Whether you’re retiring, adjusting to an empty nest, looking for lower housing costs and less upkeep, or helping a loved one move, there are plenty of reasons to trade a larger home for a smaller one. And it’s something many people are open to: About two-thirds of U.S. adults would consider downsizing, according to a recent AARP survey. But downsizing involves more than clearing out closets. From deciding what to keep to selling your current home and coordinating the move, this downsizing checklist walks you through the process from start to finish. Start by thinking about what you want to gain from downsizing. You may want to lower your monthly expenses, spend less time on home maintenance, move closer to family, or simply live in a home that better fits your needs. For many people, reducing housing costs is a top goal. Among adults 50 and older who expect to move, AARP found that 60% cite lower housing and maintenance costs as a reason, while 55% cite high property taxes. Start your downsizing plan with these steps: Identify your main reason for downsizing. Decide what you need from your next home, considering location, accessibility, upkeep, and lifestyle. Set a target move date and work backward to plan sorting, donating or selling, packing, and hiring movers. If you have decades’ worth of belongings to sort, consider starting months in advance. If time is limited, prioritize the tasks that have to happen before moving day. There’s no one-size-fits-all answer for how much smaller your next home should be. Think about the space you actually use, the belongings you want to keep, and how you want to live day to day. The goal is to find a home that’s easier to manage while still giving you enough room to be comfortable. Size isn’t the only consideration. Think about whether the layout, storage, stairs, outdoor areas, maintenance needs, and location will work for you now and in the years ahead. If you already know where you’re moving, use the floor plan or room measurements to see what will fit. If you’re still searching, measuring the furniture you want to bring can help you determine how much space you’ll need. Use these steps to plan for your new space: Determine your target home size. Measure furniture you hope to keep. Compare available storage space. Plan where major furniture pieces will go. Consider whether rooms or furniture will need to serve multiple purposes. Moving to a smaller home doesn’t always mean you’ll spend less. A higher-cost location, HOA fees, property taxes, repairs, moving expenses, and other costs can reduce your expected savings. Before making a move, compare what you spend on your current home with what you expect to spend after downsizing. Use these steps to map out your finances: Estimate what your current home could sell for. Calculate your potential proceeds from the sale. Set a budget for your next home, accounting for moving and transaction costs. Compare your current and expected housing expenses.1. Define your downsizing goals
2. Determine how much space you’ll need
3. Make a financial plan for downsizing
