Home · July 10, 2024

Downsizing Strategies for Today's Empty Nesters

For many homeowners whose kids become independent, the tried-and-true strategy of buying a smaller home may still be the best option. But other empty nesters are exploring different possibilities based on their priorities, hobbies and financial situation. Here's a look at four housing options today's homeowners are considering once their kids leave home.

Downsizing strategies for today's empty nesters video

Parents often set their sights on a new house after the kids leave home. But many empty nesters are looking beyond the typical downsizing approach that involves leaving one single-family home for a smaller one.

While the benefits to simply buying a smaller home may include a lower or no mortgage payment and less space to clean and maintain, some downsizers are going a step further and moving into a condo or other community-style living space. These properties often have staff that assist with upkeep in addition to providing a built-in community, prime amenities and added security.

On the other end of the spectrum, some empty nesters are choosing to upsize into bigger homes instead of downsizing at all. With childcare expenses and school districts no longer a factor, some empty nesters are opting to trade their longtime family homes for bigger spaces to hold their hobbies or to host guests—including their adult children's families.

Finally, many empty nesters are staying put, but repurposing kids' rooms, rethinking the basement layout or adding a workshop to a garage. Whatever move you have in mind, give us a call to discuss how you'll finance it. From traditional mortgages to home equity and renovation loans, our advisors can help you evaluate your options.

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