Downsizing for retirement: How did it work out for you? (55, physically)

[CNY4Life]

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.

[moguldreamer]

We had a 5300 sf house with an 1800 sf garage in Silicon Valley with a 1300 sf vacation condo. We tried to downsize to 3800sf primary house. It didn't work; we realized we are not small space people. So we upsized - both our primary residence and our vacation home over over 7,000 sf each - one with a 1100 sf garage, the other with a 1300 sf garage. If I had to do it over again, I would make sure I have at least a 2000 sf garage for each.

[CNY4Life]

Originally Posted by moguldreamer

We had a 5300 sf house with an 1800 sf garage in Silicon Valley with a 1300 sf vacation condo. We tried to downsize to 3800sf primary house. It didn't work; we realized we are not small space people. So we upsized - both our primary residence and our vacation home over over 7,000 sf each - one with a 1100 sf garage, the other with a 1300 sf garage. If I had to do it over again, I would make sure I have at least a 2000 sf garage for each.

Thanks for the feedback.

Sounds like stressful living for me.

[Lillie767]

I didn't actually downsize my living space, but downsized storage.

My house "up north" had a full basement. Most houses in Florida don't have a basement. That basement is sorely missed in my Florida house.

The basement was used solely for storage. It stored those occasionally used serving pieces that are indispensable for large dinners.

It also housed those electric kitchen appliances and super-sized pots that are needed for a well-functioning kitchen, but not needed every day, such as waffle iron, hand mixer, griddle, marble cheese boards, and Dutch ovens.

Within the basement's dark space, its perfect temperature and humidity control, it functioned as our wine cellar.

With good shelving, I had a perfect storage area for paper goods and food not needed immediately in the kitchen.

DH kept his tools in the basement rather than the garage due to the better controlled climate in the basement.

Cans of touch-up paints . . . and more.



All of these things either had to be discarded or had to find homes within my living space upon my move to Florida. Most could not come and were adopted by my northern friends when I sold the house.

So now instead of the 12-roll package of TP, I have to buy the 4-roll package of TP which costs more and is rarely on sale.

I have to forego most BOGO sales because there is no room to store the second item.

Tools now reside in the garage where heat and humidity are the enemy.


Although the living areas of the two houses are the same, I feel more crowded in Florida since things previously stored outside the living area are now stored within my living area.





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[springfieldva]

We have been in the process of paring down our belongings in preparation for downsizing. We are currently in a nearly 4000sqft home on close to 2 acres. We upsized into this house when we were in our late 40's from a modest 2000sqft home. Our kids were tween/teen and we needed more space so that we weren't constantly on top of each other.

Now that the kids are leaving the nest we are looking to downsize into a one level, 3 bedroom, 2 bath with small easy maintenance yard in an active 55+ community or at least a pretty, walkable town. We've been looking around at our options the past few years and narrowing things down.

We're in our late 50's and I wouldn't feel comfortable giving up home ownership at this age - we could have 30 or 40 more years ahead of us.

[Threestep2]

We downsized when we moved to OK. Like all of our houses open floor plan, lots of built ins, technology and building materials not standard, 3 1/2 garage, patio the size of the house. Never again!

[Tall Traveler]

Originally Posted by CNY4Life

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.

Depends on the person, we recently downsized to a really nice apartment and I'm fine with it (actually love it) but wife just likes a big house and yard to play with. We'll end up buying a giant house that we don't need to appease the wife.

[Greendale]

It has worked out great for me. Went from a 2600sf house to a 2bd & 2 bath 1250sf villa. No carpeting in whole house, 4 Season Lanai. My wife recently passed away so just me and the dog. No stairs, Laundry in the garage. I am just turning 60 & hope to be here for a long time

[rjm1cc]

I downsized two or three rooms and since it was the two of us, No problem.
Moved to an active retirement community and a lot more to do than if I stayed. (Children were not close)


In an apartment or condo you may have noise from your neighbors, beside and on top of you. Maybe a noises hallway. Dog barking??? Point is it might not be as quite as you like and the problems will vary as people move in and out.



Your first decision is not about retirement but do you want to move out of a single family home and the upkeep of the home to something easier to maintain. Sounds like you do. Go for it.



I would rent an apartment or condo for a while then consider buying a condo if you wanted ownership. I might look for a condo for rent and see if I can get an option to buy latter on.



I would consider one bed room and a den. Ok den might be a bedroom since it wold have a storage closet. The idea of the extra room is you might need a hobby room etc. Storage may be a problem. The place you move too may also have storage available. Consider if you will have any problems parking your car.

[Hemlock140]

We are about to do that. I'm really looking forward to it, for several reasons. Most importantly, we have been here 30 years and with about $1.2 million in equity we can pay cash for the smaller house in a less expensive area, no mortgage and another couple of hundred thousand in the bank after closing costs and capital gains tax.

Our property tax is $11,000, that will drop to about $2,800.

Our homeowner insurance is about $3,000, that should drop in half.

Our sales tax rate will drop by about 2%, and car registrations by about 20% with no light rail tax.

Having a house with 3,000 sf, 5 bedrooms and 3 baths is a lot to maintain and no longer needed.

We really won't miss the neighbors much since most that we know have already retired and moved away.

On the negative side, we will have far too much furniture and "other things" to fit in a smaller house, so we have a lot to sell, give away or dump before then.