What Are My Wants and Needs?
Space can be a wonderful thing. It means having room to spread out, the ability to store furniture with purely sentimental value. It can mean everyone watching his or her favorite TV show at the same time.
Do you need these things? That depends. How often are there two TVs going at the same time these days? How often do you gaze at that furniture and reminisce?
If the answer to these questions is "hardly ever," downsizing could be the right move. But be honest: If you're going to spend the rest of your life regretting parting with the antique bed your daughter slept in for 18 years, keeping it might actually be worth heating the extra square footage.
On the other hand, getting rid of the bed and saving every month on your power and mortgage bills might free up the cash you need to put in those skylights you've been wanting - nay, drooling over -- for 15 years. And you could be enjoying skylights every single day.
Which brings us to the next question: Will you really be spending enough time at home to enjoy them every day? In other words: lifestyle.