The kids have moved out and now you're living in your special family home, but it's too large and maybe getting difficult to take care of. Being an empty nester can be a tricky time of life to navigate. You have far more space than you need but the house is not conducive to life with one or two inhabitants. Around this time, you may start wondering if it is better to remodel the home to fit your current needs or sell to a new family. We've put together a few things to consider as you make the next big decision about your living situation:
First Option: Remodel
Remodeling gives you endless options of customization for your home! You can enhance the master suite, build in a dream chefs kitchen or turn an old bedroom into an artist's studio. Be careful to make decisions that won't detract from the value of your home, should you decide to sell in the future.The average ROI on remodeling is around 64% of your investment. However, this number varies depending on what spaces in the home you remodel.
On the negative side, remodeling can be stressful & expensive. Living in a construction zone is a challenge, but an extensive remodel may mean that you'd have to move out of your home until it is completed. Make sure you budget for unseen expenses when considering a remodel.
Second Option: Sell
While it can be a very emotional decision to sell your long-time family home, there are some upsides to this options. You can downsize your living space and upsize your lifestyle! Have you always dreamed about living somewhere with a view or expensive, high end amenities? You can take the equity from the sale of your family home and invest in the empty-nesters dream home! Having the flexibility to leave your home and travel is also a boon to empty nesters. For this reason, condominium living may be extremely appealing in this stage of life! There is less maintenance required on the home and a potential for built-in community.
Now is a great time to sell your home. The market has never been hotter and there is a lot of demand out there. If you are looking to downsize from a large family home or just find something that better fits your lifestyle needs, give us a call! We'd love to help and discuss the best option for you.
Engel & Völkers Seattle Eastside