As children grow up and move out, many parents experience a sense of loneliness and isolation. One solution that some empty nesters consider is to move closer to their adult children. While this move can bring many benefits, such as more opportunities to spend time with family and grandchildren, it can also come with its own set of challenges. In this article, shared by Realtor Paul Burrowes of David Lyng Real Estate, we will provide tips for empty nesters who want to move closer to their children.
Find a Suitable Neighborhood
Before making such a decision, it is important to research the local area to ensure it is suitable for your lifestyle. Consider factors such as climate, cultural attractions, availability of healthcare, and transportation options. Make a list of amenities that are important to you, and try to find a location that meets as many of your needs as possible. Connected with a real estate pro like Realtor Paul Burrowes of David Lyng Real Estate can also help you find the perfect home.
Figure Out if You Can Cover Living Expenses
Another important consideration when moving closer to your adult children is whether you can afford the cost of living in the local area. Consider the cost of housing, utilities, groceries, healthcare, and transportation. You may also need to factor in additional expenses such as taxes and insurance.
It is important to create a budget that takes into account all of your expected living expenses. If you are considering a move to a more expensive area, you may need to adjust your budget accordingly by cutting expenses or finding additional sources of income.
Start Your Own Side Hustle
If you are concerned about being able to cover your living expenses, starting a side hustle may be a good option. A side hustle can provide extra income to help cover your living expenses. There are many different side hustles that you can consider, depending on your skills and interests. Some options include freelance writing, tutoring, pet-sitting, or driving for a ride-sharing service. Before starting a side hustle, be sure to research any legal or regulatory requirements for your chosen industry.
Forming an LLC for your side hustle can protect your personal assets from being seized in case of any lawsuits or legal disputes, and can also offer tax benefits and added credibility to your business by creating a separate legal and financial entity.
Talk Over Your Move with Your Kids
Before making any decisions about moving closer to your adult children, it is important to have an open and honest discussion with them. Ask them about their thoughts and feelings regarding your move, and try to address any concerns they may have. Be clear about your expectations for your relationship with your children and their families after you move. This can help to avoid any misunderstandings or conflicts down the road.
Contact an Experienced Real Estate Agent
As mentioned, to help you find the perfect home in the local area, it is important to contact an experienced real estate pro like Realtor Paul Burrowes. Look for someone who is knowledgeable about the local market and can help you navigate the home-buying process. Be sure to ask about the agent’s experience working with empty nesters and any resources they may have for finding homes that meet your specific needs.
Take Advantage of a Home Management App
If you need to upgrade or repair your new home, a home management app can be a valuable tool. These apps are easy to use and have features such as the ability to organize home improvement projects, track expenses, and create to-do lists. Frontdoor – the app connecting you to experts – can help you keep track of maintenance and repairs, schedule appointments with contractors, and manage your home’s finances.
Moving closer to your adult children can be a wonderful opportunity to enjoy new experiences and make lasting memories. By taking the time to research the local area, ensure you can cover your living expenses, start a side hustle, discuss your move with your kids, contact an experienced real estate agent and use a home management app if necessary, you can make your move a success.