A lot of people think that bigger is better when it comes to owning a house. I think most of us have been invited to a friend's new home masquerading as a mansion and wandered through trying not to gape and mentally calculating what they must be paying on their mortgage and how we could ever afford to live in something similar. But a big home isn't necessarily the right choice for everyone, and there are certain groups of people who would prefer to downsize than live in a giant home, no matter how pretty it may be.
In many instances empty nesters look to smaller properties because the home they raised a family in is now full of mostly unused space, and as I've discussed before, more space than you need in a property can often be considered a waste of an investment. Singles often also downsize, I know of people who are actively looking for smaller apartments not due to the size factor, but the size of their rent factor. Again, a bigger apartment may be great if you like to have room to roam around, but you pay for the privilege.
There are a few reasons why downsizing is a good option if you really don't need a lot of space. A smaller home can offer up big savings that many often overlook. The cost of taxes, insurance, heating and other utilities keeps going up and you tend to pay more for a bigger space. If there are rooms you don't often use, or a garden that's proving more work than you care to do, a smaller place could make life a lot easier, and cheaper.
Downsizing doesn't necessarily have to mean sacrificing what you love in a home, or mean moving into an apartment small enough for you to touch all walls at once. If you know those features you're not prepared to go without, it will actually help you narrow your search, but chances are you'll find a smaller place that offers all of them. If you are willing to move out to a smaller and ultimately more efficient house, it could mean the difference in providing yourself with a comfortable retirement.
If saving money, or reducing your current level of spending, is a priority for you, downsizing could be a good place to start. And when we're constantly being told that it's never too early to start thinking about your retirement, cutting costs on what is probably one of your most expensive assets could ultimately lead to a more comfortable retirement for you.