By Seth Murphy
Having an empty nest can be bittersweet. With your children on their own, they leave a tangible void, but it’s a great time for rethinking your lifestyle. A smaller home means less maintenance and can save you money. Here are some helpful tips for making wise decisions with your empty nest.
Benefits of downsizing. One of the most important benefits of downsizing is saving money. As some experts note, homeownership is expensive. When considering the costs involved, remember that less house often means less money. A smaller home typically means lower utilities, lower property taxes, reduced homeowner’s association fees, and less costly insurance for your home. Dave Ramsey explains that money you save can be used in a number of other ways. Put it toward retirement savings, paying off debts, or financing that home-based business you’ve always dreamed of.
Beyond dollars. Along with the monetary savings, U.S. News & World Report explains there are some benefits to downsizing you can’t measure. For instance, having a smaller home typically equates to a more manageable home. You won’t have as many gutters to clean, and there is less floor space to vacuum. You also are relieved of having so many belongings, freeing you from tending so much “stuff.”
Boost value. Before selling your home, it’s a great idea to do a few things to boost your property’s resale value. Certain upgrades are apt to draw the eye of potential buyers, such as kitchen remodels and bathroom updates. One opinion is to first ensure your home’s basic systems are in good working order. Potential buyers tend to take for granted that things like the roof, windows, siding, and heating and cooling systems are fully functional; they don’t expect to need to make significant repairs when they move in.
Home improvements. As a general rule, you should only make improvements that are appropriate to the home and the neighborhood. For instance, a $10,000 appliance is an overinvestment for a $200,000 home; nor do you want a sleek, chrome-trimmed home office in a colonial ranch home. You also don’t want to be selling a house that is priced significantly higher than the rest of the area. And last but far from least, put some money and elbow grease into enhancing your curb appeal. Clean up your landscaping, put fresh paint on your front door, and make a tidy, welcoming presentation. Remember that home shoppers won’t care how your interior looks if they don’t like the exterior.
Decluttering tips. One of the hardest parts of downsizing is decluttering so you can fit comfortably into a smaller space. It can help to do some research as to what items cost if you are struggling with what to keep. For instance, you may have spent a few thousand dollars on a large patio set that made sense when you had the kids and their friends in for parties, but now not so much. Find out what the current value of the set would be if you sold it, and it may help ease you toward letting it go. Another idea is to make sure you can give everything in your new home a place of its own. It’ll help you stay organized and keep space tidy. Also, for every new item you purchase, discard an old one to avoid accumulating too many belongings.
Empty nest = finding freedom. When you finally have the house to yourself, think of it as an opportunity. It may be the perfect time to downsize into a property that will save you money and allow you more time to do things you couldn’t do otherwise. Make a few home improvements, declutter your space, and enjoy your new freedom!
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