How do you know when to downsize or upsize your home in NYC? How do you decide if you should sacrifice that extra bedroom to pad savings? How do you figure out if it’s worthwhile to stretch your budget for more space as your needs grow? 

Let’s take a look at the key things you need to consider to help you decide. 

Deciding to Downsize

Downsizing to a smaller place can make sense for various reasons.

A smaller home means lower housing expenses, which means more disposable income. This in turn frees up savings for things like emergencies, investing and leisure activities.  

Smaller homes also mean less maintenance and less cleaning. That not only saves you money, but it also saves you time which is arguably an even more precious resource. 

If you opt for smaller living quarters, one of the possible tradeoffs is that you’ll be able to consider more prime locations. And this in turn could mean living somewhere that’s more walkable. But the caveat here is that if your goal is to save money overall by downsizing, then you need to be mindful of the neighborhood you choose.  

So, when thinking of downsizing, consider the following questions:

– What’s the overall goal? Is it cost savings? A simpler lifestyle? Both?

– What’s the smallest space that could truly work for your current needs? 

– What aspects of your current space/building are you okay with leaving behind? 

– What are you NOT willing to sacrifice as part of this move? 

– How long do you plan on staying in this space? How likely are you to need to move?

Deciding to Upsize 

Upsizing is pretty much always driven by the same universal reason – you just need more space. The question here oftentimes isn’t about whether you should do it. But how can you do it. 

So, when thinking about upsizing, you should think about the following: 

– Are you looking for a short-term upgrade in space or a long-term upgrade? If the former, then you can be more flexible in your requirements. But if it’s the latter, then you should be pickier in your selection. 

– Are you willing to sacrifice location for more space? The more time you plan on spending at home, the more it makes sense to make the trade off to a less prime location. 

– What are your must haves versus would like to haves? Focusing on the former is likely to give you more options during your search. 

– What is the most that you’re truly willing to pay to get what you want out of this move? The longer you plan on staying, the more sense it makes to look for something at the top of your budget. 

Need more guidance to help you figure out if either downsizing or upsizing in NYC makes sense for you? Let’s chat! You can schedule a time to speak with me here.

And if you’re ready to make your move and want some moving intel, then you’ll want to check out this post where I’ve teamed up with Oz Moving for their best tips!