Should You Upgrade or Downsize Your Home?

Are you planning to purchase a new home in Sioux Falls, South Dakota? There are several factors that you must consider before making a final decision. Maybe you have outgrown your starter home and you are feeling it’s time to upgrade by moving to a bigger and better house. Alternatively, you could be planning to downsize into a smaller home that is more affordable and meets your current needs. Whatever the reason, the real estate specialists at Amy Stockberger Real Estate (ASRE) can help you navigate through this housing transition and make the right choice.

To help you make an educated decision, we are going to discuss the pros and cons of both upgrading and downsizing.

Let’s get started!

Upgrading to a Bigger House

There are many reasons that push homeowners in Sioux Falls to consider upgrading to spacious and higher quality homes. It could be that you have outgrown your starter home or you want to upgrade your lifestyle by moving into a better neighborhood. Before you make a decision, it’s important to understand the pros and cons of upgrading as we will outline below.

Pros of upgrading

  • The bigger the home, the better, for a growing family.
  • A spacious home can have a potential home office where you can work remotely (if needed).
  • A larger house has sufficient storage room for your essentials and you won’t have to declutter your home as much.
  • You will have extra rooms to accommodate your guests and entertaining company.
  • A bigger home will hopefully lead to a higher resale value once the property appreciates.

Cons of upgrading

  • A bigger home means higher utility bills.
  • It’s also more expensive to maintain and repair.
  • You will most likely incur a higher cost when furnishing and decorating the larger home.
  • If you’re single or have a smaller family, you might end up with huge, unused spaces.
  • A bigger home also comes with a bigger price tag and you must have good financial backings in order to afford it and live comfortably.

Downsizing Your House

If you are looking for ways to save money by reducing your monthly expenses or perhaps you’ve recently become empty nesters and you no longer need such a spacious house, a viable option may be to downsize your home. When downsizing, the best strategy is to find a smaller and more affordable house in Sioux Falls. But before you make a downsizing choice it’s important to understand the pros and cons.

Pros of downsizing

  • A small house is easier to maintain and repair.
  • Lower utility bills translate to more savings.
  • Lower costs when it comes to furnishing and decorating.

Cons of downsizing

  • A small house will have less storage space for your belongings.
  • Fewer rooms can be stressful for a growing family.
  • Smaller homes can equal tighter quarters both inside and out, leading to less privacy and more unwanted disturbances.
  • Minimal space for company and entertaining.
  • A small house might have a lower resale value when it comes time to sell.

Deciding whether to upgrade or downsize your home should be informed by your current situation and future goals. If you are struggling to make a decision, Amy Stockberger Real Estate (ASRE) is always ready to help! We are reputable real estate professionals who have helped many prospective home buyers purchase their ideal dream homes in Sioux Falls with more enjoyment and less stress. Contact us today for a better home-buying experience.