Having your kids grow up and leave home is bitter sweet. On one hand, it’s sad to see your little birds leave their nest. On the other hand, you’re finally able to have your home to yourself. What will you do with all of that extra space?
Most Americans who’re done raising their kids spend a few years sprawling out in their homes and repurpose old rooms into new spaces. Soon, though, they discover that there’s a lot of space in their homes that they really don’t use. Unused space tends to get filled with unused items.
Keeping a home that’s too big for your needs just because it’s acting as a storage unit doesn’t make much sense. If this is you, it may be time to downsize into a home that’s more sensible. Consider selling your current home and downsizing into something smaller, easier to maintain, and more sensible.
Most empty nesters understand that when they downsize it will be to the last home they ever own. The new property needs to be appropriate for a retiree and all the of the medical and mobility issues that come with aging.
How do You Choose a Property to Retire in?
Amenities are very important for empty nesters that are approaching retirement age within the next 20 years. It helps to narrow down the selection of homes on the market by number of bedrooms, storage space, location, condition of the home, and amenities.
What Amenities Are Most Important Long-Term?
Do you want to find a home in a gated community? There are very nice private communities in Redding and Shasta County. Many of these communities have private swimming pools, club houses, access to golf courses, and walking trails.
It may not seem important now, but these amenities can help you stay active, healthy, and happy as you grow older. If you live surrounded by these things, retirement can seem more like a vacation and less like a boring experience.
Is the Condition of the Home Good?
Unless you’re a home builder or you work in home construction, you’re probably not going to be doing too many major repairs to a new property. It’s important to find a home that had new windows and doors and is very well insulated.
Be sure that the construction material of the windows and doors is guaranteed for at least 30 years. You don’t want to be replacing windows in your home at 85 years old when your retirement funds are running out. The same goes for siding, foundations, any cement work, wiring, and other construction issues.
If you are like most people, you will need easy to access entryways into the home, doors wide enough to accommodate a wheelchair, and a restroom that’s equipped with a safe to use shower or tub. You may need to budget for a future bathroom remodel if it isn’t set up for a retiree.
Is the Location Everything You Want?
Where your next home is located is very important. Try to find a property that’s centrally located near hospitals, grocery stores, shopping, other family members, and parks. Buying a home that’s close to everything you need to access while also being close to your family or friends isn’t always easy, but it is worth the extra effort. Being truly happy in your location can enrich your life.
Are you Going to Need a Lot of Storage Space?
Downsizing is difficult because you must sacrifice a lot of your hard earned “stuff.” You’ll need to get rid of most of what is stored in your unused spaces, including furniture and items in the closets. If the sacrifice to too much but downsizing is still something you want to do, try to find a property with plenty of storage space.
How Many Bedrooms Do You Need?
How many bedrooms your new home will be is a tough decision. One bedroom is great if you know that you’ll never have overnight guests and your kids will never come back home to visit. However, if you plan on having grandkids and friends sleep over, it’s good to have at least one extra bedroom.
Reinvest the Proceeds of the Sale in Your Retirement
Once you’ve narrowed down the choices of local homes on the market and you’re ready to sell your home, make a plan. Call a realtor and set up an appointment to show them your current property. They can help you get your house ready for the market by giving you advice on boosting curb appeal and dressing up the interior of the home.
Once you pare down your belongings, sell your home, and find a new property, take care to set yourself up for a healthy financial future. Deposit any net profits off of the sale of your home into a retirement account. This money will grow exponentially over the next decade or so and ensure are more secure and happy future for your retirement. In the meantime, enjoy your new, safer, cleaner, quieter, and easier to care for home.
The views, articles, postings and other information listed on this website are personal and do not necessarily represent the opinion or the position of American Pacific Mortgage Corporation.
* For loan examples and more information visit our disclosure page at https://www.uslendingcompany.com/disclosures/