MISTAKES EMPTY-NESTERS MAKE WHEN DOWNSIZING
Relocating after your last child leaves the nest can be an emotional experience – especially if you are a tightly-knit family. It can be difficult to adjust your thinking when viewing new homes, as you now need to consider only your own wants and needs and not those of your children.
Below are the three mistakes empty nesters most often make when downsizing after their children move out of home:
1) The difference between too large, too small & just right
Many empty nesters make the mistake of purchasing a new home that is either too small or too large to suit their new family dynamic. Purchasing a property that is too small will make it feel as though you are living on top of each other, while purchasing a property that is too large will only emphasise the fact that your children are no longer around to fill the vacant rooms.
2) Hitting the location sweet spot
Empty nesters tend towards one of two extremes: either purchasing property as nearby to their children’s homes as possible, or as far away as possible so that they can start afresh and live out the lives they’ve always hoped to live. While it is better not to purchase a home purely to be close to your children (keeping in mind that they can relocate at any point in time), it might also be difficult to move too far away if you are a close family who are used to getting together regularly. You should purchase based predominantly on where you would like to live out the next few years, perhaps only secondarily factoring in where your children stay.
3) Moving before you’re ready
Avoid rushing the process of relocating. It can be difficult to deal with the loss both of your family and the home in which they grew up. What’s more, there is always the possibility that one of your children may need to move back in with you owing to unforeseen circumstances.
4) Partnering with the wrong agent
Find a compassionate and experienced real estate professional when selling your family home. Because you are so attached to your family home, it can be tricky to do a good job of selling it. There might be things that need to be updated or remodelled in order to make the house more sellable, but you might not be able to see that. That’s why you need to trust your real estate agent enough to make these calls on your behalf.