Three mistakes downsizers make most

1 Thinking big. The biggest challenge is being able to accept a smaller space, says Toronto Realtor Said Warde, who adds as that as long as you cut the clutter, it’s easy to live comfortably in 800 square feet. “Ask yourself, ‘ What do I want out of my life now: Travel? Cultural experiences? Reliving my youth?’ All these things can shape where you live.”

2 Packing too much. Some people think they’re decluttering just by putting things in boxes without actually getting rid of anything, Warde says. He recommends purging one room at a time to make it feel less emotionally overwhelming and, if you’re having trouble deciding, enlisting the help of an objective friend. He also suggests asking yourself whether you really need, for example, three sets of china. “Keep your favourite set and get rid of the rest. People are surprised by how liberating it is. You have more time to enjoy life— it becomes about experiences, not possessions.”

3 Not having a financial plan. When folks move to a smaller home, they often underestimate their new cost of living. “The downsized home might have less square footage, but maybe it comes with landscaping costs, condo fees or parking fees that you didn’t have before,” says Janet Gray, an Ottawa fee- for- service financial planner with Money Coaches Canada. You can live in a lovely new home, and not have enough income to pay your bills, let alone travel or do the things you’d hoped to. “A plan is crucial,” she says. “You need to take a close look at what your retirement lifestyle wants and needs are, then balance them against your income.”