Becoming an empty nester can be quite an exhilarating, yet emotionally charged experience. Afterall, your kids are beginning life on their own. The prospect of starting your life over after the children have flown the coop is what every parent will have to face eventually. However, with the right strategies in mind, you’ll see that there is more to gain than lose. If you’re thinking about downsizing your home after your kids move out, here are some helpful tips to get you started.
Benefits of an Empty Nest
The idea of an empty nest may conjure up stressful feelings; however, this can bring about an exciting chapter in your life. One advantage is a renewed sense of purpose, especially after years of raising kids, which gives you the opportunity to rekindle your marriage or begin a new hobby or career, doing something you love. Additionally, not having to care for your kids allows you to attend to your own wants and needs. Aside from ample free time when kids leave home, parents will have more money on hand since they’ll no longer be supporting their kids at home. This extra cash can be used to travel or enjoy new hobbies.
Create a Plan
A common concern when deciding to move is whether the kids will move back home, which may end up delaying retirement or relocating, so make sure to account for this possibility. You’ll also need a plan for getting rid of old junk that has piled up over the years. You may even hold a yard or garage sale to make extra income.
Part of your downsizing plan will include hiring movers. Before hiring movers, make sure they’re properly insured and give you a detailed cost estimate. If you’re wondering “How can I find the best moving companies near me?” you can go online and carefully review customer ratings of moving services. You may also be able to find deals and credits.
Consider your needs, as well. Do you have room for oversized furniture in the new location or will you be keeping anything that is sentimental to you? One of the biggest issues that people have when they move to a smaller location is that they neglect to trim their belongings. While you may want to hang onto keepsakes, consider a more minimalistic approach for your new space, especially after years of keeping up with kid’s toys and accumulating other items that no longer serve a purpose.
Raise Your Home’s Value
Homeowners can renovate their homes, not only to make it more livable but also to sell their home for a higher price. For example, you can add a new backsplash in the kitchen or paint your walls, or you can upgrade the functionality of your home. By renovating your home, you can raise its selling price which can fund your downsize.
An empty nest is a chance to renew your life, emotionally and financially. Though you no longer have others to take care of, make sure that your future is secured with the right plan in mind so the upcoming decades are more enjoyable.
Buying a home or refinancing? Work with the skilled mortgage professionals at Ross Mortgage Company!