Our lives are a series of changes, many that we initiate and many that are out of our control. We reinvent ourselves, our children grow up and leave home, we get divorced or struggle through personal loss of a loved one. Whatever it may be, we find ourselves with choices. One of those choices is where to live and HOW to live.
Possibilities for Empty Nesters
For many people, being an "EMPTY NESTER" offers seemingly unlimited possibilities. Some of the most popular choices include:
- Move to the mountains, lake or ocean to enjoy resort-style living: This is a great option for the over 65 crowd, or for those who are ready and willing to pull up your roots and relocate to a more desireable area to live and play!
- Pay off your mortgage and stay put: You may be perfectly happy as an empty nester and ready to settle into the peace and quiet of your home. Consider planting that garden you have always wanted or build a workshop for your hobby. Who knows there may be a new business in the making!
- Downsizing: Selling a large house and opting to move into a smaller house, apartment, condo or retirement housing is often a good decision, especially if the mortgage on your existing house is paid off.
- Going into business: If you have a large house (or the money to invest in one) and a flair for hospitality, you may wish to consider running a bed-and-breakfast out of your home. This can be a great source of income, particularly if you live in a touristy or urban area, or near a college - these areas have lots of travelers arriving at various times during the year.
- Hosting an exchange student: Providing a temporary home for a foreign-exchange student can be a rewarding experience. Empty nesters who miss having children and teenagers around often enjoy having a young person in the house again, and they get the opportunity to learn about other cultures from the students they host.
The Emotional Factor
Transitioning from an active household to an empty nester can be an emotionally troubling time. Some people lose their sense of purpose when their children leave home or when they find themselves alone from divorce or death. Others are reluctant to sell the house in which they watched their children grow up and where so many memories have been made. But staying in a house that's too big for your needs can create an unnecessary tax burden. It's always better, from a strict financial standpoint, to downsize or use your larger home to generate income. But take the time to make sure it's the best decision for you emotionally.
Real Estate Diversity offers Options
Whether you are living in Dallas Fort Worth, Austin, Portland, San Diego or Boston, the diversity in real estate offers generous opportunities for the empty nester. Finding the type of home that fits your needs is key. Here's our list of options that match the statement for your lifestyle choice. What would you choose?
Luxury, downtown or historic lofts - I like open space and want to be around people and the buzz of activity. I am an artist and want lots of open space and light.
Luxury high-rise - I want something with a fabulous view of the city and concierge services.
Townhomes and condominiums - I like living around a lot of people but I'm done with yard work!
Mixed-use Development living - I want to be close to shopping and food, no more commuting for me!
Suburban homes - The kids and grandkids are around the corner and I want to stay active in the grandkids school activities.
Luxury homes - I have worked hard to get to my position and with the money I have saved and earned from my investments, I intend to live in style!
Farm and Ranch - I hate traffic and the city, I want land and space to breathe and enjoy the peace and quiet.
Mobile and modular homes - I am on a limited income now and just need to get into something that will be easy on my pocketbook.
Lake homes - I'm ready to retire and fish and play!
Duplexes - It would be nice to have rental income to help on my house payment.
Garden/zero lot homes - I want a real house but since the kids are gone, I don't need a big yard, besides, I hate to do yard work!
Vacation homes - I need a small place I can escape to but don't want to give up my home and all it's memories.
Gated communities - I want a place to feel safe and secure.
Remember, when you decide to make a move, don't do it alone. Contact a real estate professional that will be there for you every step of the way!