At one time, it seemed that everything you read in the newspaper’s real estate section had to do with downsizing—the practice of selling off the family home and moving to a small, low-maintenance villa or condominium. The favored communities for downsizing were often located in the South, offering good year-round weather and no more snow shoveling. It sounded like a great deal—pre-pandemic.
At that point, many families found themselves living in small condominiums with adult children and college students returning home for quarantine. Everyone thought it would be for a week or two, at most. Now, almost a year later, some families are looking to re-upsize, either by buying a new, bigger home, by installing an accessory dwelling unit (ADU) in the backyard, or by renting an additional apartment in order to provide better options and a little more elbow room for their families.
Once COVID is in the past, these homeowners will have to decide whether they want to re-downsize or if more room makes more sense. Meanwhile, Gen-X homeowners are thinking ahead and wondering whether downsizing really works for the active retirement they’re envisioning.
What should you consider before downsizing? How do you know whether downsizing is a viable option for you and your family? Here are some questions to consider.