0 Flares 0 Flares ×
First off, lets get real about what kind of downsizing you’re trying to accomplish. Some of my clients live on acreages that they no longer wish to maintain; others would like to decrease costs of ownership. And still others just wish to live in a home with a more accommodating floor plan.
Those are three very different goals living under the same ‘downsizing’ umbrella. I propose we enlist another term to better describe what the empty nesters are really looking for; that term being: resizing. Let’s discuss a few tips for each goal that an empty nester might have.
Downsizing typically means reducing your costs of home ownership which will no doubt be a very difficult task. In order to reduce your ownership costs you’ll most likely have to reduce the size of your home and/or property. Not only that but you’ll have to reduce the amount of personal property you keep and you’ll most likely have to make some sacrifices in terms of location and/or amenities depending on your desired location. When determining when the right time is for you and how to go about this transition, information is your ally here.
My biggest piece of advice is to move before you are unable to. Next steps are as follows:
- Get a CMA done by a licensed Realtor
- As your Realtor how much you’ll net from the sale of your current home
- Set a budget for the new purchase
- Start searching for homes
- Keep an open mind and be prepared for changes
Tips for Resizing
If cost of ownership and square footage aren’t a sticking point for you in your current situation but your two story’s floor plan isn’t speaking to your joints anymore you’re in the resizing category. Renovating your current home may be the best solution for you but most families find that this is costly and creates problems for resale down the line.
New construction is a common option for re-sizers because it solves most of the problems at the forefront for empty nesters.
- They can decide on their budget before hand.
- They can customize their home to fit their exact needs.
- The home is new so requires much less maintenance than their current home.
- The option to build within an association community provides daily maintenance assistance that is very much desired by empty nesters.