While it can be a huge undertaking, downsizing offers many rewards.
Reasons for downsizing might be practical, from the need for less responsibility due to advancing age or ill health, to an attempt to save money, live in a smaller space once children have left home, or perhaps a career relocation has offered an opportunity to downscale.
Plan your downsizing based not on the ideal you have of yourself, but on the actuality of who you are, and the nature of your fundamental needs.
You might dream of living in a forest cabin in a remote spot, but ask yourself if you are truly able to live as a hermit far from amenities and conveniences all of the time. You may want a tiny home in a small coastal, or country town, but in reality,
Pros of downsizing might include better cash flow, more time for leisure, if you're not cleaning a pool and mowing a huge lawn, or lock-up and go and security for peace of mind when travelling. Cons might be: less privacy, having to deal with a body corporate, not being allowed to keep pets and having less room for guests.
Remember also that downsizing affects others in your life and this can be a positive thing. Anyone who has had to pack up the home of an ageing, infirm or recently departed relative will know that decluttering, and simplifying your way of life can be the greatest gift you give to those who will one day survive you.
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