Downsizing a home can be a big savings often overlooked by those thinking about retiring. The cost of taxes, insurance, heating and other utilities keeps going up and if you have empty rooms, more yard work than you can handle, and other expenses piling up, it is only natural to think about moving into a smaller place.
Downsizing doesn't necessarily have to mean moving into a tiny apartment or giving up the features you love about your current home. If you are willing to move out of your large family house and into a smaller more efficient house, it could mean the difference in providing yourself with a comfortable retirement.
Are you living in a high cost real estate area? Are you still living in the house where you raised your family? Are you spending too much money on maintenance and repairs and are you using/living in all of your rooms? Are there too many stairs or are major renovations needed for you to live safely and independently in your house? Can you afford to stay there on a more restricted income? These are just some of the questions that you may want to ask yourself and it may help to have a sense of adventure when considering if downsizing is right for you!