When your children move on to college or their own homes, your house may feel a little bigger and emptier than before. Is it time to downsize?
You're certainly not alone if you're an empty nester searching for downsizing home tips. A 2016 survey by AARP found that 11 percent of current empty nesters and 17 percent of soon-to-be empty nesters decided to downsize.
Moving to a smaller house can start a fulfilling new chapter in your life. Here are five essential downsizing home tips for empty nesters looking to simplify.
Why do so many homeowners choose to downsize later in life? To answer, downsizing offers a few key benefits for empty nesters. Understanding these benefits will help you define your motivations for downsizing while giving you something exciting to look forward to.
If you're seeking more disposable income or hoping to save more for retirement, downsizing is a great start. A smaller house will have lower utility costs, property taxes, and insurance premiums.
Perhaps you're more interested in saving time than money. Downsizing your house can drastically reduce your cleaning and home maintenance workload, so you can make the most of the free time you now have.
Relocating to a smaller house also gives you the option to move closer to your kids or find a neighborhood that fits your lifestyle better. The Spruce notes the value of the change of scenery that comes with relocating. They say, "The three most important things to think about when buying a home are location, location, location — you can live with almost any imperfection in a home if you love the neighborhood and your neighbors."
After raising kids in your house, you probably know which rooms you use the most. Just because you're moving to a smaller house doesn't mean you have to make undue compromises with your new space. Write out a list of the rooms and features you love most about your old house before you move. A list of must-have features will help you prioritize the essentials when hunting for your new house.
Here are a few examples of amenities to consider when creating your checklist:
Raising children brings no end to mementos and keepsakes. Unfortunately, you may not have room to take all these treasured items with you when you downsize your house.
Photos are the most space-efficient way to carry memories to your new home. Remember to snap photos of any sentimental items that would be impractical to bring with you. You can even create a keepsake album or scrapbook and fill it with notes about the memories tied to each item.
A home you've built up over the years can be time-consuming to declutter and pack up. Getting the right help from professionals and people you know can make downsizing much easier. Ask friends and family to help with your move. You may not need to hire professional movers when you downsize, especially if you're sticking to the essentials.
If you have heirlooms or antiques that are potentially valuable, consider contacting an estate sale company to appraise and sell them. For the items you don't want to keep, hiring a junk removal company can make even large-scale cleanups a breeze.
Empty nesters who have lived in the same house for several years are in a great position to sell. Rising home values and a lower remaining mortgage balance have left many long-time homeowners with considerable equity.
If you want to sell your old house to finance downsizing, a cash buyer could help your move go much faster. Simply is an instant cash buyer that provides high-value offers for houses in the communities we serve.
Simply buys houses as-is, with no inspections or hidden fees. Our streamlined process lets you close your home sale in as little as seven days and receive a lump-sum payment.
Requesting an offer with Simply is as easy as entering your address in our online form. We'll let you know if we're interested in 30 seconds, and a Simply Advisor will schedule a free in-home assessment. Get in touch today to simplify the process of downsizing your home!