By Rita Wilkins
The Downsizing Designer

If you are in your late 50s, early 60s, chances are you’ve been having conversations about whether you should downsize from your big home or not.

You’ve probably had conversations with family or friends who have already downsized so you can learn from their experience. And if they’re honest, they’ll give you their thoughts, pros and cons, and the good, bad, and ugly of downsizing.

Downsizing is a big deal, it’s life-changing, and one size does not fit all.

If you are considering downsizing or moving to a smaller home than you are currently living in… before you jump in, it’s important to weigh the pros and cons to see if it is the right decision for you.

This blog is intended to provide you with a few new tools that will help you with your decision-making process.

Downsizing? A Checklist to Help You Decide

**1. Why do you want to… or have to downsize?**

Empty Nest:

Extra bedrooms, wasted space, downsizing just “makes sense”.
It’s an opportunity to have more time for “you”, more fun experiences, and being with your kids and grandkids more.

Financial Issues/Concerns:

You are concerned with the rising costs of your home, taxes, upkeep.
You are starting to be concerned about not being able to afford your big home.

Health, Aging, And Safety Concerns:

Anticipating your future needs as you age. (i.e., one-floor living)
Considering future health issues that may necessitate a space suitable for handicap accessible.

2. What kind of lifestyle do you want?

What’s most important to you at this stage of life?
Where do you want to live?
What kind of house do you want to live in?
Do you want to live in the same area? (Or a cottage at the beach or a condo in the city?)
Do you want the ability to “lock and leave”, giving you more time to travel, be with family and friends?

Pros of Downsizing

Downsizing certainly has its advantages. These are just a few of the benefits that many boomers enjoy when they move to a smaller, more manageable, often more affordable home.

1. Less upkeep, less space to manage

More time, freedom, and energy to pursue other interests.

2. Fewer expenses (i.e., utilities, property taxes, maintenance)

More money to help offset monthly expenses and more money to enjoy life.

3. Less stuff

Less stuff to manage and care for, and pay for upkeep and maintenance.

More time, energy, and freedom to enjoy your life.

4. Less stress

With less stuff, you begin to realize you have been holding onto things you no longer want, need, or use.

You also realize your stuff has been holding you back from living a new life of freedom. (Physical and emotional freedom)

When you let go of your stuff you have an easier and simpler lifestyle.

Download your Free Printable PDF, CLICK HERE

Cons of Downsizing

1. You will need to declutter, let go of stuff you’ve collected for years

One of the biggest hurdles to downsizing is letting go. Change is hard.

Letting go of things you have collected for many years is not easy.

Is a new simpler lifestyle worth it to you?

You have to declutter at some point in your life anyway. Downsizing might be the inspiration and motivation you’ve needed to make it happen.

2. You don’t want to, you’re afraid, you’re resisting leaving the homestead you raised your children in

Do you like the home you have, the neighborhood, and your neighbors?

Change is hard. It’s natural to resist what you’ve become accustomed to for so many years.

The second biggest hurdle to downsizing is saying goodbye to your homestead.

While your bigger home might be good for now, it’s important to consider what your life will be like in 5 to 10 years. Is it worth making the move now before it’s too late?

3. Underestimating costs associated with downsizing

It’s important to do your due diligence and be familiar with the real expenses of downsizing.

(i.e., closing costs, higher taxes, homeowner fees etc.)

4. Overestimating your house value

It’s important to be realistic and grounded when setting a price for your home in your area.

Get several estimates from reliable realtors.

5. Not downsizing enough the first time

Double downsizing or having to downsize more than once can be very costly. It’s important to analyze just how much space you will need when you’re looking for your home to prevent the need to downsize again.

6. You’re not happy with where you moved, the house you selected

If you don’t do your due diligence, you may find yourself in a situation where you are unhappy about your choice.

That’s why it’s important to take your time and make this important decision.

There is no one-size-fits-all when it comes to downsizing.

Before you make your decision, weigh both the pros and the cons.

Make sure you do your homework so that it makes financial and logistical sense.

As a downsizing designer, I have the opportunity to speak to baby boomers all over the country about my own downsizing journey and the impact that downsizing has had on my life.

Living with less has provided me with a simpler, more abundant life. I now have more time, freedom, money, and energy to pursue what matters most to me.

As you embark on your own downsizing journey, please visit my website to take advantage of over 500 blogs and many free resources that will help you make the best decision for you.