As the sands of time pass through an hour glass, so do our children through our homes. One day they are walking around in diapers and playing with toys, the next they are driving off to college or getting married and starting a new life.
If you have children you have either experienced this or you will experience it. So now that the kids are raised and gone, what are you to do with your house?
This is a very common scenario we see all the time in the real estate world. There are some factors to consider and things you can do once you determine your direction. Let’s take a look at some popular options.
The easiest option is to do nothing. This will surely fit into your budget and allow you more time to do what you want. Keeping your son or daughter’s rooms intact allows them a place to stay when they do come back to visit. It’s sometimes difficult for a child to accept that their room has been turned into an office, gym, or sitting room, so this option keeps them happy for the time being.
We see this option a lot with empty nesters. With your children now gone, you probably have more space than you need in your house. Downsizing is a very popular option. A smaller house means lower mortgages, lower utility bills, and less property tax. This will come in handy if you are helping foot the bill for college. Knowing when to downsize is always the key. You have to decide if your children, grandchildren, etc will be staying with you for lengthy periods. If so you should consider some space for a guest bedroom or space such as a bonus room that can convert into a bedroom.
This option is not as popular as most, but we have known and heard of some empty nesters that sell their house to travel the world. Whether that means they buy an RV and drive from place to place or go on a cruise around the world, traveling may be a chance to experience things you’ve always dreamed about.
Re-purpose Existing Home
Renovating the existing home is a very popular option when it comes to an empty nest. By the time their children have reach the age of adulthood, a lot of people are already in the home they want to stay in, so renovating it to fit their current lifestyle makes a lot of sense. Turning bedrooms into offices, dens, and reading rooms are popular options. Here’s a very interesting article on Realtor.com about that very subject.
If you are an empty nester and would like help finding a new home in the Middle Tennessee are, feel free to reach out to one of our local, qualified agents.