If you're thinking about selling your home and downsizing, consider the pros and cons. Check if selling your home affects your government benefits. The website outlines the kinds of things you should be asking yourself:
Pros
Increased cash flow — Downsizing could free up money to pay off debts, such as your mortgage, invest or spend.
Easier to maintain — A smaller place takes less effort to clean and maintain.
More convenient — You can choose a layout and fittings that better meet your needs, or a location closer to family, transport and services.
Lower household costs — In general, a smaller and more efficient home may help to reduce household expenses, such as utility bills or maintenance costs.
Cons
Less space — A smaller place means less space for things, so you may have to make some hard choices when it comes to possessions.
Less flexibility — Your new place may have less privacy, fewer guest rooms, or less space for entertaining.
New neighbourhood — It may take time to adjust to a new area or to find new health care and other professional services.
Emotional connection — Your family home may be full of memories, which can make it difficult to let go.
Once you've thought about the pros and cons, consider the costs and your needs before you downsize.
You'll find lots of useful thoughtstarters and checklists to help you decide what to do.