4 Things You're Gonna Wish You Hadn't Downsized in Your Move
Downsizing might be a great idea if you're approaching your golden years, as it can give a big boost to your retirement nest egg. Indeed, a smaller mortgage, cheaper utility bills and lower tax bills are all good reasons to make the move and save money.
Yet, while moving into a smaller space might be a financially wise move, some Americans who have downsized have regrets.
Consider the following changes to your lifestyle before you ditch what works right now.
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The Loss of Extra Space With Better Amenities
Karen Eyers, a Quora commenter, said that when the couple's fourth child left for college out of state, they went from a 2,900-square-foot two-story to a 1,500-square-foot ranch.
"So a kitchen open to a living room as our living space is all we need. And we love having our bedroom only a few steps away at the end of the evening," she wrote.
Yet, she also recognized that they do miss their walk-in closet "and the nice bathtub we used to have."
No Longer Having a Fully Capable Kitchen
Another big regret for some who downsized is not having a big kitchen anymore.
"I am happy not to have to pay the utility bills and take care of the yard or pool. But I miss cooking in my big kitchen and having a home that would accommodate a party easily," wrote Carolyn Singer on Quora.
"Say you love to cook and are used to a large kitchen but have switched to a small home with minimal space and one oven instead of two. In that case, you may find you don't have as much fun making meals," The Motley Fool's Christy Bieber wrote.
Losing the Hobby Room
As The Motley Fool noted, downsizing is often common after retiring or changing to a less demanding — and less lucrative — job. And while you may now have more time to spend on your hobbies, you might not have the space to do so.
Less Space for Additional Family Members or Guests
Whether it's aging parents, cousins or grandkids, you might not have enough space to have them stay over for a visit when you move to a smaller place.
"Many homeowners sell a large family home and downsize when their children are grown and gone," Bieber wrote. "Your kids may move back home after graduating from school or while trying to save for a house of their own — or if they experience any life setbacks, such as a job loss. You may also have aging parents who need to move in."
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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