All parents face the inevitable episode of becoming Empty Nesters. The energy from the offspring that once contributed to the home is gone. The maturing adults are left to weigh the value of the space and how it affects future goals.
Whether the goal is to reorganize, save money or consider long-term advantages, single-family homeowners may take on the task of downsizing. The scale down method can be as simple rearranging the flow of the home or taking on the challenge of moving to a smaller space.
First, it’s best to understand immediate and long-term goals. The maturing adults need to discuss the important matters such as:
- Financial Outlook: Does your economic status give you the confidence to remain in the home for some years while increasing your savings? Would moving to a smaller place be a financial advantage?
- Aging: Will this be an efficient place to retire? Is every room easily accessible? Will maintenance of the property be an issue?
- Health: Will a smaller house or moving to a condo or an apartment be less stressful? Would you be able to enjoy other things, such as travel, if you downsize your current position?
Your future goals and the requirement for comfort will be the guide the decision to either remain in the home or look for a smaller dwelling.
Stay in the Home
Over the years, the investment of love, time and money helped to create a family sanctuary. The home is the center for celebrations and the background of memories. The original purpose was to be a safe place to grow the family with an eventual means for permanent residency for the parents. The homeowners are financially committed and comfortable to remain in this space for the rest of their lives.
This commitment does not remove the possibility of downsizing. Useful bedrooms turn quiet while electronic components and climate control sources continue to function.
With the children gone, you can step back and take an appraisal of the home operation. Trimming a few areas can saving time, money and shape a cozier setting.
Suggestions can add dedicated space for guests, pets or a room to focus on particular interests. Tour your home and look to eliminate unused items and highlight rooms.
- Turn offspring designed bedrooms into a welcoming space for guests.
- Move crowded furnishings to available areas to open up space.
- Create that special place you have always wanted for recreation or hobbies.
- Change the composition of your home to remove consideration for young people.
Other ways to downsize and remain in the home is to de-clutter the home as much as possible. Have a yard sale or donate unwanted possessions to Good Will. Remember to call the kids and let them know you are throwing things out. Perhaps something you don’t want in your house, they will gladly accept in their new place.
With fewer mouths to feed, you will save money on groceries. Find ways to save money on utilities by unplugging electronics and closing vents to areas that do not need climate control.
If things change and the house is just too big relocating to a smaller place may be a better fit.
When the Choice is to Minimize
When the house gets too big, expenses prevent savings and stress replace comfort, it is time to look for a smaller home. Unless you are going to leave everything and sell your house quickly to a real estate investor, the process to downsize will take planning and time.
- Decide on where to live and the type of dwelling suitable for your situation. During this conversation, remember to speculate on how the layout of a new home can affect maturing adults. One-story houses are more accessible to maneuver. If you do not want to deal with the maintenance of a home, you may be thinking of a condo or an apartment.
- Determine the honest incentive for downsizing as that will be the driving motivation. Financial reasons will conceive an agenda based on spending and saving requirements. Concern for health issues will changes your focus to accessibility features within a new location. Emotional incentives will guide your safety and care-free concerns.
- Evaluate your possessions by going through each room. Make one list of things you want to keep and another list of things you will let go. By making a list, when the time comes to declutter the house, the information will allow others to help you. Don’t forget to include the children so they can claim anything you will discard.
- Decide how you will depart from your current residence. Select the best choice to sell the house by placing it on the market, selling it yourself or sell it fast to a real estate investor. If the need is immediate, the last choice could help you move sooner to your new location by getting a cash payout.
Examine all financial aspects before making a decision. Look at:
- Current total mortgage owed vs. new mortgage
- Purchase price of current home vs current home value
- Mortgage vs. renting
- Estimate where and how much you can save
When you find the new place, be sure to use the floor plan to plot how your existing furnishings will work with the location.
No matter what you decide, the children are now creating a life of their own. Turn empty nesting into a time to make your house your own.