Given my nest is a little emptier, the next interesting question to ask is when is it time to downsize? Do you really need to downsize, or have you been living a small life?
I know a lot of friends who really don’t need to downsize, because they never really “exploded” or got “too big”, and I applaud them for their intestinal fortitude, but most of my friends will soon have:
- A large house with a lot of empty space
- Cars bigger than they need
- A lot of stuff that they really may not need any more
- etc., etc., etc.,
Downsizing sounds really simple, but is it as easy as you think? In my case selling my house is not completely straight forward because I have to do a lot of repairing of the Big Cajun Castle before I could sell the Chateau, so that creates the “spend lots of money to get back some money“, which is always an interesting quandary. I will have to spend this money some time, since a lot of the work really does need to be done, if I sell the house or not, so I am not that worried about it.
The need to have many cars if there is only two of you is another important issue that needs to be addressed. In my case I think I’d like to downsize to a two-seater convertible sports car (used mind you), that is my idea.
Maybe downsizing isn’t needed? Maybe you can turn this into a business opportunity opening a Bed and Breakfast or maybe take in some lodgers? You need to go and investigate that further (laws for your city and such), but that is another use for a house that has grown too large for your means.
I don’t think you can easily brick up rooms, but you could change your kids rooms into studies, and/or hot tub rooms, but how many extra bedrooms do you have?
How old should you be when you downsize? When you no longer need the space, or when you can no longer live in the space? These are all very good questions, but am I missing anything here?