Empty nesters will agree that it can be a difficult stage of life for parents. Your kids have moved out and are living on their own, leaving an understandable void in your everyday life. However, there’s still plenty of things to look forward to as an empty nester! Having the house all to yourself comes with a newfound freedom and an opportunity to spend some more time on yourself and the things you enjoy in life.
Here are three reasons why empty nesting can be an exciting and opportune time.
There’s a lot of upkeep required with a living space suited to fit an entire family. With the kids out of the house, you probably don’t need as much room. Downsizing your home to an apartment or house with less square footage means spending less time on maintenance and fewer rooms to clean.
Furthermore, downsizing can be a great opportunity for you to open up other possibilities in your life. You may be able to save money on your mortgage payments, live more affordably, and even earn a profit from the sale of your home. All of these money-saving opportunities could allow you to boost your retirement savings, pay off debt, or spend more money on leisure activities.
2. Buy a second property
If you’re saving money by having your kids out of the house, you may consider buying another home or apartment as a second property. If there’s a city or town that you love to travel to regularly, now is the time to look for properties in the area. This could be a great chance to finally have a permanent residence there like you’ve always dreamed of. Not only is it nice to have a place where you can get away for the weekend, but a second property is a smart financial investment as well.
For the most part, property values tend to increase over time—so a second property is a long-term investment that can add to your net worth. If you’re only using your property a few weeks out of the year, you may also consider renting it through a platform like Airbnb or Vrbo. Rental income is one of the fastest ways to recuperate your initial investment.
3. Make your place your own
Whether or not you decide to downsize, buy a second property, or just stay in your current house or apartment, no kids around means that you have an opportunity to reorganize or redesign your living space. The options are endless for what you can do to remodel the empty nest left by your child’s old bedroom or play space. One easy switch is to make the room feel more “adult” and turn it into a guest room. However, you can also take the opportunity to use the space for yourself and your hobbies. These newfound empty rooms can easily be converted into a home office, fitness room, or craft center. Enjoy the space to do whatever is important to you!
With every change in life comes a new opportunity. Empty nesting can be a difficult change, but it can also be full of excitement.