The kids are all grown up and are beginning lives of their own. Finally, right? But, for all the relief that comes with your children growing up and moving out, there is an equal amount of newly empty space that needs to be addressed, both physically and emotionally. It all begs the question: now what? Luckily, Scott Jones Real Estate has plenty of experience with this exact situation. Keep reading for some tips on how and why to downsize your newly empty nest, regardless of if you’re looking to downsize to a smaller home, or just de-clutter your current home.
1. De-clutter ASAP
Don’t wait until it’s too late. Regardless of your ultimate plan, i.e., to move out or not, it’s crucial to start the de-cluttering process before things like an unexpected illness, or life changes get in the way. It’s wise to be one step ahead and to dedicate a few weekends or evenings to sort through all the things in your home and discarding what’s not essential. Seeing how much space is freed up might help make it clear that the smart thing to do is to move into a smaller home. You don’t have to do it all at once. Take it one room at a time and be patient with yourself and your family. Consider having a yard sale or donating to charity.
2. Consider your nest egg
No matter how diligent you were throughout your life about putting money aside whenever possible, selling your current home could significantly boost your nest egg. Also, while it’s not always pleasant to think about, as we age, our chances of beefing up our retirement portfolios dwindle. If the sale of your home will net you a windfall, contributing to your retirement can return significant dividends.
Downsizing your family home could also result in lower mortgage payments, freeing up even more funds to put away for your hard-earned retirement, and allowing you more resources to enjoy your golden years.
3. Remember that lower mortgage, taxes, and utility payments = more money in your pocket
When you downsize into a smaller home, your mortgage payments and utility bills tend to be lower, which means that you get to keep more of your money. You can use the newly freed funds to pad your nest egg further, save for emergencies, pay off high-interest debt, or to finally indulge yourself after years of putting your children first. The amount of money you can save every month by selling your home and downsizing is often staggering.
Moving to a smaller home may also mean lower property taxes, freeing up even more money.
4. Don’t forget about yourself!
Downsizing through selling your family home eases your burden in lots of ways. Even if you never had ambitions to travel or to begin a new hobby, having a smaller home to maintain and lower bills to anticipate every month will lower your stress level and allow you more breathing room to enjoy your life. You will be free to establish a whole new lifestyle, which many people find invigorating. Also, homes that feature stairs, paved walkways, or other complications such as showers not outfitted with safety rails, can lead to injury or exacerbate health issues. Downsizing while you are healthy is a favor to your older self.
5. Remember that downsizing does not mean saying goodbye forever
Many empty nesters struggle with downsizing their homes and feeling like they will never have the warm feeling of closeness that they enjoyed when their children still lived at home. But, downsizing to a smaller home does not mean that those moments and memories are lost forever! You can set up guestrooms for your children and grandchildren and reimagine family space in a whole new way.
6. Downsizing can be good for all family relationships
Sometimes, adult children tend to use their parents’ home as a storage facility, keeping old things they no longer have use for but cannot bring themselves to throw out. Keep your home from becoming a repository for stuff by downsizing and avoid the tension of knowing that your home is filled with things that no one has touched in years.
7. Work with a highly qualified agent when selling and buying your next home
A great real estate agent will make all the difference when not only selling your family home but in finding your next home as well. A compassionate and dedicated agent like the ones at Scott Jones Real Estate will help you get the most money for your home and will help you find the perfect place for the next chapter of your life. We have the experience you need to get you on your way as quickly and painlessly as possible.
When it comes down to it, the decision to downsize is not always clear cut, and there is no right or wrong answer that works for everyone. The key is to weigh your pros and cons carefully and to take into consideration all factors of your life when making your decision. You will need to use both your brain to figure out what works best for you financially, as well as your heart, to make sure that you are facing each decision honestly.
Begin the next chapter in your life by selling your empty nest!
Despite all the great reasons we’ve listed here, we also understand that downsizing from the home where you raised your family can be fraught with emotion. That’s why it is so vital to work with a real estate agent that is compassionate to your unique situation, and that has experience helping people just like you. The best way to make the experience as pleasant as possible is to seek the assistance of real estate agents who have experience in helping clients downsize.
Contact the professionals at Scott Jones Real Estate. With over twenty-five years of experience, we have the know-how to make the process simple, secure, and fast, so that you can get back to your new life.