Have you considered downsizing your home? Picture this, you have a big and beautiful house. Three bedrooms downstairs and a game room. An immaculate kitchen, luxurious dining room and family TV room on the main floor. A master bedroom with a fully jetted tub, stand up shower with dual shower heads, double sink vanity, and walk-in closet. Along with two additional bedrooms and a third tv room. Sounds pretty amazing or perhaps familiar right? Now think about this, it’s just you and your spouse. You only use the kitchen, TV room, and your bedroom. Thus leaving an additional seven rooms untouched. The only purpose is to hold your memories, store old junk and cost your wallets. This is what we call the empty nest.
Fortunate to most, there is a current mismatch in the housing market. Demand for homes is constantly rising, yet home builders don’t have the ability to keep up. They can no longer create the supply the way they did during the baby booming years. Coincidentally, this is great news for empty nesters! People are willing to pay big bucks for your land and your property.
Following this mismatched market, developers have now shifted their targeting to empty nesters. Thus, they are building high service, luxury condominiums marketed directly to boomers and generation X soon-to-be empty nesters. Which really isn’t the worst place to go. Who wouldn’t love a little luxury in their now kid-free home?
Think of how easy it could be. See, you’ve lived in your home for 20 plus years now. You either A) Have it completely paid off, or B) Almost have everything completely paid off. The easiest thing for you to do is sell your home, make a hefty amount of money in the process, pay cash for a new quality home, pay fewer bills, have less hassle and get the most bang for your buck. Enjoy the rest of your child-less years in style.If perhaps you aren’t much of a money splurger, here’s another idea. Remember when you first bought your home? You thought, “one day this home will benefit me via the equity I’ll invest into it.” This dream can still be true. Redeem the benefits! If selling isn’t for you, rent it out. Invest in your home. Use their payments to pay for your brand new condo. It’s a win-win situation.
With less space comes less stuff. For some I know this sounds very appealing, getting rid of all the clutter. But for others, I know we sometimes like to hold onto the memories that are held within a home. Old memories are good but think about all the new memories you can make once you have less financial stress. When your kids come to visit, you can rent a luxurious cabin instead of being stuck in their 20-year-old bed. Hang out by the pool or explore new places. Making your grandkids love you so much more by giving them fun and exciting memories they will remember for life.
How happy would you say you are with where you are living now? Sometimes do you feel like you barely see your grandkids when they visit? There is just too many rooms, too much space! Smaller homes mean more quality time in closer proximity. It can mean more quality time spent with your spouse. Less cleaning! Downsizing can make your day-to-day living so much easier and can save you so much money. For many, downsizing has been the best decision they’ve ever made. Ultimately, downsizing into a new home has to be the right decision for your happiness.
As I mentioned earlier, investing should be a major consideration if you are choosing to downsize. One of the easiest and fastest way to make a lot of money. Statistics show there is a $9.2 billion dollar impact of over 28 million U.S. real estate investors. Why would you not want to make money off something you worked really hard for? You’ve spent years in your house. You’ve updated, repainted, planted flowers, the list goes on. Investing helps families and friendly people who need a place to call their own. Renting out your home has many benefactors.
More on investing in my next blog,
Real Estate Investing
OR information on Empty Nesters, check out my other post.
What It Means To Be Empty Nester
Comments
Post a Comment