Yes, you looked at this article title correctly. There are, indeed, many reasons that people of all ages are downsizing.
Throughout life, our priorities change. These changes are a direct result of shifts in family dynamics, financial needs as we retire, and sometimes, just the desire to enjoy a fresh, new place. While many negative connotations surround the term “downsizing,” many choose to consider it an opportunity to write a new chapter.
In fact, many people choose to downsize not because of size considerations or because a larger home is becoming difficult to care for. Instead, they are paring down their living spaces to enjoy life in precisely the way they had wished for their whole lives.
1. The opportunity to move to a new climate
One primary reason that people downsize is to fulfill a lifelong dream to move to warmer weather.
For many, earlier winters were spent digging away at mountains of snow just to head off to grab a gallon of milk. In part, these sun-lovers realize that shoveling snow and teetering across precarious sheets of ice to walk the dog is unsafe.
Not only does a relocation to the sunny shores of Florida or the deserts of Arizona ensure safety, but it also affords year-round access to fresh air and exercise to remain in optimal health for years to come.
2. A chance to make new friends
The empty-nest syndrome challenges some, but others move to enjoy a more fulfilling social community.
Another fact is that the older we get, the more our support network erodes. Therefore, some who downsize are baby boomers who opt to move to 55 and older planned communities to meet new friends.
Planned living communities are often designed around smaller-scale, open floor plans for entertaining. Plus, they frequently include community amenities like a private pool or tennis courts. These features make the move feel less like downsizing and more like a win.
3. Relocation closer to activities and interests
Some downsize to enjoy the perks of being closer to amenities. Whether that’s a shortened commute or a morning round of golf each day, a new world emerges.
When the family home is located in suburban or rural areas, pursuing these interests can become a challenge. For some, downsizing puts them smack in the middle of where they want to be. That might be a condo on the beach or a condo a few steps from the office, but the possibilities of hunting down that perfect property are endless.
4. Planning for later needs
Those who are wise financial planners downsize to plan ahead for anticipated needs as they age.
By moving to a smaller home, shedding years of clutter, and selecting a one-story house, they are setting themselves up to age in their own home. Other realistic considerations are access to medical care and public transportation.
Not only is this a wise way to conserve money now, but it is also smart financial planning for later years. This concern is genuine, as the cost of in-home nursing should the need arise is roughly half the cost of a full-care nursing home. Now, that’s smart planning!
5. Create the house they always wanted
Often, people lived for many years in a house that they chose when they were much younger and on an even stricter budget. They decided to “make do” with tricky plumbing, mysterious light switches to nothing, or a hilly backyard that was nearly impossible to mow.
As younger adults, those challenges weren’t a big deal. Acceptance of those flaws meant more money for other things like vacations and supporting the kids. However, we grow weary of those challenges over time.
However, as equity in the home grew over time, people now finally have the chance to sell the home and downsize to a smaller space that offers more luxury and better functionality. It’s perhaps the only chance many have to create the house they always wanted.
Why not? They worked hard for that equity.
Downsizing in space = upsizing in opportunity
For many people, downsizing space equates to upsized opportunities. Moving opens up new horizons, allowing them to meet new people, explore new interests, and create a dream home. No, downsizing does not necessarily mean downgrading.