Life In Transition ยป Real Estate
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Should You Downsize Your Home?

Posted August 27, 2007 3:24 PM
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By Jordan Matus

The empty bedrooms. The quiet hallways. Though your home may be brimming with nostalgia, let's face it: Once the kids have moved out, your house may have more space than you need. It just might be time to downsize.

"Someone whose ultimate goal is to be surrounded by children and grandchildren may see the advantages of staying in a house where there's plenty of room for everyone," says Barbara Hemphill, former president of the National Association of Professional Organizers and author of Simplify Your Workday (Reader's Digest, 1998).

"But if you plan to travel frequently or devote yourself to outside hobbies," she continues, "a smaller home offers a simpler, less costly lifestyle and less household responsibilities."

If smaller seems better, here are a few things to keep in mind:

  • Think low-maintenance. Spacious yards and detached garages may seem like nice perks -- until the yard needs to be mowed or the garage needs maintenance. Make sure that any new place you consider is retiree-friendly. Benefits such as a first-floor master bedroom suite or a homeowners association that tackles lawn maintenance can make the new place more comfortable right away.
  • Get ready to trash. "Eighty percent of the stuff people hold on to never gets used," says Hemphill. If you're moving to a smaller place, you literally can't keep all the detritus you've built up over the years. So start considering the furniture, clothing, books, boxes and whatnot that you'd be willing to donate to charity.

    "Ask yourself what's the worst thing that could happen if you got rid of any particular item," Hemphill says. If the consequences are catastrophic, by all means hold on to it. But if they're not, maybe you've found an item that doesn't need to make the move.

  • Involve the kids. A large percentage of the stuff in your house was probably left there by your children who have now fled the scene. It's all right to hold on to it for a few years, while they get settled. But sooner or later, you need to ask them to decide what they want to keep and what they're ready to toss.

    If they want to hold on to more stuff than you have room for in the new house (or if you have furniture or dishes you think they'll eventually want), offsite storage is a good idea. But don't let that be an open-ended commitment, either: Tell your kids you'll pay for a few years of storage, and after that the responsibility to take the furniture, throw it away or continue paying the rental fee is up to them.

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