Homeowners who opt to downsize into a smaller place say that saving money was their chief motivator, along with having to manage less space after the children have moved out. But some homebuyers could have downsizing regret as they transition into a smaller home.
Homes.com surveyed more than 1,000 consumers who have downsized their homes. They found that those who downsized did tend to spend 62% less than the house they owned prior. However, many downsizers still weren’t happy.
Half of the survey respondents said that getting rid of possessions was a major challenge when downsizing to a smaller home, and the loss of space was one of their greatest challenges.
Also, nearly a fifth of homeowners who downsized said their move ended up being farther away from their family or friends. Twelve percent said their new space felt lonely.
Still, empty nesters who downsized said they still made sure that their smaller home had room for their adult children to return. Ninety three percent said they had space to accommodate at least one child overnight. Further, many downsizing homeowners with adult children said they chose their new location based on their proximity to children.
Source: “The Upside to Downsizing,” Homes.com (2020)
