What To Consider When Downsizing From Your Current Home - Part 5

Some people chose to cash out their large urban home and head to a small town.

"This has appeal for some -- less traffic, lower cost of living, easy access to nature and seasonal recreation, anticipating visits from friends and family where quality time can be enjoyed. Some also love the thought of making new friends and starting over, however for others this wouldn't be comfortable," Feldman says.

She recommends making frequent scouting trips to the area in advance, ideally in different seasons, to "try on the experience. Does the community have a strong seasonal influx of tourists? Is that attractive to you?"

Also ensure you speak to regional/municipal local representatives to learn about any significant development initiatives that could positively or negatively affect real estate values in the foreseeable future, Feldman says. "Finally, speak to an experienced Realtor in the area to become educated on the subtleties of the community, for example sewage handling, drinking water, lake quality and possible changes in transportation routes the could enhance or detract from your short and long-term enjoyment of your new home."

Check the associated costs to ensure a smaller space will in fact be less expensive. Budget for the move and any work (renovations, cleaning, painting or other improvements) you want to make before you move in. Plan ahead and decide what you can/want to take with you. Give yourself plenty of time to pack. It's never too early to start downsizing your possessions.

Remember, says Feldman, "Downsizing can be very liberating and an exciting time in one's life."