An amazing thing happens every year as winter gives way to spring. In roosts around the world, newly hatched birds gather up all their courage, tiptoe to the edge of the only home they’ve ever known, take a deep breath… and fly the nest.
So, too, do our children.
If you’re facing an empty nest this spring, you may be thinking of downsizing. After all, do you really want to maintain the upkeep of a five bedroom house when four of them are empty? Downsizing can be a very positive step for empty-nesters, freeing up resources and time that would have been spent maintaining more home than you really need.
If you’ve decide to downsize, there are a few things to consider.
1. Less space may take some getting used to. Even though you may not have the people to fill up your current home, you are probably still taking advantage of the extra storage space. Downsizing may mean purging some furniture and belongings.
2. You might not find a big lawn on a small home. It’s not impossible, but downsizing may come with sacrificing a large yard. However, that also means less upkeep and maintenance.
3. Sometimes, life happens. While you may not expect it, consider the possibility that an adult child or grandchild may need to move back in with you. Even though you probably won’t need several extra bedrooms, consider just one as a safeguard.
4. Depending on where you move from and to, you may not save as much money as you expected. Even though you might move from a large home to a smaller home, if you are moving from a more affordable market to a very competitive one, prepare to spend more per square foot on your new home.
5. Many “attached” homes come with hidden fees. Plenty of townhomes, condominiums, lofts and co-ops are managed by homeowners’ associations, which can cost hundreds or even thousands annually.
When you’ve weighed your options and are ready to pull the trigger, don’t hit the market alone. Let an experienced Krueger Real Estate agent guide you through the home-buying process and you’ll know you’re home before no time at all.