Although sales prices have been on the rise since 2013, those increases are leveling off. Baby Boomers (and others) may think about capitalizing on their investment and consider downsizing to save money overall.
Though it is counter to the cultural norm of progressively purchasing larger homes, downsizing has become a popular move for people of all ages and stages of life: some choose it to save money, others to simplify their lives, and many choose it to take on a more eco-friendly lifestyle.
- How much does the size of my home matter to me?
- Is it a symbol of pride, a statement on who you are and what you’ve done?
- Does it serve all of your needs right now (or does it over-deliver with more space and stuff than you really need)?
- Will it serve all of your needs in the future (think about stairs, think about maintenance of inside and outside)?
- Will I miss how much space I have right now?
- Yes, space means more storage for the people you love and the treasures you’ve collected. If you choose to go small, will you gain by losing or will you feel like you’re missing out?
- Could major life events affect my living in a smaller home?
- The unexpected happens: adult children move back home, ailing relatives need to a familiar caregiver. These major events could have an impact on your life if you reduce your space.
- Consider also your own health: is your master bedroom on the second or third floor of your home? Laundry in the basement? Will your own health remain compatible with the home you currently live in?