All successful and accomplished parents eventually end up as empty nesters. This is the stage in the family life when all the children move out of their parents home to live independently or to relocate in another area. It is inevitable for most aging people to be empty nesters.
Are you one of those? For sure, there is a combination of feelings or emotions. You and your spouse may have been longing for this moment when you should no longer think about how to support your children. It can be the perfect time to finally get into a luxurious vacation. At the same time, being in that stage can be sad because you have become used to all the noise and clutter from your children.
It is undoubtedly an appropriate time to focus on a new stage of your financial planning. Your home may be too huge for the two of you. It is possible to make the most of it. Here are some ideas that can be of guidance.
Sell your house
As mentioned, the property can now be too large to house just one or two people. It can be the best to turn it into cash. You can decide to relocate to a smaller address or rent an affordable apartment. Downsizing is ideal because it can help lower costs of utilities. Plus, it will be less lonely.
But empty nesters should not impulsively sell their homes. They have to determine and observe proper and best timing. It is ideal to put a property off for sale during a sellers? market, when the real estate industry is in boom. This way, you can be sure you will be able to sell your house at the highest possible price.
Rent it out
Leasing or renting out the house can also be a wise option. This can help ensure that you will get regular income from the rental. The financial gain may not be drastic and immediate as in selling the property, but the longer you rent out the house, the greater you gain from it. The revenue from the rental will be steady.
Just be sure to get into a good deal with renters. Set a rental price according to the value and location. However, this can be quite risky. It may take time before you find ideal tenants, who will be willing to rent out the property at your price and terms.
Before you sell or rent out your house, it may be better if you will renovate or improve it first. Doing so can help bolster the selling or rental price of your home. But it can still be a significant investment. Most real estate experts will advise you to do it as the consequences will be for the best. Meanwhile, you may now focus on setting your new ?nest? elsewhere.
About the Author;
Andrew is a regular contributor in finance and real estate blogs. Aside from blogging, Andrew works for ALC,a private lender, where he specialises in finance lending..
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