A Guide to Downsizing Your Home as an Empty Nester
Seeing your kids grow and leave for higher education makes you proud. But it also brings the sad feeling of your tiny birds leaving your nest.
Additionally, it spells a new way of life where we need less space and fewer things. That’s the reason people downsize when their children leave for college.
According to Bankrate, empty nesters hold a significant share of the real estate market. A 2022 survey reported that people aged 55-64 comprise 40% of home buyers and sellers.
Also, 31% of the market share goes to those aged 65-73. These numbers highlight a growing real estate trend in the US.
As an empty nester, the transition to a smaller space can feel liberating and daunting at the same time.
With children moving out, you should reassess your living situation and consider downsizing. However, this may seem confusing when you struggle with loneliness and changes in your routine.
We will share a few actionable tips for successful downsizing for empty nesters.
Identify Your Reasons
An article in The Atlantic highlights the importance of opening the door for empty nesters.
This implies changing your mindset and embracing this new beginning as an opportunity for growth, possibility, and new discovery. With your door open, you may travel more often and have children coming home to spend time.
When you consider downsizing at this point, you must understand your motivation with a valid reason.
For example, this may provide financial benefits like lower mortgage payments, reduced utility bills, and decreased maintenance costs. Smaller homes may foster emotional well-being with a more peaceful and organized environment.
Reflecting on these motivations brings clarity and helps you make informed decisions throughout the downsizing process.
Declutter Your Home
When it comes to downsizing, decluttering your current space can be a great start. As your children leave, you may find your home full of things that may never be used again.
This is a cue to purge and reduce the clutter in your space. Doing it will make it easier to move to a smaller space.
Tackle one room at a time, as it will be less overwhelming to declutter step by step. Also, start with the easiest spaces to build momentum. You can pick the living room or guest bedroom first.
Categorize items and be honest about what you truly need as an empty nester. Letting go of items tied to the memories of your kids can be challenging, but be strong as you purge.
Look for the Best Deal
Before you think of buying a smaller home, you must have a plan to sell the existing one. The real estate market in the US may be hard to navigate if you want to sell quickly.
According to the US News, the average home in the US sits for 31 days on the market. Expect the time to be longer if your home is old and in a less in-demand location.
Similarly, the initial months of the year are slow for sellers.
Selling your home to a cash buyer is a good option if you want to downsize quickly. Many empty nesters consider this deal as it reduces the stress of repairs and staging.
These buyers offer deals for properties as they are. Sellers can also save on realtor fees and closing costs, notes Doctor Homes.
Click here for more information about the fast home selling process if you want to take the easy road to downsizing.
Choose the Right Space
The next big concern for empty nesters looking to downsize is to find the right space. When searching for a new home, there are several things to consider for making an informed decision.
Aim for a space that addresses your current needs without excess room that requires maintenance.
Picking the right location is equally important. For example, proximity to family, friends, and amenities can enhance your quality of life.
Look for a neighborhood with good access to healthcare and recreational activities so that you don’t feel lonely. Consider potential changes in lifestyle or health that may affect your living situation down the line.
Budget for Your New Life
Becoming an empty nester is also a fresh start financially. The US Bank recommends preparing financially at this stage of life to have a secure future.
Buying a less expensive home at this stage is a wise move. When budgeting for your new life, think about how you will save in terms of utilities and maintenance by downsizing.
Moreover, selling your current home can provide funds for your new purchase or rental. You can also save a hefty sum by choosing a smaller space in a less expensive area.
Use these savings from downsizing to bolster your retirement funds. You can also invest in experiences that enrich your life, like traveling or chasing your passion projects.
Frequently Asked Questions
What are the benefits of downsizing as an empty nester?
Empty nesters often have more space than they need because their kids leave their homes to live elsewhere. Downsizing is a wise decision as it offers numerous advantages.
You can reduce your housing costs, lower your maintenance responsibilities, and create a more organized living space. The best part is that you may have more free time for personal pursuits.
How do I emotionally handle the pain of letting go of my belongings?
As human beings, we naturally feel attached to items linked with memories. To cope with the pain of letting go, you should try to focus on the positive aspects of decluttering.
You can also take photos of sentimental items before letting them go.
Will downsizing save me money?
Yes, downsizing can help you save a considerable amount of money. By moving to a smaller home, you can lower your mortgage payments, reduce property taxes, cut utility bills, and minimize maintenance costs. You may also end up with more disposable income and hefty savings.
Downsizing as an empty nester is the key to adopting a simpler lifestyle. You may find it challenging initially, but once you start reaping the benefits, you will realize the value of the decision.
Embrace this opportunity as a chance to enhance your quality of life and focus on what truly matters.
