Downsizing is an excellent way to convert your home equity into capital that you can put towards what your family needs (like a vacation home or a better retirement lifestyle). Whatever your goal, don’t forget to talk with your REALTOR® first so you can ensure the value of your existing home and future prospect with provide the equity you’re looking for.

One key benefit that attracts homeowners to townhouses and condos is the convenience of maintenance-free living. Less space means less time spent cleaning. Sure, you’ll still have to do laundry, but to permanently cross off outdoor chores from your to do list might be just the incentive you need to include the yard tools in the sale of your property. Plus, you may be inspired to use all your new free time to take a well-deserved holiday. Or two. The best part is, no one will know you’re on vacation by the state of your front yard.

How many rooms does your home have? Of those, how many of them do you actually use? Take a tour around your home and assess how much space you use on a regular basis. If it’s 100%, stay put; if it’s 65% or less, you could be suffering from empty room syndrome. The average size of a home has almost doubled in the past 30 years, yet the average family size keeps on shrinking. Having too much space creates an imbalance that costs more than just time and money—it also means there’s more stuff to organize and dust.

The size of your new home isn’t the only thing that matters. When you’re planning to scale down your square footage, consider choosing a location that brings you closer to the places you regularly go—family, friends, work, shops—so that you’ll cut back on travel time and expenses. Better still, opt for an area that takes it a step further and places everything within walking distance; your heart will thank you for it.

Corporations downsize to save money – why not follow their example? A smaller space can mean reduced mortgage payments and taxes. Less square footage requires less heat, light and AC, which means you’ll spend less on energy. It all adds up to savings that can help the environment and keep some cash in your pocket.

Many people have discovered that the longer downsizing is put off, the harder it gets. Savvy homebuyers start thinking about finding a smaller property long before the last child leaves the nest – or maintenance-free living becomes a necessity. 

The benefits of reducing your living space increases exponentially when you combine them with clearing out the clutter, opting for multipurpose furnishings and fully exploring what you want out of a home. Many downsizers who dreaded moving into a smaller home are enjoying a freedom they haven’t experienced since long before the kids arrived.