Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
When I first retired ( 2005 ) I moved from a HCOL area to a LCOL area, and so I upsized because I could afford to. I don't regret that, but a single guy does not need 5300 sqft and 7 bedrooms and 16 acres. Once I came to my senses I downsized, and was happier.
Most recently ( 2023 ) I downsized again, from 4600 sqft and 15 acres in a rural area to a 1425 sqft three-bedroom apartment in suburbia. Even a year ago that was unthinkable. But I had the epiphany ( realization that maintaining a large home just for myself had become more of a burden than a joy ). Although I was happy there, I now feel even better, and with no burdens it turned into a great relief. In fact, I cannot believe just how much happier I am now.
The downsizing was a challenge as I had to sell or give away a lot of stuff. That took a while. But apartment living was less a challenge than I expected. It is a bit noiser but somehow comforting.
For me two other factors. One being I am now closer to family ( one mile compared with 125 ). The other is that in selling my big house and acreage and now renting, I am now much more comfortable financially.
Because we entertain a lot, and host fundraising events, we like having space. For example, we recently hosted an elegant dinner fundraiser benefitting the National Ability Center in Park City. We had 50 guests. We regularly host Apres Ski events for the Mountain Sports Club. Etc.
We ended up upsizing instead. It wasn't to get more space for its own sake, but that we found a house we really liked for a good price and it just happened to be larger than our old home. Since then we've really enjoyed opening out into the extra space. We'd always lived very compactly and now there is so much space, dedicated spaces for different things that we use all the time. Plus it's actually comfortable to have guests for the first time in my life. We could get smaller, but right now I'd really miss this space. As for stress, our old house paid for our new house since we moved to a lower COL area, so no mortgage, prop taxes and insurance are basically the same as before, and not bad. I think, honestly, I would find being a renter stressful, at least unless and until I move into some kind of senior living arrangement... but it just isn't time for that yet and doesn't seem imminent.
We live on one level as our house is a ranch style, with a basement. It's been great for us and our visiting grown kids and grandchildren. The basement is very handy, and nice for family get-togethers. There's also a tv and exercise equipment there which I think I will get off my duff and use now.
My house isn't huge (2000sf) but I have enough room for me and the things I like to have around me. I would never live anywhere without a garage where my car is out of the weather and I have somewhere to keep my tools and all the other things I keep out there. I also have a really nice shed where I have my larger tools, my lawn mower and yard tools, and my glass (I do stained glass).
I don't need a larger house, but I would never have a smaller one.
We moved into a condo eight years ago. I hate giving up my shop space and equipment storage areas. Thought the condo yard care would be better, but the operators seem to specialize in tearing up the lawn with their heavy zero turn equipment. Spouse loves it, so no chance of changing for a single family residence.
We downsized in our 50’s from 3800 sf to 2000 sf. A year before we retired we sold our house and moved into a 1200 sf rental townhome. I very very quickly realized I needed more space. After we retired we moved to be closer to my children and bought a home with 1850 sf with a basement that is partially finished (650 sf). It’s the perfect size for us.
So, I am in my 50s now and would like to explore this.
I really don't need the space of about a 2000 sq foot house anymore. All I need is a one bedroom, in a good area, and I am happy.
Anyway, I hate to give up my cozy property, but I would like to work less an just relax during my last years on earth. So, I am considering selling and just renting out for the rest of my life. Possibly buying a condo.
My questions are:
1. Did you have much regret for downsizing?
2. Do you miss your other life, where you had the bigger home, etc?
3. Was the less stressful life of condo or rental living better?
Any thoughts about this would be appreciated, as I explore my options.
Also, I am happily single and have no attachments, so making a move is easy. Also, I am healthy, and can take care of myself in many ways beyond my peers, physically and mentally.
Thank you.
A couple of thoughts/observations:
(1) We are a bit older than you (early 60’s) and recently moved from a 3 level townhome to a ranch home. The total square footage between the two homes are similar, but we wanted the benefits/ease of one level living. So consider not just focusing on home size, but on the type/style of house.
(2) Our townhouse had an HOA and hefty monthly dues. Frankly, I hated it…..the HOA President and Board were incompetent, they managed money badly, were inept at maintaining the common areas and exterior of the buildings. And the dues were ever increasing. Our new home is HOA free, and I enjoy being able to manage the maintenance of my property as I see fit. Something’s I do myself, other things I hire people to do for me, but I am in control.
No experience with it myself, but I recently read an article written by a financial advisor that addressed this subject. This person stated that in their experience, most people were not happy downsizing, and therefore it isn't a realistic strategy for most to plan to downsize as a way to fund or supplement retirement. Unfortunately I can't find the article now, but I found it fascinating. Anecdotally, of everyone I know that is over 50, only one couple that I know has downsized successfully; and even then, it was a very small downsize. In fact so small that it almost does not qualify. Others have upsized.
I did it and it worked out great for me. I have so much more free time.
I went from a 45 acre ranch and a 3000 sq ft home to a 1500 3/2 condo (I do have a garage).
I don't have a lot of "stuff" as I try to live minimalist.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
