With the kids off to college and the echoing silence of once-bustling rooms, many parents grapple with the emotional weight of the “empty nest syndrome.” An empty nest is both liberating and a tad lonely.
But this change isn’t just emotional; it also presents a more practical question: Is your current home still a fit for you?
As you contemplate this question, you’ll find the options for empty nesters to be vast and varied. Whether that means moving, downsizing or even upsizing, here’s a deeper look into the pros and cons of different housing choices as you embark on this new chapter of life.
How to Combat Empty Nest Syndrome
Empty nest syndrome is a feeling of grief, loneliness and loss many parents experience when their children leave home. As parents navigate this new stage of life, proactive steps and self-reflection become essential.
Rediscovering personal passions, revamping spaces in the home or relocating for a fresh start can help parents thrive after children leave home.
Downsizing to Navigate the Empty Nester Transition
Downsizing before or during retirement, once perceived as a compromise, has now evolved into a popular, positive lifestyle choice for older adults. When the family home, once filled with memories and milestones, starts to seem overwhelmingly large, many find solace in a more manageable space.
But what does downsizing really mean for you?
Pros of Downsizing
- Economic Efficiency: Less space often equals fewer expenses. This financial breathing room can make planning for retirement even smoother and often results in significant annual savings. Plus, smaller spaces might have lower property taxes.
- Less Cleaning and Maintenance: Remember those weekends lost to cleaning and home projects? Smaller footprints come with less upkeep. Freedom from endless chores and to-dos around the house provides more time for leisure, hobbies and passions.
- Declutter: Embracing a smaller space pushes you to confront years of accumulated belongings. This decluttering process can be both cathartic and liberating, giving you a fresh start and a sense of renewed energy.
Cons of Downsizing
- Emotional Adjustments: Downsizing certainly offers practical advantages, but it also involves leaving a home rich with nostalgia. Such a transition often stirs profound emotions.
- Guest Space: With a smaller living space, hosting children, grandchildren or overnight guests can become more challenging, especially during the holidays.
Decluttering Tips as You Downsize
As you enter the empty nest phase, you’ll find items filled with meaningful memories alongside those that are simply taking up space.
It’s perfectly natural to feel a twinge of sorrow or hesitation when deciding which items to hold onto. Remember, it’s not just about decluttering space — it’s about making room for new memories while cherishing the old.
Ask yourself the following question: Does this object still serve a purpose in my daily life? Or is its primary role to evoke memories?
If it’s more about the memories, consider whether those memories can be cherished in other ways, such as through photos or journals. And most importantly, ponder on whether the emotional value of an item truly justifies its continued place in your life.
Still don’t want to say goodbye to those drawings, albums, trophies and trinkets you’ve collected over the years from the kids just yet? A reliable storage unit outside the home might be right for you.
That way, you can keep precious items safe and secure without taking up any extra square footage.
Upsizing in Your Empty Nest Phase
Why upsize when the kids move out? As empty nesters approach retirement with newfound freedom and additional financial resources, some find it’s time to chase after long-held dreams, and a larger space — or even a second vacation home to complement your family’s true home base — is often part of that vision.
Pros of Upsizing as an Empty Nester
- Investment Potential: Investing in a larger home, especially in a burgeoning neighborhood, might yield impressive financial equity returns in the future and greater pride of ownership.
- Newfound Freedoms: Without daily parental responsibilities, you can finally set up that art studio, home gym or entertainment center you’ve always wanted. A bigger space caters to these dreams.
Cons of Upsizing as an Empty Nester
- Increased Costs: Beyond the obvious mortgage implications, larger homes come with their own set of challenges. Think maintenance, gardening, cleaning and the potential for costly repairs.
Budgeting for Your Upcoming Empty Nest Move
Whether you’re thinking of upsizing to accommodate family visits, downsizing to something more manageable or moving after an empty nest, each decision carries its own set of monetary implications.
- Real Estate Agent Fees: When seeking a new home that suits your lifestyle, or selling a family home filled with memories, a real estate expert’s guidance can be invaluable. However, their expertise comes at a price. It’s crucial to factor their commission into your budget.
- Closing Costs: No matter the direction of your real estate transaction, there are unavoidable closing costs. For empty nesters, these costs might represent a significant portion of savings, especially if retirement is on the horizon.
- Moving Expenses: Transitioning to a new home is about more than just the property itself. The logistics, from hiring movers to purchasing packing materials and even temporary storage solutions, can quickly add up. For empty nesters, this might also mean moving years or even decades of memorabilia, potentially requiring specialized services.
- Home Improvements: Your new home might need some tweaks to make it truly yours, or perhaps your existing home requires updates to make it market ready and increase its value. These renovations can vary from minor cosmetic changes to significant overhauls.
Key Real Estate Aspects for Empty Nesters
As you navigate this terrain, consider factors beyond the number of bedrooms or square footage:
- Walkability: As we grow older, the convenience of having amenities close by becomes more pronounced. Whether it’s a spontaneous stroll to the local park, a short trip to the grocery store or a quick coffee run, a walkable community can greatly enhance daily life.
- Safety: Peace of mind is paramount. With potential retirement or increased travel on the horizon, many empty nesters prioritize safe neighborhoods, not just for their own well-being but also for the peace of mind it provides when they’re away.
- Community Engagement: The sense of belonging and community can be even more meaningful at this stage. Before making a move, attend community events or local gatherings and truly gauge if the community resonates with your aspirations for this next phase.
Simplify the Big Move with Online Real Estate Calculators
Before making any major decisions, leverage online tools. From estimating mortgage rates and property values to understanding what you can afford after retirement, these calculators can help inform the ideal moving option.
- Mortgage Calculators: Gauge your potential monthly payments before signing that agreement. With tools like Bankrate’s Mortgage Calculator, you can get a clearer picture of your financial commitment.
- Home Value Estimators: If you’re selling your current home, you’ll want a ballpark figure of its worth. Websites like Zillow offer instant home valuations based on recent sales and market trends.
- Retirement Budget Calculators: Given that many empty nesters are nearing or in retirement, tools like SmartAsset’s Retirement Calculator can be vital. It’s important to understand how a potential home purchase aligns with your long-term financial health.
How CubeSmart’s Storage Makes the Empty Nest Transition Easier
As you transition into the empty nester lifestyle, you might find yourself faced with memories and belongings that need a new space. Whether it’s family heirlooms, keepsakes or items you’re not quite ready to part with, it’s essential to find a solution that grants both safety and flexibility during this period.
That’s where CubeSmart’s 10×10 storage units come in to help. For those seeking the utmost protection for their cherished items, our climate-controlled storage services provide the ideal solution. If you’re planning a move, our moving storage services can simplify the process, offering both safety and flexibility.
Contact us to see how CubeSmart can provide peace of mind, flexibility and room for cherished memories during your empty nest journey.
