Should Empty Nesters Downsize Their Home? Here’s What You Need To Know
Most couples think about selling their house and moving to a smaller home once their last child moves out. According to a survey, about one in five of future empty nesters plan to downsize their home. Among those who participated in the poll, 11 percent said that they are expecting to move to a new city, while 10 percent said that they would move to a brand new home. Moving to a new house can be an exciting and wonderful change as couples navigate a new chapter in their lives. Moreover, it can result in having more savings which can come in handy during a rainy day.
If you’re an empty nester or if you’re going to be one soon, here’s what you need to know if you’re planning to downsize your home.
It enables you to have financial freedom
Couples who have raised children in a home that they’ve owned for several decades are very likely to get a good profit from the sale of their house. If your house is located in a well-developed area, it’s possible that the windfall from the sale may be enough to pay a hefty down payment on a new home.
According to home loan experts, putting down a sizable down payment on a new home can result in lower monthly payments, and it can free up cash to pay off other existing debt, such as credit card debt and auto loans. By doing so, not only do you put yourself in a position to take care of debt, but you’ll also enjoy 4living in your new home now that most of your financial worries will be taken care of.
You can have a different lifestyle
Now that it’s just the two of you, you can start having the kind of lifestyle that you’ve always dreamed of and engage in activities that you like to do, rather than do the things that your kids prefer. One way to do that is by moving to a place that caters to your idea of fun. For instance, if both of you have always loved the beach, you can buy a house or condominium unit near the beach in Hawaii, Michigan, Florida, or California. If skiing and winter sports are more your thing, then perhaps you’d like to live in a ski town in Montana, Colorado, or Wyoming. Meanwhile, those who’d rather live in a place that values art, culture, and recreation can move to a city like Chicago, Memphis, New York City, Los Angeles, or Dallas. Living a different lifestyle together can revive your marriage as you experience new things in a different place, and this helps when you’re going through empty nest syndrome.
Less time and effort for upkeep, more time for fun
Moving to a smaller home allows you to exert less time and effort for upkeep and maintenance so you can devote your time to doing the things that you love. A one-bedroom condominium unit is the perfect choice for empty nesters who prefer to fly out to visit their children instead of letting their kids come to stay with them for the holidays. Meanwhile, couples who love to entertain or welcome family and guests into their home may want to look into a two-bedroom property. When deciding on a type of home, make sure to pick one that has security and accessibility features so you can stay safe and comfortable for many years inside your new abode.
Downsizing can benefit your life in so many ways, and it allows you to live the kind of life that you’ve always wanted. Make sure to do your research, and seek expert advice if you want to downsize your home after becoming an empty nester. If you are looking to downsize but you are not ready for the process that takes to sell a house, you can sell to a real estate investor like The Local House Buyers.