To answer that question, it’s best to reframe the issue. Don’t think of it as downsizing. Instead, consider it rightsizing.
Rightsizing means thinking of your current needs and what will best fit them. Perhaps you’re tired of doing lawn work. Rightsizing could mean moving to a patio home or condo. Planning to entertain grandkids? Rightsizing likely means finding a place that’s less expansive but still provides a spare room or two for overnight stays.
Whatever your goals, here are some thoughts to consider:
Rent first: There’s no need to rush into a purchase. Consider selling your home and renting an apartment while you explore different lifestyle options.
Think about how you entertain: Do you love to host dinner parties for family and friends? You’ll need a house or townhome with appropriate space or a condo with access to a party room.
Do you love the outdoors?: If so, you’ll want a place with a nice-sized yard. If not, a small patch of green – or none at all – might be the best choice.
Are you a traveler?: If you’re always on the move, a smaller place with less upkeep makes enormous sense. A condo, for example, will allow you to lock the door and leave your worries behind. Also, finding a smaller place can free up money to use for seeing the world.
Is it time to de-clutter?: Look around your home and assess what you really need moving forward. Must all those knick-knacks and pieces of furniture come along for the ride? Clutter can become chaotic stimuli that makes it hard to relax. Think of what you can throw overboard for smoother sailing.