After your kids fly the coop, you are left with a house that is larger than you need and more stuff than you can handle. That’s why so many empty nesters downsize today and they realize more benefits than they ever thought possible.
1. You Can Make a Profit by Selling Your Home
The first step is making some home improvements that boost your home’s value to earn a higher profit. If you’re not sure where to start, consider hiring an inspector to avoid unpleasant surprises such as a deteriorated roof or outdated electrical system. Before hiring, make sure your inspector is certified.
Addressing issues found by the inspector will protect your home’s resale value and prevent small problems from becoming larger, more expensive issues while you are in the process of selling it. You may have to contend with some upfront costs to make repairs, but you will have a much better chance of selling your home when you show potential buyers that you have done your due diligence.
DIY Network suggests a few home improvements in a variety of price ranges, including updating rooms with fresh coats of paint, making landscaping improvements, updating bathrooms and your kitchen and replacing worn carpets or area rugs. Keep in mind that the more you appeal to buyers with a few updates and improvements, the better your chances of selling your home at or above your asking price.
2. You Will Cut Costs Across the Board
Maintaining a home that is too large for you after your kids move away is an unwise financial decision. Empty nesters with mortgage payments often score lower costs by downsizing. And, people who have paid off their homes often find that they can pay for a smaller home in full using the profit from their home sale.
Downsizing also saves homeowners maintenance fees, especially if you move to an apartment or condominium that eliminates your need to care for the lawn or remove snow. It also is less expensive to put a new roof or new siding on a smaller home. Empty nesters who downsize also save money on cleaning supplies, cleaning services and lawn services.
Homeowners who downsize after their kids move away often realize other cost savingsincluding lower utility, property tax and insurance bills and HOA fees. Typically, larger homes carry higher utility bills as you pay to heat and light rooms that you don’t use. Your property taxes and homeowner’s insurance likely will decrease when you downsize, too, because you will own a smaller home and less property. Finally, your HOA fees could decrease if you move to a different neighborhood with fewer common areas or snow removal and landscaping fees.
3. You Will Reduce Your Clutter and Your Stress Level
When you downsize, you have the best excuse to get organized. As Forbes points out, you organize your life when you organize your home. When you declutter, you streamline your life in a way that will help you function better. You’ll also be able to maintain your downsized lifestyle in a smaller home.
Best of all, decluttering boosts your mental and physical health by helping you relieve stress and anxiety. You’ll have more confidence, improved health and better sleep when you get organized. Decluttering also makes it easier to clean your home and keep it free of dust that contributes to allergies and asthma.