Empty Nester: Purchasing your downsized dream home
Don't let the term "downsizing" get you down. Now that all your kids are grown and out of the home, you have the opportunity to purchase your true dream home. What are some of the characteristics of your dream home you’ve had to go without while raising a family? Have you had to exchange luxury for space?
If you’re sending your last child off to college and are ready to purchase your downsized dream home, here are a few things to keep in mind:
- Location: Location is easily the most important factor to consider. Choose a location that best suits your preferences. This might mean finding a home in an area central to your most frequented restaurants, shops and entertainment. On the other hand, you may prefer to move away from the hustle and bustle of Dallas city life. Convenience is certainly a factor when finding a home for a family, but for the empty nester, it may not be as crucial to be within a few miles radius of all your favorite activities and hot spots.
- Bathrooms: Don’t believe the misconception that multiple bathrooms are for homes with kids. Even with the kids gone, more than one bathroom is ideal. Keep potential guests in mind. Find a home with at least two bathrooms. Want a little added luxury? Look for a home with his and hers bathrooms in the master suite. Each level of your home should have at least one half bathroom.
- Bedrooms: Again, keep potential guests in mind when it comes to the number of bedrooms in your home. While your bedrooms may not be filled with kids this time around, be sure you at least have one guest bedroom for visitors, including your children and grandchildren. Additional bedrooms can be set aside to house your hobbies. This may be the time to purchase a home with a guest house or garage apartment.
- Outdoor space: Outdoor living space is a must. Perfect for entertaining, or simply relaxing, an outdoor living area will add an extra touch of luxury and pleasure to your new life as an empty nester.
You’ve worked many years to get to this point. Raising a family is no easy task, and while you’ll certainly always love having your kids and grandkids around, celebrate your life as an empty nester by moving into your dream home. When looking for a new home, keep in mind that you can save costs by purchasing an energy-efficient home. You may also want to consider renting out additional space such as extra bedrooms or a guest or pool house for extra income.
Are you sending a child off to college this fall? Use this college packing checklist so you don’t forget any of the essentials.