More and more retirees are seeing the empty nest phase of their life as an opportunity to welcome change. They are given a chance to recreate themselves and reignite their old passions in life. This is why we see a lot of retirees picking up new hobbies, traveling, and even deciding to go back to college.
However, this is also the time when they decide whether they will upsize or downsize their homes. For some people, downsizing is the most logical next step. At their age, maintaining a big house is going to be tedious and costly so they would rather move. For others, upsizing meant that they are able to convert certain rooms into activity areas or add features which they know their grandkids will love.
If you are on the fence about making this decision, here are some tips to help you decide whether to move out or not.
Consider the expenses
Even if the cost is not much of a factor for you, consider what you are going to spend when you purchase a new home versus renovating your current home. With the former, you will need to prepare payments for realtors and the home itself; not to mention, if you also decide to do small renovations to make sure the new house is comfortable. With the latter, you will have to constantly shell out money to make sure piping, electricity, and other utilities are updated and working. You may want to do redesign projects as well to fit your current health and lifestyle.
Either choice has sizeable expenses. For advice, there are mortgage lenders ready to help you with this decision; just click here for more information. You can also consult with your family to see what they think is the right choice for you.
Proximity to family
Would you like to be able to visit family easily or is distance not an issue? There are retirees who would like nothing more than to drive to their family’s home and help watch their grandkids. While apps like Skype or Messenger have made it easier for families to connect with each other, nothing beats face-to-face bonding time.
But there are also those who would prefer putting miles between family so they can have more time for themselves. You cannot really blame them, since this is their first real break from watching kids. This is their chance to rest and explore things they were previously not able to do.
If you are choosing to move closer, make sure that there is a high chance your family is going to stay there for a long time. You do not want to decide to move closer to them only to realise that they will relocate pretty soon. If you are choosing to put some distance, make sure there are easy ways to get to you in case of an emergency, like a phone call to a friend.
Consider renting
When you are deciding on whether to downsize or upsize your home, renting offers a flexible alternative. You can choose which towns to rent homes in and see, after a long term stay, whether it is a place that fits your current lifestyle. Home maintenance is also one item off your list since you will have a landlord who can help you with the upkeep. Additionally, even renting can offer you a choice on whether to downsize or upsize your new home. You can start living the minimalist lifestyle or be ambitious with the space without the headache of construction work.
Environment preference
It is important that you include your hobbies, interests, and social life in the decision-making.
If you have an active social life in your current neighborhood, moving out will mean not meeting with them for brunch or dinners. If you do not mind restarting in a new neighborhood, it will take time to adjust to the people and the environment. Make sure to make a list of things you will like to keep doing in your life and things you want to explore. See if it leans towards just staying in your current neighborhood or if it is telling you to try a new one.
Reflect on what you are planning to change
The biggest point you need to consider is what in your life you are planning to change dramatically. Upsizing or downsizing means that you are opening yourself to new possibilities in your retirement. If you decide to move out, think about why your current home is not a vital part of your plans to recreate yourself. Conversely, if you are staying, consider what is keeping you from going out and exploring new ways to live your life.
At the end of the day, the most important thing to consider is what will make you happy and what you most want to invest in during retirement. If shelling out money for maintenance rather than for yourself is worrying, then you may want to find new roots elsewhere. On the other hand, if buying a new home and adjusting to a new environment makes you hesitate, then choosing to stay may be the best option for you.
