If you’re planning on downsizing your home to free up some cash, that’s a great idea. However, you have to think about the disadvantages and compare them to some of the obvious advantages we discussed last week.
When you retire or start planning to retire, you want to make sure you live the retirement lifestyle you want. So, what do you need to think about before you sell your beautiful home. Bob Irish explains in the Palm Street Letter how it’s an easier thing to say than do. Let’s unpack the four main disadvantages of downsizing your home…
1. It gets emotional
Some of us if not most, develop an emotional attachment to the houses we’ve turned into homes over the years. For others, that attachment can run quite deep. Naturally, any change can produce anxiety. In fact, when you dismantle a home, it can be a significant source of worry. It’s perfectly normal to be in a state of trepidation.
2. Moving is horrible
Moving is a real pain everywhere. If you’ve lived in your house for a while, chances are you’ve accumulated enough possessions to make the prospect of moving more than a little daunting. However, it gets worse. This move could probably be like your last one, because you’re downsizing. Well, unless you win the lottery!
It’s completely different when you’re up-sizing. This time around, there will be no space for all of your stuff. You’ll have to get rid of most of the things you’ve collected over the years. And many of these items will trigger certain emotional. Treasures or trash? You will have to make that decisions. And that, isn’t easy!
3. You could lose prestige
Whether you like it or not, the location and size of your house goes with a certain status. By definition, downsizing your house can also mean downsizing your prestige. so, prepared yourself for a short term feeling of inadequacy.
4. You could lose your family magnet
When you sell your ‘big’ house, it might mean that you won’t be able to gather as a family under one roof. Your children won’t have a ‘second home anymore’. Logically, it doesn’t make sense to maintain a home for a whole year just so you can gather the family for about five nights per year.
There’s actually an upside to losing the family magnet. You can now consider other venues for family get-togethers and not have to do any cleaning up.
Hope these four disadvantages of downsizing will help you finally make a decision.
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