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You'll find a lot of information to help you decide if downsizing is right for you.
THE CONS OF DOWNSIZING
It’s emotional—any change produces anxiety, and trepidation is normal. Everyone develops an emotional attachment to our homes, some running quite deep. Even the kids will react to your move, after all, in most cases it’s where they grew up.
Moving Sucks—Treasures or trash? It isn’t easy to part with things but ask yourself this: do you want to give it away now or have your kids throw it away later??
Loss of Prestige—like it or not, the size and location of your home confers a certain status so be prepared for a temporary feeling of inadequacy.
Loss of a Family Magnet—gathering under one roof or having a “second bedroom” for kids, or even a place for grandkids is what we’re all hanging on to. Perhaps having a different venue for that gathering each year could be more exciting? (And cheaper, in the long run…)
THE PROS OF DOWNSIZING
Less Stress—you will feel a sense of relief when your mortgage payment disappears, or gets smaller.
More Income--the money you save can be used on things you’ve always wanted to do, instead of things, like house maintenance and property taxes that you have to do.
More to Invest—you can now unlock the equity you had in your home to invest into vehicles which could generate a second income.
More Energy—think of it this way; when you confine a plant to the same old pot, it gets root-bound and stops growing. We also get stagnated, but downsizing can open up a new, exciting chapter of our lives.
More Leisure—no more regular chores, especially the ones associated with older, bigger homes, to burden you. Good bye “honey-do list!
Less Space—this may not seem like a plus, but having less room for things prevents you from making unnecessary purchases.
More Control—you are no longer a slave to your possessions, so more on top of things, with less clutter, creates a feeling of more control of your life.
If you have made the decision to downsize, check out this step-by-step guide to downsizing for seniors or those working towards retirement. It covers everything from finances and moving logistics to coping with the emotions that come from parting with a family home.
Once you have made the move to a smaller or "rightsize" home, take a look through this guide for aging in place.