Most parents eventually experience the transition of becoming empty nesters. Whether the children go off to college or move out to live on their own, what once was the perfect sized home might start to feel a lot emptier. If you are in this situation and are starting to consider your downsizing options or where to start, here are a few things to consider…
Start getting rid of stuff and organize. Decluttering can feel like a breath of fresh air. While going through the home, make note of things you can part with and things you cherish / potentially want to save for your children’s future kids. If there are items scattered around the home that can go together, combine them in one storage bin. This will clean up areas and keep a well-organized living space. If you find that there are a lot of items that you want to hold on to instead of donating or throwing away, it might be a good idea to look into renting a storage unit.
Put the extra space to use. Whether you want a new home office or gym, the new cleaned up space can be your window of opportunity to grow your work life or hobbies. Some families even utilize the new space for rental opportunities and earn some side income! Renting out a room can be an profitable option if you are comfortable with it.
Look to see what’s on the market. Maybe it’s time for a brand-new change. Moving to a smaller house, condo or townhouse could be a good option for some people! This is a great time to re-evaluate what is important to you and your partner regarding home essentials. Is a yard a necessity? How about a large kitchen? Location? All these questions to consider are an exciting part of what could be in your future. A smaller home is less space to clean and maintain, and gives you the opportunity to purge and live more simplistically.
If you are seriously considering moving or downsizing, it is wise to reach out to your local mortgage lender to see what you can afford. Here at Acadia Lending Group, we have years of experience in the mortgage industry. Our family-owned company can walk you through your options and get you through to the next stage of your life. Reach out today!