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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, and
  • Streamline clutter.

The case for staying put

  • Avoid moving costs,
  • Skip HOA or rental fees,
  • Keep space for storage, guests, entertaining, and
  • Maintain emotional home connection.

The information in this article was obtained from various sources not associated with State Farm® (including State Farm Mutual Automobile Insurance Company and its subsidiaries and affiliates). While we believe it to be reliable and accurate, we do not warrant the accuracy or reliability of the information. State Farm is not responsible for, and does not endorse or approve, either implicitly or explicitly, the content of any third party sites that might be hyperlinked from this page. The information is not intended to replace manuals, instructions or information provided by a manufacturer or the advice of a qualified professional, or to affect coverage under any applicable insurance policy. These suggestions are not a complete list of every loss control measure. State Farm makes no guarantees of results from use of this information.




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