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The pros and cons of downsizing

While there are unexpected benefits of downsizing your home, there may be advantages to staying where you are. We review them both.

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

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