It’s finally happened: all your children are out of the door and diving into a brave new world. It’s an exciting and important time for everyone. Winter is over and the spring blossoms and blue skies herald the beginning of Spring; a time for a bright, fresh start, new opportunities, and new possibilities for all. Your children will be exploring and deciding what to do in this new stage of their lives, but it is important for you to realize that this is also an important time for you as an empty nester. So, what will you do in this new stage of your life? What would be the best way forward?
The Benefits of Downsizing
One of the simpler and more obvious benefits of downsizing is that it would lower your costs. With no children or other people around the house, there’s bound to be a lot of empty or underused space.
A few ways in which moving from your empty nest could benefit you:
- A smaller home usually has lower electricity / heating bills.
- A smaller home may result in lower property tax costs.
- A smaller home requires less maintenance.
However, the most important benefit of downsizing is what it can do for your future. By selling your current home for top dollar, not only would you be able to finance the purchase of your ideal home, you would have extra cash that you could then dedicate to your future plans and retirement!
Planning for Your Future
One of the most important things to consider is whether you will be buying your next home before selling your current one, or if you will be selling first before looking to purchase the next one. Both scenarios have their pros and cons.
Here are some of the more common ones:
What is Best for You?
While empty nesters and those looking to downsize may be in similar situations, every case is different. Therefore, even though you may have found the above information useful, it is best that you get advice that has been tailored to your needs. Through my 17 years of Vancouver real estate experience, I have worked with many clients looking to downsize or looking to move away from their empty nest. I worked closely with them to get a top price for their homes, and to help them reach their unique real estate goals.
Whether you are buying, selling, or both, I can help you. Contact me by phone at 604-889-8609 or by email at email@example.com, and I would be more than happy to discuss your real estate goals with you.