I recently (last November) downsized from a 3 bedroom house to a 1 1/2 bedroom apartment and I love it!!! No yard work, no show to shovel, smaller utility bills, no big expenses when something goes wrong, etc. I haven't had any problems with noise or bad neighbors or that sort of thing. Do your homework about the place and visit it. Talk to some residents if possible. I read online reviews of the place I was moving and some of them weren't too flattering but as I evaluated them and talked to residents I realized most of them had been written by somebody with a hidden agenda.
The fact that I had just cleaned out my mother's apartment after her death helped because I came to realize that a lot of things we think we "should" keep will end up in the trash when somebody else has to deal with it. As I was cleaning out my house, I used the old "3-box" method. Everything I absolutely couldn't do without, I packed to take. Everything I didn't need or love was disposed of. Some I put in the trash, some I gave to charity, and some I sold (we have a nifty local on-line place to sell things there). The things I wasn't sure about went in the 3rd pile. After I'd rented the apartment and knew exactly what I was dealing with, I went back to the third pile and decided whether to take it or leave it. Most of those things I did not take. Even though I had some nice things and some family antiques, I didn't take all of my furniture. I took what would fit. I did buy a few new things, mostly shelves and storage sorts of things. I also bought a futon and a sleeper sofa for company.
This is definitely a case of "less is more." Unless you like to live in a cluttered mess, don't take too much.
I have finally finished decorating my new place and I absolutely love it!