Selling will provide a substantial windfall: Selling your home with no mortgage can provide a windfall, but your mileage may vary. For example, you may have to make updates or reduce the sales price to attract buyers.

A smaller place will reduce living expenses: Living in a smaller abode may reduce your living expenses. Give yourself the best chance of lowering your bills by comparing the average cost of living in your current area and your potential future location.

Everyone in retirement should downsize: Just because you’re retired doesn’t mean you have to downsize. Consider staying put in your larger home if you love to host friends and family for dinner, holidays or casual evening gatherings.

Downsizing is the only way to boost your finances: Downsizing can boost your finances, but it’s not the only way. Cut your costs by taking care of your yard instead of paying for landscaping or installing a smart thermostat to save on your energy bill. You could also create a stream of revenue by renting out a room in your home.

The extra space won’t be missed: Some people miss their larger homes and some don’t. If you’re considering a smaller space, consider if it’s the best choice for your needs. For example, determine if you want to host family members for longer visits, which may necessitate more room.

Selling household goods always brings in extra cash: You may be able to sell your antique furniture, vintage pieces and quality china at a premium. However, it’s a good idea to have these pieces appraised so you can sell them at the right price or to help you decide if you’d rather keep them.

Not sure if downsizing is right for you? Let’s chat about your situation and options.