older and the inhabitants want a more turnkey home and would like to sell it to someone who is looking for home improvement projects.  In the real estate market, it takes all types and all of these reasons plus more are valid. 

Family is officially out of the house

As mentioned in point number 1, if a family goes from a house full of children and other relatives and then suddenly it is just a couple, then empty nest syndrome can kick in.  After years of a full house with kids growing and grandparents moving in, a house can feel very empty and quiet when everyone is gone.  Usually these homeowners are more established in life and they have opportunities to have multiple homes or condos wherever they would like to be.  After all, after children grow it’s an opportunity for couples to reconnect in a new life chapter and it’s a new beginning that may be best to start in a new home.

Too much extra space

Some homebuyers greatly overestimate the amount of space they need when they buy their first homes.  After a while, homeowners can start to understand that the extra space is more of a burden than a luxury and may opt to find a smaller home.  Smaller homes do not mean a less luxurious home and depending on needs and lifestyle a homebuyer may opt for a small home in a nicer location, as opposed to a large home where space goes widely unused.  These are the kinds of things I help clients to decide.

A change of scenery

Combining reasoning from all the above points, plus adding some new ones, a change of scenery can mean different things to different homebuyers.  For example, my empty nest clients may opt to sell their large suburban home and opt for a newer modern condo downtown to see what city life is like.  On the opposite side of the spectrum, newlyweds who lived in a modern space downtown may opt to find a fixer-upper in suburbia because they would love to take on some home projects.  This works for homes which aren’t a primary residence too.  Some clients come to me looking for vacation homes in remote locations, or a vacation home in the city as they are from out of state but frequently visit Denver.   Whatever your lifestyle or needs are, I’m happy to help guide you on the best option for you and your family.  

Are you struggling to decide if you should upgrade or downsize?  Are you in the market to buy or sell your home?  Call and text me at (720) 323-4176 or email me at [email protected]

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