It seems like only yesterday you were having your first child and setting up a home for a growing family. Fast forward to today, when your youngest calls to say she’s found the perfect apartment and that the chair from the family room would really fit into her new living room. Your downsizing journey has officially begun.
It’s safe to say homeowners typically don’t daydream about buying a smaller home. But minimal maintenance is definitely an upside to not living large. After all, the time and money you used to spend on cleaning and upkeep can now go toward fun things. That’s why some people see downsizing as a step forward, not backward. If you’re thinking less space is the place, you’re not alone.
HOW YOU KNOW IT’S TIME TO DOWNSIZE
Choosing less space often has to do with a desire to live simpler, whether you’re retiring or just want an eco-friendly, low-maintenance lifestyle. When children grow up and move out of the family home, for example, Mom and Dad are left with an empty nest that’s too big for them. Or if adult children have moved out of the area, parents may want to live closer to them and the grandchildren.
Many adults 55 and older are leaving the suburbs behind and moving into condos or lofts in downtown areas. Not only are these homes easier to maintain, but they are also in walkable neighborhoods with easy access to amenities such as culture, restaurants and nightlife.
Sometimes the choice to downsize isn’t actually a choice. Some life events, such as a divorce or unemployment, are unexpected and force you to find a smaller home for financial reasons.