Downsize Your Home, Upgrade Your Life

BY ERIN McFEETERS

With higher than ever sales prices and a lack of inventory for buyers, any mention of downsizing often correlates with purchasing a smaller home. However, your clients don’t necessarily have to compromise the spaciousness or square footage to downsize. Clients could want to downsize by eliminating their travel time to family members, cutting back on expenses, or lightening their responsibilities.

We are seeing people look at new or different configurations of space. For many of them, downsizing does not necessarily mean a smaller home but one that has more options for use of space or more people involved sharing the costs,” said Kathryn “Kat” Timpson, a Realtor® with Coldwell Banker Realty in Summit.

“A room off a kitchen for increased at-home schooltime; a full apartment in the basement (or potential for it) to have different generations living together or to offer a rental opportunity; more outdoor space so that there is room for everyone to be out of the house but still nearby; better proximity to more things they want like recreational options that come from living in less densely populated areas. Maybe it should be called RE-sizing.”

Aging in Place and Mitigating the Need for Future Assistance

The industry has heard the phrase, aging in place, time and time again, but what does it mean? Your clients will have different needs throughout their lives, and if they’re looking for a home that they can stay in for tenplus years, there are a few necessities to do so. Having a bedroom, full bathroom, and laundry access on the first floor could be an absolute necessity in the future.

Your clients may want enough room for a home office for their current season of life, but in the future, may want to transition it into a bedroom for an aging parent. Aging in place means buying a home that evolves with you and reduces the urgency to move in the future.

“I have a client who is looking to buy a home at about the same price as what their current home is listed for. The logic behind it is that they are working professionals and plan to retire in the next few years to pursue more traveling,” said Tezeta Roro, a Realtor® with Keller Williams Suburban Realty. “To enjoy that lifestyle, they are looking to move into a home that has enough space for their family without the maintenance associated with a large single-family home with a yard. So luxury condos, townhomes and even co-ops are being considered where a concierge type lifestyle allows for families to travel frequently without worrying about up keeping their properties.”

Phasing Out a Close Commute to Work

If your client moved to Hoboken because of the easy access into the city, but now they’re retired and looking for somewhere more suburban, they’re not alone. This situation was common for many during the pandemic and was coined, “The Great Resignation” by Texas A&M University organizational psychologist, Anthony Klotz.

According to the Pew Research Center, from the third quarter of 2019 to the third quarter of 2021, the retired population ages 55 and older grew by about 3.5 million. That’s 3.5 million whose income and job status changed.

A client who was once commuting into the city could also now work 100% remotely. Like your retired client, they could be looking for more space and a more suburban lifestyle.

“Downsizing does not always mean smaller; it can be right sizing. At times in life where the home no longer fits the need intended, people are looking to change the layout of their living space, clean out items that do not serve a purpose in their lives at this point, and look for alternatives that meet the new phase in their lives,” said Nicole Ventrella, a Realtor ® with Coldwell Banker in Moorestown.

“It can be moving from a multi-level home to a single level floor plan or moving neighborhood or area to incorporate lifestyle needs. With any move if you put into practice clearing out things you do not need, packing away and labeling things you intend to keep, and deciding on what to do with the rest, then your next move has order and purpose.”

Cutting Back on Expenses

Living in an expensive and popular area could leave much to be desired with inflation on the rise. While walkable downtowns are growing in popularity, downtown access comes with a price. Shifting gears to a more affordable neighborhood may now be the need of your client and vital to their financial success.

Knowing and having familiarity with many towns in your area can help you help your clients downsize without sacrificing space.