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The homeowner's dilemma - Upscale or downsize?

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Are you considering upgrading your home lifestyle for a more spacious place? Or are you in the market for a more modest dwelling? From family considerations to financial implications, there are plenty of aspects to take into account when buying what could be your final home location.

Below, we compare and contrast the pros and cons of both.

 

Upscaling

Upscaling or upsizing generally refers to one moving from a smaller to larger property and is the most common reason why homeowners opt to sell. Whether you're looking to expand on your garden size, need extra rooms for a growing family, looking to expand your lifestyle options, or if you find that you need more space to work from home, upscaling is the natural result of a growing individual's requirements. 

 

Pros

Cons

More space for the needs of a growing family.

Higher mortgage costs, rates & taxes. Less disposable income.

More space for personal hobbies, sports, and the option to base business at home.

Maintenance requirements are higher. Time spent looking after the home increases. May even need to hire extra help.

Have more options to entertain guests and friends.

More furniture required to fill out empty spaces means more budget allocation.

Utilise the option to rent out extra space in your home. Spare rooms, granny flats, etc

  

 

Downsizing

Throughout the 21st century, there has been a cultural push towards the concept of minimalism. This idea, coupled with an ever-changing economic and environmental landscape has seen the trends shift to the concept of sustainable living. Ultimately, people downsize for a variety of reasons, most of which are motivated by personal needs and financial concerns. As such, moving into a smaller home is not always the best decision, and can often be attributed to necessity over personal preference and the demand for the-lockup-and-go of most people these days.

 

Pros 

Cons

A simplified and minimalistic lifestyle.

Time may be needed to adjust to smaller surroundings.

Less spent on costs, rates & taxes. Means more disposable income.

It's likely you will have to sell off or put some of your possessions into permanent storage.

Spending less time on home upkeep means more time for you and your family.

Essentially you have lost time, money, and resources in order to relocate to a smaller space.

Less financial obligations on your home frees up the budget for other expenses.

There's less space for friends and guests.

Reducing your carbon footprint and living a more sustainable lifestyle is good for the planet.

For those who place a great deal of importance on how they present to others, downscaling can feel like a loss of privilege and prestige.


 

Ready to make that life-changing decision on your next property investment? Get in touch with us for more information. Our experienced Agents of Distinction will guide you through the process of finding your ideal space. 

To contact us, follow the link: https://www.homesofdistinction.co.za/

To contact one of our Real Estate Agents, follow the link: https://www.homesofdistinction.co.za/agents/

 

Author: LV Digital

Submitted 09 Jun 21 / Views 2437