The kids are grown and gone, and your home is beginning to feel like it just doesn’t fit anymore. Problems you never thought you’d have (too much closet space, a too big backyard or a collection of unused furniture gathering dust) are starting to make life more difficult and more expensive to maintain.
“When my husband and I ran the numbers, we realized that we could sell our family home, which sat on a half-acre lot, and buy a beautiful new home that fit our needs and cost less,” said one Briggs Freeman Sotheby’s International Realty client. “Even though the new house was more expensive to buy, the savings in taxes, HOA fees, utilities and updates means it’s less expensive to maintain and a better investment over time.”
It may be time to “smart size,” a growing trend according to Phil Crone of the Dallas Builders Association. Crone recently outlined one of the biggest trends in housing–the desire to go smaller and smarter without sacrificing design and amenities.
Here are some things to consider when deciding to smart-size your living situation:
Maintenance and Amenities—From landscaping to housekeeping and pool service, gym membership and golf fees, a new home, especially one with an HOA responsible for upkeep of common space, may be more cost effective.
Many amenities, incredible views | 1918 N. Olive Street #2901 | Dallas Arts District
Furniture—Smaller homes require less furniture, however the reduced scale may mean that some pieces don’t fit your new rooms. Analyze what, if any, furniture can be sold and budget for new items that reflect your new style.
Taxes—Property taxes on a larger home can be redirected toward rent if you need to lease while building a new home.
Great space, in your neighborhood | 3515 Normandy Avenue #6 | Highland Park
Updates—Remember to factor in replacement costs. Your older home may need a new roof, energy efficient windows, an updated kitchen with new appliances, etc. The money you would spend on fixing and replacing may be better spent on a new home with the latest “green” technology.
Flexible Living Space—Smart size homes may be smaller, but open concept living spaces can accommodate more people. Formal living and dining rooms are being replaced by rooms that can be used for offices, spare bedrooms, media rooms and more.
Learn more about living in DFW. Visit the Best Neighborhoods Site in DFW.
For more luxury homes throughout the Metroplex, see briggsfreeman.com. Click here to see the latest in real estate news. President and CEO Robbie Briggs independently owns and operates Briggs Freeman Sotheby’s International Realty with seven offices in Dallas, Fort Worth, Uptown, Lakewood, Ranch and Land, The Ballpark and Southlake.