What to consider about downsizing

Just as changing needs push you into a bigger home, they can make you shift gears and seek out a smaller one. As the kids graduate and start their own families, empty nesters often find their home feeling too big.

"Downsizing is popular with empty nesters who want to simplify their lives by reducing their space," said Jim McEneaney, regional vice president for Coldwell Banker Residential Brokerage. "Downsizing usually decreases expenses and housekeeping chores, so homeowners have more funds to save or spend as they choose. It enhances their ability to focus on the next chapter of their lives."

Here are a few things to consider when debating the downsizing path to take:

Determine your maintenance needs. Figure out what's realistic for your lifestyle. If you want very little exterior upkeep, you should consider buying a condo, town home or cluster home that creates little to no yard maintenance.

Know what's important. Small spaces pose a more difficult design challenge. Determine if your favorite pieces of furniture will fit in your new home. Also consider how you plan to use your space. Will you spend a lot of time in the kitchen? Do you entertain guests frequently? Are grandkids on the way?

Simplify and set priorities. When downsizing, it's important to avoid clutter. Understand that downsizing space may mean eliminating excess furniture and personal possessions. Items you overlooked or haven't used in years should be marked for family and friends, donation or resale.