I've stayed in an efficiency with a ladder loft, a dorm room, and a teeny tiny one bedroom garage apt that might as well have been an efficiency. Actually, I like it.
I seldomly use most of my 2-bedroom condo now, and never have guests over. I really wish I could get rid of this place and just rent again, to be honest.
So, if you do choose to get a smaller place, just make sure you have enough STORAGE and closet space in there! Otherwise, your life is going to be hell trying to find room for everything, and having to store things in an attic, or pay for storage. So, FYI, that's very important.




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