Right Sizing | Real Estate Today Radio

And we?d like to leave you with a few thoughts about right-sizing, and the big impact it can have on your life ? whether you?re sizing up, or sizing down.

Ask a business person about right sizing, and they?ll tell you it?s all about efficiency. Because to get the maximum profit, you need a certain number of people, a certain number of resources, and a certain number of square feet, in which you get it all done.

Any less than that? You?re unable to deliver to the best of your ability and your profit will be smaller. And any more than that? You?re just plain wasting money, on salaries and square footage. And again, your profit drops.

And the same thing can be said about your home ? as we?ve talked about throughout today?s show.

Sometimes a smaller place means you can live more efficiently. Like, not having to heat and cool bedrooms you never use.

And sometimes a bigger place is what you need. In the morning, getting a large family up and out of a home that has three bathrooms can be a whole lot faster and more efficient, than it would be , in a home with just one bath.

But what if you don?t want to move? After all, plenty of us go through a major change in life ? one that means we need more space, or maybe less ? but we love our home, and we don?t want to leave it.

Well, there are ways you can right-size your home ? without moving. And for you, it all goes back to the business definition of right-sizing ? and that is, to operate with maximum efficiency ? and minimum spending.

Let?s start with the rooms in your house. If all your kids have moved out, and you have extra bedrooms?who says they have to remain ? bedrooms?

You might have always wanted your own library. Or a home theatre room. Many people have taken up the wonderful art of scrapbooking ? or speaking of art, an in-house studio, for painting, sculpture, or pottery.

So, rather than cram those activities into a few corners of the basement or garage ? this might just be your chance, to convert those bedrooms into a space you?ve always dreamed of, and enjoy your home, in brand new, more spacious, and more comfortable ways.

That family that needs more bathrooms might find they can add them, to some unused area, and add that efficiency, without moving to a brand new place.

And right-sizing without moving isn?t only about the size of your house. It can apply to financial areas as well.

Take a look at your utilities. When the kids moved out ? did you keep a cable company DVR in every one of those empty bedrooms? If so, you?re paying money you don?t have to pay every month.

And how about your high-speed internet? It?s possible your kids were always streaming movies, or playing online games, that required ultra-fast connections. But if all you do these days is check email and surf online newspapers? You could probably right-size your internet bill, too. Ask your provider about your options?you might be delighted at what you save.

In homes that have forced-air systems, the grates can usually be opened wider, or closed tighter ? depending on your heating and cooling needs. So if those extra bedrooms are empty, you might think about reducing the amount of air flow that goes into them ? at least until the kids come to visit. Sometimes you can achieve the same result just by shutting a door ? making sure your heating and cooling are just affecting the rooms you are actually using. Once again ? that?s being efficient.

We?ve talked many times here on the show about right-sizing your insurance policy, too. Some people who buy a $500,000 home ? will insure it for, yep, $500,000. When actually, a large portion of that value is the land the home sits on! Replacing the home, if it were lost, might be only half that ? maybe less! So it might be worthwhile to talk with your insurance agent about whether your homeowners? policy is the right size ? for your home.

On the other hand, during that conversation, you might want to ask about your liability insurance as well. Because right-sizing doesn?t just mean going smaller ? it can mean going bigger as well. And it?s possible that a bigger overall liability policy could mean more security for you and your family, in the years ahead.

And finally, let?s talk about your mortgage. Boy, talk about an area where people are right-sizing! Millions of Americans are taking advantage of today?s historically-low interest rates, and refinancing. Again, compared to the rates of even a few months ago ? they?ll save money, every single month. And what can be more efficient ? than having the exact same house, and not having to move ? but paying hundreds of dollars less ? every month for the mortgage.

On the other hand, you might be completely comfortable with your mortgage payment or perhaps you got a nice raise and you could afford more. Well, in that case, you could refinance for a shorter term. With the recent drop in interest rates ? you might be able to pay the same amount, or maybe just a little bit more ? while dropping a from a 30 year loan down to a 15.

Now that?s efficient, and smart.

So for you and your family, whether right-sizing means finding a home that fits your needs better, or whether it means living more efficiently in the home you already have, it?s a concept that can save you money, save you time and help you make the most of the home you love.

So as we wrap up our special show about ?Right-Sizing,? we?d like to have a little fun.

And leave with something that you might not have thought about. And that is, the fact that right-sizing is not a new concept.

The modern theory of right-sizing dates back all the way to 1837. When an author named Robert Southey wrote a story about a young woman, visiting a nearby home. A young woman who again and again, wanted things to be ?not too big,? and ?not too small.?

Rather, she wanted them to be ?just right.?

Her name was Goldilocks. And her tale of right-sizing in the bears? house ? has stood the test of time, for one hundred and seventy five years.

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