When your kids eventually pack up and leave home, you’ll be presented with a newfound freedom along with a variety of unexpected emotional challenges.
While some parents are glad to see their children spread their wings and fly the coop, other parents experience “empty nest syndrome” which refers to the sadness parents feel when their children move out.
Many empty nesters find their homes are too large once their kids move out and therefore opt to buy a smaller home in order to reduce maintenance costs and gain additional capital for their retirement.
It also means you’ll be able to buy your next home for cash which will give you a bit of extra leverage when it comes to negotiating the purchase price.
Deciding whether to downsize or stay put depends on your unique situation as downsizing isn’t always the right move, pardon the pun.
If you’re facing the possibility of an empty nest, it’s important to closely examine your finances and motivations. Here are a few points to consider if you’re thinking of downsizing:
It’s important to be clear about your reasons for moving and also that you have a good idea of what you’re looking for in your new home.
Packing up and selling the family home can be emotional so consider moving to an area that’s close to friends and/or family.
Bungalows are very popular with empty nesters as too many stairs can start to present a challenge as we continue to get older.
Consider a condo if you plan on travelling as there’s very little maintenance to worry about yet lots of amenities to enjoy.
You Guest It
If you like to host out-of-town guests, it’s important to have room for them to stay. Don’t forget to also save room for your future grandchildren!
When the kids finally fly the coop, it can be a huge adjustment but it also means less upkeep, lower bills and more time to spend doing the things you love.
Whether you decide to sell your home or stay put, it’s a great time to declutter your home so go through every room and get rid of anything you no longer have any use for.
Whatever you end up doing, just be sure to turn your newfound freedom into a positive experience by enjoying some peaceful, relaxing quiet time and focusing on your own needs.