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Empty-Nesters: Are you Ready to Downsize

By: Paul Simpson

17 May, 2018

Talk about the idea of downsizing

Even if you feel it is still too early to assume your plans of downsizing, it would be a good idea to talk about this with your family, especially to your spouse or anyone whom you trust his or her opinion. Once, you have heard both sides of the comments, the positives and negatives, you can then gather your own thoughts and decide the perfect timing as to when you will go on with this plan, set a due date.

Evaluate your present situation

Now, being an empty-nester means you don’t have to worry about fending for your older children’s weekly grocery or paying for his or her advance course program, since you are way past that obligation. You now have the luxury to enjoy your hard earned money kept in the bank and reselling your home could be a great source to fund for that much awaited travel you want to reward yourself and your spouse or get that pre-retirement plan for your future long-term care needs. So, whatever future plans you have at the back of your mind that is pushing you to downsize, evaluate first your present situation. Ask yourself sincerely, “Are you ready to give up your family home and trade it for a smaller unit like an apartment?” If you already have the answers, then, I’m sure you can easily carry on with the whole downsizing plan without a heavy heart.

Determine if your house poses a marketable price

So, finally you are ready to downsize. Have you determined if your house will be sellable right at this moment at your asking price? Are you open to negotiate for a lower bid? Keep in mind, whatever amount of money you will get from this sale will help you achieve your future goals in life and it really requires good research before you declare a home sale. To make a wise decision on your selling price, consult your local property consultant, they can also advise on whether you need to do some home improvements in order for your home to sell at the right price where you will get higher returns on investment.

Ready to downsize or not

After all those phases you have been through like sharing your ideas about downsizing, assessing your present needs or aspirations for the future and doing your own research on how much your property will sell in the market, I’m sure you have the final answer, whether you are really confident to downsize now or not yet. In case your final decision leads to the conclusion that it is still too early to downsize and you aren’t ready yet to give up your family home, but you are very open in the near future to downsize, then, why not consider buying an investment property instead where you can lease it and earn from your tenants. On the other hand, if there is no one stopping you from downsizing, do all the preparations needed for a successful home sale, then, find a smaller house and move. Don’t delay this opportunity to bring more happiness to your life, like being able to live close to your children or safeguarding your future retirement plans. After all, we are free to make our own choices that will give us more benefits, so make the most of your decision.

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