This is a hard one and comes down to each person’s circumstance at any given time. A good place to start is beginning the thought process before retirement once the kids have moved out permanently and you’re left with a family home that takes up most of your time maintaining. It’s an ideal time to start thinking of the middle grounds and getting into a townhouse or a larger inner-city apartment.
The ‘empty nester’ in my eyes wastes a lot of time with the maintenance of the old family home when it’s not necessary anymore. Just the thought of leaving is nearly unbearable due to sentiment or the notion that the kids will get into trouble and end up back home stays in the back of their minds. In many cases, it’s not the reality and they spend years looking after a place that for everyone else who seldom visit and sacrifice so much living because they’re too busy mowing lawns and cleaning empty rooms.
I think taking the plunge and breaking away from the sentiment can be a complete life changer and you might just find yourself enjoying life a little more. Going away on holidays without a care in the world, spending more time with loved ones or friends instead of vacuuming five bedrooms and the list goes on. It would well be worth looking at buying a property that has a little extra space for the just in case family situation where you must put a roof over the head of one of your dearest, so this way you can still feel comfortable that you’re still a responsible parent, but you’re just putting yourself ahead of everyone for a change.
The best thing about it is the kids are usually wrapped about the decision and love to see you live a little more. They are so happy that it generally brings the overall relationship to another level and you’ll have more time to get out of the house and spend it with them and the grandchildren. We all want what’s best for each other, it’s just sometimes we stay dormant thinking that’s the best option.
Which ever way you look at it, downsizing is a massive step in life and will always have a level of discomfort connected to it. Rip the band aid of quickly and get stuck right into the lock up and leave lifestyle and go and enjoy yourself. You deserve it and I’m pretty sure the rest of the family will agree too.
The following advice is of a general nature and intended as an opinion and broad guide. For all legal, financial or real estate advice you should obtain independent professional advice to do with the specific nature of your circumstances before making any legal, financial or real estate decisions.