Do you find that now your children have flown the nest you’re rattling around a house that just feels far too big? You’re not alone -it’s a common feeling. It might be nice to have a big house and a few extra bedrooms, but that can be a lot of work, too. Now that the kids have gone, you may find yourself with more money than you’ve had in awhile. That’s a nice feeling. But maybe they’re at college, and you’re paying out more than when they were living at home. That’s not so great for your bank balance, but at least, you’re in a position to help them out, even if it is a stretch.
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Whatever your situation is, there’s bound to be issues, and your financial status will probably change to a degree. That’s a big adjustment at any time of life. Now that the kids have left home, it’s time to take some time to make yourself your number one priority again. And that includes making sure that your finances are in the best health possible!
You might look around and think that your big five bedroomed family home is just too much space for just the two of you. It can feel odd, rattling around a big empty house that was previously so vibrant. Having spare room when the kids come home to visit is great, but at what cost? Maintaining a large house for just two people takes considerable time and money. Is it worth it? The kicker is, it’s not always going to save you money by downsizing.
If you have paid off your mortgage, or even close to it, moving could lead to more debts if you are not careful. So, weigh up the pros and cons carefully. If you sell your existing house at a good price, then you can consider investing in a small house, maybe in the outskirts so that you can avoid taking a loan. Moreover, relocating to a suburban city could be a great move to downsize since you can invest in land and get your house constructed by a prefab company. A few companies may even provide you the option to build a custom barndominium steel structure, that can be comparatively smaller in size than a house. It could be an efficient housing alternative when downsizing since it is affordable and quick to construct.
Another option is to release some of the equity in your home. By releasing funds from your home now, you can remain living there and not have to pay any rent. Which equity release scheme you choose is best decided on your personal circumstances. If you don’t want to move, this can be a clever way to give you some extra income.
When the kids leave the family home, it can be a real wrench. Don’t add to your worries by making the wrong financial choices. There is lots of pressure on a couple once it goes back to being just the two of you. There are ways you can prepare. Start taking up new interests and hobbies before the children move out. This way you’ll stay busy without even noticing once they’ve packed up and left. It’s entirely possible you don’t even realise the extent that you run around after your kids. You’ll certainly notice it once they aren’t leaving their socks on the floor just to annoy you!
Have you any tips to make the transition into a child free home easier? Did you miss them once they left, or have you found a whole new lease of life? Drop by and let us know your stories in the comments below!