The kids are grown, and now all those bedrooms sit empty. Meanwhile, the cost and energy of maintaining a big home just doesn’t seem like a good idea anymore.
It’s time to downsize and reap the benefits.
“Your time, money and energy – much of which was once directed at a large home – can now be spent on more important things, such as your family, work and hobbies,” notes Moving.com. “In addition, downsizing may help you meet your financial goals,” whether they include retiring early or saving for the future.
Downsizing takes some thought and planning. Before you take the leap, Moving.com and other experts suggest considering:
What amenities you’ll need: Do you like having private outdoor space? A nearby swimming pool? Tennis courts? “Having less space inside your home may make you want to get outside more,” notes Moving.com. “Make sure there’s plenty to do near your new home.”
Neighbors: Do you like being close to others? Or do you prefer more privacy? This can determine whether you choose an apartment or condo, or opt for a single-family home.
Furniture: How much of your furniture are you willing to part with? The best results, experts note, occur when downsizers don’t let their furniture dictate their move. Keep furniture that fits the space and discard the rest, they suggest, rather choosing space that fits your furniture.
Storage space: Will you get rid of many of your belongings? Or will you want to keep them? Your answer to these questions will help you decide if you need a home with a garage, attic or other storage space – or can get by without.
Visitors: Will you be hosting family members and friends throughout the year? “If you’re moving to a resort town or vacation area, be aware that you may end up having more guests than you think,” writes Moving.com. Consider this when deciding how many guest rooms you will need.
Personal space: Think about the personal space you’ll need inside and outside the home. “Are you comfortable living in a remote location? Or do you prefer to be near other people?” notes Moving.com. “While one person may need a private bedroom, bathroom and TV area, another might not need any personal space at all.”