Empty Nester Upgrades

Empty Nester Upgrades

So the kids are all grown up and off in places of their own.

What comes now?

Traditionally, parents whose adult children have moved away – “empty nesters” – are expected to downsize their home. But a 2014 Merrill Lynch/Age Wave survey of baby boomers found that about half of pre-retirees who expect to downsize during retirement never actually do so.

In fact, 30 percent of the 3638 people surveyed actually moved into larger homes after they retired. So why upsize? When asked to explain, the group cited three main reasons. Let’s take a look:

1.) Room for Family/Friends to Visit (49%)

Fortunately, an empty nest leaves plenty of room for drop-ins. Moving into a new home with more space might mean more room for kids visiting home, along with new significant others, and, perhaps, kids of their own. Plus, finding a new space saves you the time, money, and emotional weight of clearing out and converting a child’s old bedroom.

It also may be worth upsizing if you see yourself entertaining friends or neighbors more as you have more time and space on your hands. As your priorities evolve, it may be worth finding a home better suited to social calls than raising kids. 

2.) Room for Family Members to Move In (20%)

For better or worse, the need to move back in with your parents is an economic reality for many millennials, and many younger people head back to the nest for a period before renting or buying homes of their own.

Upsizing may be a way to better accommodate a grown-up child, giving the whole family more space and more room for your kids – and their possessions – to feel welcome.

3.) More Prestigious Home (19%)

Rather than a burden, an empty nest can be seen as a chance to finally find your dream space.

Many retirees and empty nesters look for new homes with less of a focus on playrooms or kids’ bathrooms; instead, you can take a chance on design elements that were more unrealistic when the kids were running around – maybe a home with marble countertops, a large terrace, a stately dining room, or floor-to-ceiling windows?

With the right financial planning, empty nesting can actually become a great new opportunity to reinvest and reinvent in a new home that’s all your own. Whether you’re looking to downsize or upsize, the Real Group Team is here to help! Drop us a line whenever you’re ready to start the process.

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