What are the pros and cons of downsizing in home size? And should you move from a Single Family Home(SFH) into a condo? This is an issue currently being dealt with by my parents who are boomers, considering downsizing their current McMansion for a condo. I think it’s really tough mentally and emotionally for them to leave their home and move into something smaller.
Also there are so many financial and practical considerations as well. First, they haven’t bought a home in years, so they are having major sticker shock that a condo can cost as much as their home! They constantly are evaluating and comparing and saying “for that much I can build the house of my dreams.” But it’s impossible to compare when inflation and prices have changed so much in 20 or 30 years.
Giving up privacy in moving from a large home to a smaller condo. Or even a smaller house with a smaller yard instead of acres of space. It can be a large adjustment. Having neighbors nearby or being concerned about noise. It’s a huge lifestyle change.
Also unless you downsize into a smaller home on the same street you currently live on, it could mean switching neighborhoods. Leaving friends behind and having to make new friends. Which can be tough, when you have an established sense of community.
But the pros would be better managing the home with less home repairs if you are less mobile and able to do it yourself with regards to repairs. Potentially saving more money on utilities because the space is smaller. And perhaps even meeting people with more in common if you move into a retirement community, or if the neighborhood you were in is undergoing a new influx of neighbors.
I guess selling the home you raised your family in can be painful and freeing at the same time. But the considerations for moving shouldn’t only be financial. It really should be based on what sort of lifestyle you want, or feel able to maintain. And that’s what I’ve told my parents, if they really want to keep on trying to maintain a 5000 sq ft house or would they be happier with less?
Do you plan on downsizing?
3 responses so far ↓
1 frugal zeitgeist // Apr 25, 2008 at 12:18 pm
Downsize from 577 sf? That would be interesting.
In all seriousness, my parents did this when they moved into a retirement community. It was a great change for them: they were immediately freed up from having to maintain the garden and house, and since dinner is part of the package, they had way less cooking to do as well. All of these benefits became increasingly important as my dad’s health declined.
Part of my parents’ concern was that they didn’t want to leave me and my sibling a ton of crap (e.g. possessions) to deal with when they were gone. Clearing out my dad’s things after he died was hard enough post-downsizing; I can’t fathom having to tackle it at their former scale of living.
2 Mom @ Wide Open Wallet // Apr 25, 2008 at 3:15 pm
Around here there are bunches of retirement communities and if you drive through one everyone is outside. They are walking , or riding bikes, or standing in the driveway talking. I think it looks like a lot of fun to live there. I’m sure there’s plenty of drama too. lol. But I think it could be a great change.
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