It's essential to figure out the optimal amount of living space that’s perfect for your situation. If your current home provides an ample amount of space needed for your work, hobbies, and completely accommodates the needs of your family, plus the fact that you can afford to stay and maintain it, then downsizing may still be a far-off idea for you.
But if, for example, you’re starting a new chapter of your life where your kids are already older and started moving out, you might not require all of the extra bedrooms. Besides, heating and maintaining the extra rooms can be costly.
Moreover, think about your outdoor space. If creating a relaxing outdoor retreat or having a lush garden is important to you, it may be difficult to give up. But if maintaining your yard just feels like work, then you might consider moving to a condo or a low-maintenance property. Likewise, don’t forget to evaluate other things such as parking or garage space when you move, especially if you have two vehicles.
When thinking about the pros and cons of downsizing, also note that an optimal floor plan is critical to maximizing space. There are many smaller houses with a significantly better floor plan, which could be the key to your happiness if you think moving is the right choice for you.