Time To Downsize Your Home?

Empty Nesters | Is It Time To Downsize Your Home?

As an adult that currently has an empty nest, it may be time to think about downsizing your home as a larger home means more maintenance, higher utilities, higher insurance, higher real estate taxes and too much space to maintain. As many of us grow into our golden years, we contemplate downsizing our home to accommodate our needs. Don’t get us wrong.  Larger sized homes can be great when you have the pitter patter of little feet running around or the teenagers who are constantly on the go to and from sports practice or other activities.  But, once the children move out of the house, it get’s awfully quite. And, expensive.  While there are many 55+ communities out there, you can also find smaller homes outside of a specifically age geared community that may just fit your needs as to what you are looking for at this special time in your life.  Empty Nesters / Is It Time To Downsize Your Home?

To Have Maintenance or to be Maintenance Free

For some, the constant mowing and other associated yard work becomes too much of a chore.  Finding a low maintenance community where you can call home and not have to worry about all of the associated work that goes into upkeep of outdoor spaces might be ideal. While others might enjoy the relaxation that yard work and gardening can provide and that’s fine too. Either way, there is something that is sure to match your want list in your next home.

Empty Nesters - Is It Time To Downsize Your Home?

A Fresh Beginning

If you are an empty nester don’t look upon this new chapter in life as scary.  But rather, it’s a fresh start. Although moving out of a home where you watched your children grow up can be bittersweet with memories, it can be a good time to part with some of those memories and pass them down to the next generation. Downsize by selling older furniture that has seen better days and looking to creating a new place that you can call home and make many more memories.

Budgeting

Most household budgets devote the greatest share of income to housing and this holds true for all ages of homeowners. Unfortunately, some have put the idea of downsizing on hold due to the lower worth of their home. After the housing bubble, many of us found their home to be worth less than what they owed on it. In fact, in 2011 one out of every seven borrowers aged 50 and over owed more on their home than what it was worth according to one study by the AARP.

Old Construction vs. New Construction

Did you know that older households typically live in houses that are older than the houses of younger households? One statistic back in 2000 showed that 39 percent of owners aged 50 and above lived in homes that were built prior to 1960. Whether it’s the old time charm or new construction, the possibilities are endless.

It’s a fact that baby boomers are now seeking smaller places to call home, but for some empty nesters the thought of downsizing your belongings may seem overwhelming. After the kids are grown it’s hard to justify having such a large space and it is good to realize a fresh start. Many experts on the ‘empty nest syndrome’ caution against making a decision to sell as soon as the last child has moved out of the family home. Selling the family home can be a major lifestyle change and, of course, downsizing means different things to different people. For some, it may be just moving to a smaller sized home down the street. While for others, it may incorporate moving from the suburbs to the city or vise versa or perhaps even going as far as to move to a warmer climate or another country. Other empty nesters seek a retirement community that can provide them with a variety of activities, other people to relate to and maintenance free living. Whatever it is that you desire we are sure that there is the right place out there to enjoy this stage of life.

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Rick Toney

View posts by Rick Toney
Rick Toney Is A Seasoned Real Estate Professional With Over 25 Years Of Real Estate Experience, Writes A Weekly Real Estate Blog And Is A Principal of Blue Moon Realty Group And Mesa Realty Advisors. Blue Moon Realty Group Is A Residential Redevelopment Company Specializing In The Purchase And Renovation Of Older And Physically Distressed Homes (Flip This House Boston). Mesa Realty Advisors Is An Affordable Housing Developer Specializing In The Redevelopment Of Existing Low-Income Housing Properties. Rick Is A Certified Public Accountant (CPA - Retired) In The State Of California, A Certified Property Manager (CPM - Retired) And A Real Estate Broker In The States Of California (Retired) And Massachusetts.

1 Comment

  1. Daniel AcostaFebruary 14, 2018

    Countless families have to address this issue during their lives. This article gives the reader good information.

    Reply

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