It’s just too big for us now! At one time, the large home was perfect, but lifestyles change, kids grow up and move out on their own. The house doesn’t seem to fit the family needs anymore. So maybe downsizing to a smaller home will meet this new empty nest lifestyle.
You may ask, why do I want to downsize and what are the benefits to a smaller home? Here is a list to consider:
- It’s easier to maintain both inside and out so there’s not as much to house clean or lawn to mow
- Convenience of a single level for simple living
- Lower utilities, property taxes, and insurance
- Possibly more energy efficient and lower maintenance
How about the financial benefits from the equity in your larger home? Here is a list of possible ways to utilize the money:
- Invest for your retirement income
- Buy that second home
- Travel to those places you’ve longed to visit
- Invest in an education for your children or yourself
- Set aside a nest egg to cover unexpected expenses
- Tax-free money? Your profit, in most cases, will be tax-free up to the exclusion limits set by the IRS.
The empty nest lifestyle is a big life change, and there will be expenses associated with selling your home and buying a new one. Make sure you take the time to review the potential benefits and outcomes of downsizing to a smaller home. If you have questions, contact Gayle Harvey Real Estate to find out what your current home is worth. We will also help you find the right home for the next stage of your life.