Talk of retirement often also brings talk of downsizing your home. For many people, it's a no-brainer that allows them to trim housing costs and make maintenance more manageable.
But others are not quite ready to let go of a large home — especially one attached to emotions and memories. While there may be unexpected benefits of downsizing your home to an apartment or condo, there are also disadvantages, such as less space for guests, entertaining and storage and the possibility of HOA fees.
As you consider whether to stay in your current home or move to a smaller house or condo, consider these pros and cons of downsizing your home.
The case for downsizing
- Trim expenses
- Spend more $ on hobbies or travel
- Invest extra $
- Reduce upkeep time
- Streamline clutter
The case for staying put
- Avoid moving costs
- Skip HOA or rental fees
- Keep space for storage, guests, entertaining
- Maintain emotional home connection