Once your children have gone off to university or have started their adult lives elsewhere, it might be that you feel your family home is unnecessarily large for those of you who remain. A house that is too large for its occupants can be costly to run, so it’s worth considering what options there are for people looking to reduce the cost of bills and maintenance.
It’s not always about simply being more economical either, as you may find that your empty nest offers you the opportunity to pursue your own dreams again now that your children are busy pursuing theirs. So whatever your reasons are, let’s look into what options are available for empty nesters.
Downsizing Your House
Selling up and moving into a smaller and cosier property can produce something of a windfall if timed right. Obviously, it depends on the area where your family home is situated compared with the area where your new home is. But usually it is possible to make significant money when downsizing homes, assuming you are smart when it comes to choosing your location.
The money you make from the downsizing process as well as the money you save from the reduced cost in bills and maintenance can provide you with the platform to pursue those dreams that may have been put on hold while you raised your children.
Moving Abroad
This is a popular choice among a lot of empty nesters and it can often be the fulfilment of a dream all by itself. There are plenty of ex-pat communities around the world so it’s worth investigating the possibility if a home in a hot country with beautiful scenery is something that interests you. You will need proper advice, of course, so do be sure to seek out some trustworthy advice for Brits moving abroad.
Rent Out Rooms
Alternatively, you can bring in some extra cash by not moving out of the family home at all. There are several options available for renting out rooms of your home, including taking in full-time lodgers or letting your rooms to students. You can even offer your spare rooms as holiday rentals to very short-term residents travelling from abroad or other parts of the country on business or pleasure.
There are loads of options to do this, so you’ll need to have a good think about what you want from the experience. Do you want to try and attract a long-term lodger for a constant and reliable income? Or would you prefer to let out to short-term tenants who will brighten the place up briefly before moving on or going home?
