Love Where You Live ....................Licensed in MA & NH
Empty Nester trends in recent years have some older homeowners selling their home in the suburbs and moving to walkable urban areas. Other empty nesters are choosing a smaller home in the same area, selling their large home and paying for the new home in cash from the sale.
Often, the hardest part about downsizing a large family home is downsizing the family’s belongings to fit an empty nester lifestyle. Consider these topics when downsizing your family home in anticipation of moving to a smaller home – whether urban or suburban:
Smaller homes are easier to clean and utilities may be less expensive.
Consider your family and friend network when thinking about moving to a new city – these relationships are more important over time.
Look for aging-in-place amenities like a home with no stairs.
How will you declutter? Will you give away or sell your excess possessions?
The equity you’ve accumulated in your larger home might allow you to pay off credit cards or medical debt.
A smaller monthly mortgage payment from the purchase of a smaller home often allows for larger investment into your retirement account.
All in all, when considering a downsizing of your home as an empty nester, it’s a good idea to write down a list of comparisons between staying in your large family home and moving into a new place, to weigh the real financial and emotional benefits of such a move.