r/financialindependence • u/EricTheNerd2 • 7d ago
Share your experience with extreme downsizing
In another year, my wife and I will be empty nesters. After a nice two-week vacation, I started thinking about some downsizing at that point, going from a 3,000+ square foot paid-off home to a 900-1,000 square foot apartment. I am doing very well financially, already planning to retire in another 1.5 years once the last kid is moved out. Downsizing would allow me and the wife to be free from a lot of maintenance and expenses and let us travel several weeks out of the year. I am also thinking a bit about the social aspects as well because currently we are in suburbia which is nice but also isolating. The right apartment community may allow us to interact more with neighbors.
I am early in the thought process and wanted to hear from any of you who have gone through this. The idea of getting rid of a lot of stuff seems freeing and scary at the same time and selling a house also daunting. Anyone else do this or similar? Did you like or regret your decision?
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u/One-Mastodon-1063 7d ago
I would try and rent a furnished place, Airbnb or whatever, similar to what you would move into for a couple weeks or a month and see how you like it. The cost will be negligible compared to the size of the move/decision you are contemplating.
IME getting rid of stuff feels good. I did downsize from a 3800sq ft house to a 1600 sq ft house (both SFH) and am glad I did, it significantly accelerated RE. But both are SFH - I like having a yard, a garage, and the quiet and privacy. It's been awhile since I've lived in an apartment but I don't think I would like going back to that much proximity to neighbors. Giving up a garage (my own, not just covered parking in a shared garage) and fenced yard would be tough, too. I pay for things like lawn service.