Too much space isn’t always a good thing. Remember: You have to pay to heat, cool and maintain that space, too. If you don’t need it, it can become an extra cost — and why pay for space you don’t use?

Instead, you can use that money as an investment to get your dream home, Phase 2. And guess what? This time, it’ll be all about you.

As we get older, our needs change and so should our homes. Because, really, a home should work with you and for you — not the other way around. For example, a three-storey, two-kitchen, four-bathroom house with a dining room, living room, family room and a finished basement might not make that much sense for you to have anymore.

The good news is you have options, and downsizing doesn’t necessarily have to mean downgrading. It’s about maximizing your home and space so that it works for you and your future.

You could sell and purchase a smaller house, such as a bungalow, and then focus on making it work for you.

For example, you can work with a contractor to make it more open-concept. You can also work with a kitchen designer and install accessible cupboards and drawers. Some installers can add a hydraulic system that lowers and raises your cabinets, which makes grabbing heavy dishes a lot easier.

Downsizing doesn’t necessarily have to mean downgrading
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You can add a curbless shower in the bathroom, where the same tile is installed throughout the entire bathroom floor. This maximizes space and increases accessibility — but not at the cost of style.

You can also invest in touchless faucets, heated flooring exactly where you need it so don’t waste energy, as well as strategic LED lighting throughout your home, which increases safety and energy efficiency.

(The latter becomes really important for tighter budgets as we move into our retirement years.)

And don’t just stop with your home’s interior. Think about the outside, too — such as investing in a metal roof that you will never have to reshingle, or a deck that you will be able to enjoy for the years ahead — one that is safe, requires minimal maintenance and that you will never need to replace.

Some empty nesters decide to sell their house and move in to a condo instead, so they don’t have to worry about mowing the lawn, shovelling the driveway or keeping up with the regular maintenance that a house normally requires. Or they sell their home and use that money to rent the ideal space that already has everything they need — and comes with a landlord to do the repairs.

Whatever you decide to do, it must make sense for you and your future.

For example, will you need to have access to transit? Do you want a little yard to work on during your retirement years or are you thinking of travelling more and spending less time at home? Keep in mind thatthe best solution for you will not necessarily be the best solution for your friends, your family or your neighbours.

No matter what you decide, always talk to the pros. Do your homework, find out what your options are and what it means to do it right, and make it last, so you won’t have to worry about it in the future.

Facing the Decision to Downsize is an Opportunity in Waiting by Mike Holmes | National Post