You have probably heard the word Rightsizing used in relation to the concept of Downsizing. Many have the misconception that these two terms are interchangeable. While there are some similarities, the overall goal of Rightsizing is vastly different and can be a much more desirable solution when choosing to move than Downsizing!
Rightsizing is not an across the board decrease in your belongings and space. Instead, Rightsizing implies a change in your current living situation predicated on your needs and desires.
For example, you may be thinking after the kids are gone and you are getting ready to retire that you would like a different type of home. Maybe move where it is warmer to another state. You don’t necessarily want to go smaller, but maybe more modern/updated, on a golf course, or even a home with a mother-in-law apartment for mom or the grandkids to come and stay .
You are still active enough but now want a different lifestyle. You have worked 20, 30, or even 40 years and it is time for a change. With Rightsizing, you are declaring what is right for you and your significant other. You have taken care of others and now it’s your turn.
With Rightsizing, you may not have to give up all that you currently have, but you may be tempted to since you are an empty nester or retiring. If you live in the countryside, you may want to be closer to shopping and activities – less driving, closer to friends and family.
You may also consider and know that this may not be your final destination for a home. You may want to move to a 55+ community where it is friendly and the people in the community gather for activities, events, and friendship. Summer on the patio with good friends and food as well as less yard work are all quite enticing.
By rightsizing and selling your current home for top dollar, you may be able to pay all cash for your next home and be free from a mortgage. Just think what you could do with that extra money!