Are you an “empty nester” facing the tough decision to keep your large, family home or downsize to something smaller? Choosing to move out of the home you’ve lived in for a long time and where you raised your children can be a very emotional process. For some people, it makes them sad. For others, it can be very exciting. Whatever your feelings, there are some quite practical considerations to take into account. Here are five questions to help you make a downsizing decision.
Do You Need to Downsize?
Are you finding that your large, family home is too much for you to manage on your own? Maybe your house feels far too empty without your children in it. Some people are ready for a lifestyle change and looking forward to a new chapter in their lives. On the other hand, some people are very attached to their home and have invested a lot of themselves in it. Thinking through your needs and wants will help you choose your next step.
What Do You Love About Your Home?
If you’ve decided that downsizing makes sense for you, that doesn’t mean you need to give up on all the great things you enjoy about your home. You probably chose your family home for some very special reasons, and they can help you choose a new one.
What do you love most about your home? Do you enjoy cooking and entertaining guests in a large eat-in kitchen? Do you have a large living room that can accommodate lots of family and friends? Is outdoor living part of your lifestyle? The more you can identify what you most appreciate about your house, the better you’ll be able to spot something similar when you downsize.
What Size Do You Need?
While a key reason to downsize has to do with the tasks of taking care of a large property, rushing into buying a one- or two-bedroom condo might leave you unhappy. If you enjoy hosting family and friends over holidays and special occasions, you will need enough space to accommodate all these people. Will you have the space in a two-bedroom home?
Where Do You Want to Live?
The location of your new home might be just as important as what it looks like. Will you be as close to your family and friends as you want to be? If they are very important to you, choose a house nearby.
The location of your new home will also affect the cost of living. Moving from your large home to a small townhouse might seem like it would save a lot of money, but it might actually cost you more if you are moving to a more expensive area. Even the type of residence (like a condo) might come with unexpected fees that you didn’t have before.
Of course, there are other factors when you think about the location of your home. Perhaps you want to live nearby to certain health care amenities or cultural attractions. Larger communities will naturally provide these services, and mid-sized communities can often offer just as much as a big city.
What Will You Need in the Future?
When people think about downsizing, a related concern is age- and health-related mobility changes. You’ll want your home to be accessible so you can continue to enjoy living in it. As you consider your next home, see if it has accessible features like bedrooms on the main floor, no stairs to climb, enough space for wheelchairs and walkers to move freely throughout, lever-style door handles and faucets, and non-slip flooring.
