Your last or only child has left home. Rooms are vacant and sounds that resound throughout your home are silent. Like some empty-nesters you’ve given no thought to what you would do after the kids are gone. And though you love the house where playing games, sprained ankles, clamorous kid parties were the norm, this scene isn’t so normal for you now? You ask yourself, “Is it time to sell our home?” This question is a good place to begin but don’t wait until the kids are gone to plan—do it while they’re still home.
Here are a few questions and some answers that may help you understand why planning ahead is your better option.
When should I think about our empty nest?
The answer to this question is as soon as possible. Realistically, early teen to pre-college is advised. The earlier years of child rearing are busy enough and adolescent years can be challenging. Your mind is probably settled in these areas of life. Still, no time is too early to plan for household changes
Where do I see myself in two years?
This question may be more difficult than you think because your attention has primarily been child driven. But questioning where you want to be in a few years will lead you to think positively about other more challenging questions.
Should I wait to see how my children fare after leaving home?
Several studies have shown that college ages 18 to 28 may want to move back home. It is up to you how long you would want to wait after your hatchlings have left the nest.
Are you ready to sell after kids have left for college?
You may not know the answer to this question right away. However, when your house is not full with fun-loving squabbles, you have time to think about your personal life choices.
Is downsizing the right choice for my lifestyle?
Think about how you want to utilize your time after the kids. You may find that travel is your desire. Perhaps a large house expends energy you’d rather place elsewhere. If you are looking to downsize, think about your finances. Downsizing does not always mean that you will spend less money after you’ve decided to sell your home
Where do I stand financially?
Cash flow may decrease or increase depending on your family situation. Watch your spending, extra cash in hand after kids have left may send you on a spending spree. But your finances will need to be in good shape if you decide to buy again. Consider the real estate market, is it a seller’s market, a buyer’s market or neutral? Know these things to help you make a decision:
- How long has it been since you’ve purchased a home?
- When did you purchase your home?
- Does it need renovating to ready for sell?
- What is the monetary value of your home?
Even a soft market (more sellers than buyers) may not get you the money you want or paid for your house. Know that house costs may have risen since your home purchase. Plus, the market that you are selling in is especially important. The good thing about selling a house is that currently, the real estate market is primed for Single family dwellings. So, if you’re downsizing, there are families looking to buy your home.
What’s the next step?
Need some help to make the right decision, we’re here to help. Our expert agents are available to assist with your real estate selling and buying needs. Contact us today.