The kids have flown the nest. Yard work, snow clearing, and home maintenance are becoming chores. And you have guest bedrooms that rarely see guests.

As you’re getting closer to retirement, you may be considering downsizing. This might be a tempting thought—less space to clean and maintain. And, if you can free up equity from the family home, there may be more money for retirement. So, what’s not to like?

While the appeal of a smaller house to clean and that extra cash in your pocket can be high, the process can be long and stressful.

Take your time. Don’t rush the decision. Ask family and friends who’ve “been there, done that.” And look carefully at all the potential pros and cons of downsizing, including the ones we’ve included below.

General thoughts and tips to consider on downsizing, for whichever way you’re leaning

• Start decluttering now, to help make your move easier.
• Keep in mind that closing fees, real estate commissions, fix-up costs, and moving expenses can gobble up some of your profit.
• Spend time with a calculator, and be realistic about the numbers.
• Ask an independent advisor to weigh in.
• If you’re considering a condo purchase, be open to both resale and new to help find a unit within your budget. 
• Considering a smaller town, lakeside cottage, or something far from your current home? Try renting there first for a few months or longer to get a sense of winters, the people and surroundings, how far you might be from things you really love, and other important lifestyle factors.
• Think through all your options, including renting versus buying. You may be able to invest the proceeds from your home sale and use the interest income toward rent.