5 Reasons to Sell Your Empty Nest and Downsize

Your large home has served you and your family well for years. But the kids are all grown up now. They have moved out to start their own lives, and you’re left with all of this space you don’t really need. As much as you love your home, it’s time to face the facts: it may be time to sell your empty nest and downsize. Although you may have mixed feelings about this, you should know that moving to a smaller home comes with many benefits. In fact, there are at least five excellent reasons why you should sell the family home and move on after your children move out.

Sell Your Empty Nest and Downsize Because it’s the Wisest Financial Decision You Can Make

With your children moving on with their lives, it’s time for you to focus on yourself and your own future once again. Even if retirement is years away for your, it’d be a good idea to start planning for it. A part of that planning includes budgeting and, more precisely, saving money. Having a large house will make that harder.

You won’t have to worry about your finances if you sell your home and move to a smaller one.

#1: Selling your home will put money in your pocket.

Your home is probably the most valuable thing you own. Selling it will give quite a boost to your bank account. With real estate prices on the rise, this can be a huge windfall. But even if you don’t make a significant profit, you’ll have enough money to buy a smaller place and then some. Use whatever is left over to pay off loans and debts or start a savings account. This will considerably help your finances down the line because you’ll have a bigger nest egg and more money to spend on things you enjoy.

#2: Smaller homes come with lower mortgages and cheaper utilities.

Even if your house doesn’t sell for as much as you’d hoped and you end up needing assistance with a down payment on a new place, downsizing is still a smart financial move. Large homes come with large expenses. You have to pay a mortgage, utilities, and renovation and maintenance. Smaller homes, on the other hand, are much more affordable in the long run. Of course, this will depend on the home you end up purchasing. But as a general rule, smaller homes are less expensive, and therefore, the mortgages on them are lower. The utilities don’t need to be spread out across a large area, so the bills will be lower too. Finally, smaller homes are more energy--efficient, which means you won’t spend as much electricity, gas, and water. All this combines to help you save a lot of money.

Don’t make these mistakes that will break your budget when selling your home!

#3: You’ll pay less in taxes.

Generally speaking, taxes on smaller properties are also lower. Just like with mortgages and utility spendings, you can save quite a bit by paying less in taxes over the course of a few years. However, don’t be fooled by the rule - there’s always and exception. Taxes vary a lot depending on location. So it’s certainly possible to buy a smaller home and still end up paying the same amount (or even more) in taxes. This is why taxes are not considered a major difference between condos and homes - they often end up roughly the same. For the reason, it’s essential to check how much you’ll be paying in taxes before you commit to your new and smaller home.

Smaller homes often come with lower taxes.

Sell Your Empty Nest and Downsize Because it Will Make Your Life Easier

Finances aren’t the only reason you might want to downsize; other lifestyle benefits also play a part in the decision. Since your children are no longer living with you, your life is going to look different now. This can be a good thing for you, especially if you downsize first.

#4: Smaller homes are easier to maintain.

When you’re trying to find the perfect home, one of the things you should look for is convenience - convenient location, convenient layout, convenient size. What convenience means is really up to you; the important thing is that your home fits your lifestyle. Now that your children have moved out, what does that look like for you? Do you want to spend hours every week cleaning? How much money are you willing to invest in fixing things around the home? These are critical questions to ask if you’re considering downsizing because it takes much less time, effort, and money to clean and maintain a small home. Moreover, maintenance professionals behind Peak Services Las Vegas argue that landscaping and other exterior tasks are much easier with a smaller home.

These tips will help you prepare your home for sell!

If you sell your empty nest and downsize, you’ll spend less time cleaning and more time having fun.

#5: You’ll have more freedom to enjoy your new life.

You’ve sold your old house and bought a smaller one. Now what? The answer is up to you! With all the time and money you save be downsizing, you can start living the life you’ve always dreamed of. Reconnect with old friends, travel the world, or just take a few days for a staycation. You can afford it now.

Reasons Why You Might Not Want to Sell Your Empty Nest and Downsize

Despite all these benefits, you may still be on the fence about whether to sell your empty nest and downsize. That’s perfectly normal; after all, there are also many reasons to keep the house you’re living in currently. The extra space comes in handy when you host family gatherings or have someone staying over. There’s also the sentimental value of a home where you raised your family. Finally, you may simply like the house and the neighborhood. But the truth is that you don’t need all that room anymore, and keeping it is costing you dearly. So it’s for the best to seriously consider selling and moving to a smaller place.