Is It The Time to Consider Downsizing? Reasons & Benefits to Sell The Empty Nest

Under Real Estate

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June 28th, 2022

The children have matured before our eyes. At last, right? However, you suddenly discover that your home lacks its usual noise and people. You’re left with a significant amount of unoccupied space. It’s possible that now is the right moment to sell your family home and move into a smaller one. If you’re still unsure about downsizing, here are six good reasons to sell your empty nest.

#1 Less mortgage

Since downsizing can be quite an emotional subject if you are an empty nester, we’ll start with more rational reasons. The one thing that hangs above many people with children’s heads their whole life is – a mortgage. In a time when mortgage rates continue to climb, this can make a significant impact on your finances. When you shrink your living space, your new home’s location may result in a reduced monthly mortgage payment. In a similar vein, smaller houses have reduced demand for utilities like :

• electricity
• gas
• cooling and heating

This may result in a considerable reduction in the monthly cost of these expenses. The financial benefits of having lower costs and a smaller mortgage are pretty evident. In addition, you will be able to save money for the necessary things.

How to effectively downsize?

Though it sounds easy on paper, downsizing can be challenging if you are a senior. To do it more efficiently, consider making two piles. One for items you are sure you want to keep, and another for those you don’t need anymore. Also, make sure to ask for help with the heavy lifting if you want to do it effectively. Professional movers can help you declutter and organize everything in no time. That way, you can focus on finding the right place to be in your new home and save some time properly saying goodbye to your old house.

#2 Lower tax burdens result in more financial resources

Along the same lines as finances, the amount you save on real estate taxes might be enormous. Furthermore, this is because real estate taxes are a significant expense. The potential for a reduction in your annual outlay for real estate taxes is one of the many advantages that might emerge from reducing your living quarters. If you pay less in taxes, you will have more money available to invest in the most important thing to you – your happiness.

#3 Less upkeep is one of the good reasons to sell your empty nest

A longer list of chores often comes along with moving into a bigger house. Reducing the size of something may result in considerable savings in terms of maintenance expenditures – downsizing can lead to more budget-friendly maintenance options. Also, you will have less responsibility regarding the upkeep of the property and more time to focus on yourself. When you don’t spend that much time worrying about chores, your overall lifestyle and mental clarity will significantly improve. It would be nice to have more time for reading that book you wanted to read for a while instead of thinking about maintenance, wouldn’t it?

#4 Your savings account will have a little kick start

We all work hard throughout our lives to save aside a little bit of money here and there in the hopes of one day having enough for a pleasant retirement. The adequately done sale of your house might dramatically enhance the amount of money you have saved for retirement, even though you may have already put aside a considerable amount. If you sell your current property and use the proceeds to purchase a smaller one, you’ll give your savings a kick start you need to make the most of your retirement truly. You may spend your golden years doing more of what you’ve always wanted to do if you save some of the money you’ve worked so hard to acquire and put it in a retirement account.

#5 You can finally afford to make your dreams come true

Like most parents, you have probably often put off your dream vacation to provide some things for your children. But now with enough reasons to sell your empty nest, it’s time to think about yourself. If you’ve always claimed you want to travel but haven’t been able to afford such an excursion, the earnings from the sale of your house might make it possible for you to go finally on that trip you’ve always discussed. Or, you can choose to move far away to that picture-perfect tiny home you and your partner often dreamed of.

Say goodbye to stress

Reducing the size of your home might provide you with the financial flexibility to pursue interests or activities that you previously may not have been able to participate in. As you start enjoying your life to the fullest, you’ll see your stress levels decrease. This will benefit your health in many ways and prolong your life so you can enjoy the fruits of your hard labor longer.

#6 You’ll be able to make new memories

The house you raised your children in is indeed full of memories. But at some point, those memories become as dusty as those halls that no one runs through anymore. Instead of feeling fulfilled, you’ll feel nostalgic and even sad when walking through them. So, moving to a new home can be quite a refreshment. It may remind you that you still have a long way to go and a lot of new memories to make.

Once the decision has been made – be ready to move

When you finally decide to leave your empty nest – it’s moving time. It’s not a simple process, especially for seniors. So, it’s crucial to find reliable support and good movers. Make sure to research and find movers that specialize in helping seniors. They’ll know that you need additional help with some things. So, let them help you with the heavy parts in order to avoid injuries in the process and move as smoothly as possible.

We hope that we helped you at least a bit with this list of reasons to sell your empty nest. The final decision is up to you, and we hope that whatever choice you make, you enjoy the golden years of your life to the fullest – as you deserve.

6 Reasons to Sell Your Empty Nest by Sally Norton

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