Next Chapter, New Home
Should you upsize or downsize after the kids move out?
Considering moving once your kids are officially out of the house? You aren’t alone.
After owning their homes for a decade or more, and often raising a family there, buyers are dipping their toes back into the market.
According to the National Association of REALTORS® 2024 Profile of Home Buyers and Sellers, the median number of years a seller owned their home was 10 years, and 73% of recent buyers did not have a child under the age of 18 in their home – the highest share ever recorded.
But not everyone is downsizing. In fact, 36% of sellers traded up and purchased a home that was larger in size than what they previously owned.
“We’re seeing more and more empty nesters actually looking to upsize rather than downsize,” said Connie Vavra, President of Mainstreet REALTORS®. “Post-COVID, these buyers want larger homes and more space to accommodate family and friends.”
Even still, 30% bought a home that was similar in size, and 32% traded down and purchased a home that was smaller in size.
For all sellers, the most commonly cited reason for selling their home was the desire to move closer to friends and family (23%), followed by the home was too small (12%), the home was too large (11%), and the neighborhood was becoming less desirable (10%).
If you are looking to make a move, especially if you are retired or approaching retirement, there are some important factors to weigh when deciding whether to upsize or downsize.
If you’re looking for more space for family, hobbies, and multi-generational living, factor in how a larger home may impact maintenance costs, property taxes, utilities, and insurance. Additionally, if you think you will stay in the home for a number of years, you might want to look for layouts with single-level living and houses with wider doorways, step-free entry, and accessible bathrooms to avoid future remodel costs.
If you plan to purchase a smaller property, prioritize a home that features spaces your family will utilize most, whether that be a centrally located kitchen, a large family room, or an outdoor space for gatherings. Make sure you don’t trade so much space that you compromise what matters most.
Many smaller homes, especially condos or homes in planned communities, may also be part of a Homeowner Association (HOA). Many HOAs offer tremendous benefits, such as shared community spaces, workout facilities, swimming pools, and more, but be sure to evaluate these costs to ensure you are not offsetting your savings.
Moving is always both exciting and stressful, no matter your stage of life. A trusted Realtor who truly understands your needs and knows the local community can help make the process seamless and ensure you find a home that fits your lifestyle.
