What Is Rightsizing, and Is It Different from Downsizing?
A look at the potential benefits and challenges of rightsizing, plus how it differs from downsizing.
You're likely aware of "starter homes" and "dream homes." The former is a small, affordable beginning, often followed by upsizing and later downsizing. Have you heard of "rightsizing"?
What Is Rightsizing?
Edward Sattler of Better Homes & Gardens Real Estate Green Team stresses that rightsizing is a thoughtful process, differing from downsizing, which is simply about size reduction. According to Michael Yehuda from Coldwell Banker Warburg, downsizing is a specific form of rightsizing that emphasizes space reduction, while rightsizing is a more comprehensive approach, optimizing various aspects of life like work, health, and family dynamics.
When Is It Time to Rightsize?
Rightsize your home when your living situation needs to match your lifestyle. Opendoor's 2023 survey reveals a trend toward simpler living, driven by health concerns, especially for seniors (57%). While not always about saving money, rightsizing offers more freedom and significant emotional well-being benefits, reducing stress and clutter for improved psychological health.
Rightsizing for Retirees
Rightsizing often coincides with downsizing in later life when the need for extensive space diminishes. Retirees benefit from lower costs and a home better suited to their current lifestyle. It's not just about space; many retirees dream of travel, finding appeal in condos or communities with maintenance services and enhanced security while away.
What to Look for in a Home
In your search for a home that suits your needs, go beyond square footage. Duncan advises considering location, maintenance commitment, and fulfilling your dreams. Sattler suggests assessing how a different home uses your resources. Patchen notes the appeal of a quieter life, with one-third of people open to relocating for a lifestyle change. Similarly, choosing a smaller home near amenities aligns with the trend of spending more time outdoors, reported by 62% of Americans post-pandemic.