On average, people will change residence about 12 times throughout their lives. The final move usually involves a slight change in lifestyle.

"When people are getting close to retirement age, so for some people that's 55, for other people that's 75, it just depends. But that's generally when the kids have left the house, the family home. When people are starting to think about downsizing," said Amy Vanderploeg, director of marketing.

There are a few hurdles that come with getting smaller.

"At first it's all about the real estate. Most people are coming from a pretty large family home, so the thought of moving into something smaller is devastating. And then the second thought is 'oh my gosh, I've lived in my home almost 50 years and I have 50 years worth of accumulation in this house and how am I going to get rid of all of that stuff?" said Vanderploeg.

Depending on your health and your finances, you do have some options.

"Some people look at condo type living or a townhouse and they say this will be smaller space and maybe it's all on one level so that would be one option, but it's still home ownership. Another option would be to go to an apartment. Then there is independent senior living, where you have a variety of different accommodations, if you will," said Vanderploeg.

If you're looking into a townhouse, condominium, or active retirement community, you'll want to know all the details.

"Things like socialization are hugely important for older people. Having access to services. Staying physically and mentally active. What happens if you can no longer drive? How readily available are transportation services? Or what about meals? It's important to ask yourself more questions than just I want to live somewhere where I don't have to shovel snow and I don't have to mow the lawn and things like that," said Vanderploeg.

At the end of the day, it comes down to comfort: both in your financial life and your physical one.