Sometime in our lifetime we will consider downsizing. Whether it's because our children have moved out, or we ourselves find a big home too much work, or simply want to minimize our mortgage and save money. Whatever the reasons, here are some tips to consider before making that big decision.
1. Ask yourself is this something you need to do, or think you should do?
- if you need to downsize for financial reasons then it's probably an idea to explore further.
- if you think you should downsize, it sounds like you are undecided and should take more time to explore your options.
2. Can you live with less living and storage space?
- most people will have to sell some furniture when downsizing to a smaller home. Is this something you could live with?
- with less closet space it is likely you will need to sell some personal items to live comfortably.
3. Do you enjoy having out of town visitors? Children or grandchildren? With downsizing you will lose the amount of rooms and living space.
Are you willing to do this? How will this impact you?
There are so many things to consider, so the bottom line is never make a hasty decision.
Here are some helpful links: