Home Maximization

09/05/2019

Make the Most of an Important Asset.

The website nextavenue.org recently published a great article arguing that it's never to early to downsize.  The eight reasons cited are all important. Stepping back to look at the big picture, I argue that we should give a personal priority toward making sure that the space where we spend our days suits our needs -- in size, of course, but also in terms of how we live and what we can manage.  For example:

  • Avid cooks appreciate a gourmet kitchen -- is that you? 
  • Does your inner artist yearn to landscape a beautiful yard -- or resent the time this responsibility takes from truly creative pursuits? 
  • As both you and your home age, does its needed maintenance overwhelm your ability to handle it?

PREP argues that the value of real estate is related to how well we can use it. There are general market-based preferences that gain prominence when it's time to sell a property, like number of bedrooms/baths and quality of interior finish. What about daily utility for the many years lived in a home?  That value is expressed in quality of life. For many, downsizing from a larger older home to a smaller property designed for their current lifestyle will improve quality of life; it can also free up home equity to be placed in investments for retirement income, improving future lifestyle. Others may believe that the comfort and memories found in a long-owned home offer a superior quality of life; in that case, serious consideration should be made to upgrading its features, including health and access-related improvements that assure the occupants use the space well.

There is no one answer. To determine what's right for you, try PREP's value  guidelines: 

  • Look/Use your physical senses to judge condition and appropriateness.
  • Feel/Use qualitative measures that you can explain to judge how well a property suits the non-physical needs of the owner.
  • Question/Don't take the opinions of others as fact; understand why.
  • Confirm/Pull together the above into a sensible, comprehensive conclusion.
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