Downsizing When You're an Empty NesterPosted on Mar 10, 2019
The family has grown, they visit, friends visit, and you enjoy life, but you do not really need the extra rooms, extra storage space or the cleaning and maintenance that go with a larger home. Downsizing when you're an empty nester looks like a very attractive idea. It should be a very positive move, so a little forward planning makes sense. When you plan it right, you get it right.
Common Reasons for Empty Nesters to Downsize
Your lifestyle has changed. You now have freedom to do more of what you want to do. You may want to travel more, start new hobbies, take courses, get more involved in your favorite charities, and do the other things you have always promised yourself you would do when the time is right. Some empty nesters decide, not only to downsize but to move to a new area. You may want to be closer to adult children and their family, or you may decide to move away from Colorado mountains and exchange them for a home close to the ocean.
Without a family at home and with less money going out on upkeep of a larger home, empty nesters find they not only have the time to develop their new lifestyle, but they also have the spare cash. By selling up and moving to a smaller home there are usually two results; one is the remaining mortgage gets paid off and the other is that the sale puts cash in the bank.
The Best of Both Worlds
By downsizing and freeing up equity, empty nesters often find they can have a perfect everyday life and also enjoy perfect vacation living. They use the freed-up equity to buy a vacation home which they rent out when they are not there. This generates extra cash as well as providing a wonderful vacation place for themselves and their family.
Choose the Right Neighborhood
You buy the new neighborhood as well as the new home. Choose a locale that will give you the golf courses, colleges, restaurants, clubs, etc. that you want. And choose one that has the kind of neighbors you want. Should you move to a retirement community, a deed-restricted subdivision with a well-managed HOA, or out into a quiet countryside area?
Choose the Right Property
You may decide on an apartment, a townhome, a patio home or a home like the one you currently own but a little smaller. If you want all outside maintenance done for you or, even, all inside maintenance done for you, then choose accordingly.
Downsizing when you're an empty nester is exciting and rewarding when it is thought about and planned for. Working with a real estate professional who can get your property sold for the highest price, on the best terms, in your preferred timescale, and with the least hassle adds to your success. And one who can help you find the right new home also matters. Even if the home is out of area, your Realtor will be able to put you in touch with another expert to help you buy your new "empty nest."
When you are ready to talk through your plans, and to get the help you want with your plans, please just click here to contact us so we can get to work.