Do you really need all your living space now that your child or children are living independently? More to the point, will lowering your housing expenses enhance your future retirement security? It’s time to answer that question.
The kids have moved out, you've simplified your life or you're just tired of having a big house that takes a bite out of your free time (and pay check). Moving to less spacious digs requires a change in lifestyle, but planning makes the transition far more seamless.
Step One
Consider the downside of downsizing. You'll give up the comfort and familiarity of your current home--and perhaps your town or neighborhood--and you'll have to contend with the stress, cost and aggravation of moving.
Step Two
Look just as frankly at the upside. Your rent or mortgage payment may go down. You may also cut back on some living expenses such as energy costs, resulting in more cash in your pocket. You'll probably have more free time because you'll have less house to maintain.
Step Three
Opt for the simplicity and amenities of condominium complexes or retirement villages. Keep in mind that both have rules and regulations that some people may find restrictive. (On the plus side, somebody else cuts the lawn and cleans the gutters.) Read the fine print and talk to future neighbors before you sign a contract.
Step Four
Measure the dimensions of the rooms you'll be moving into, and measure your current furniture to determine what you'll bring and what you'll need to unload.
Step Five
Take this opportunity to reduce clutter and simplify your life. Get rid of unused stuff and things you won't have room for.
Step Six
Go through all your treasures and enjoy the trip down memory lane. Then sell what you don’t need.
Step Seven
Capitalize on your fresh start to tinker with your systems and get organized. See 1 Get Organized.
Step Eight
Determine your storage needs for clothes, kitchen supplies, tools, sports and hobby equipment, pet supplies, vehicles and so on. Make sure there's space for everything in your new place.
Step Nine
Tally up the money you've made selling your home and all your old stuff. Put most of it to work, then reward yourself with a great vacation.
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