The empty nest syndrome, we are all going to face it sooner or later, although some kids are leaving home much later these days it’s still going to happen eventually. So When it does eventually happen what are you going to do with the extra room you will have in a house that may be too big for just you and your partner?
Do You Want To Have Space For Overnight Visitors?
If you would like to have space for entertaining overnight guests it might be an idea to keep the house you have, you will have the spare room or rooms to be able to do this. You can make this space perfect for your incoming guests by not having the kids using them, this sounds obvious but you really don’t realise quite how much clutter kids leave until it is really gone. You can also make a bit of spare cash renting out these rooms through sites such as Airbnb and have them work for you. It also means that if your children and ultimately grand-children come to visit then there will be space for overnight stays.
Would You Use The Spare Bedrooms For Something Useful
You could turn the spare room into something useful and there are so many options that you could take up. What about using it as a games room or private gym, something that you can use recreationally, or you could make it a toy or games room, this is especially good if you have grandchildren who come to visit very often and require something to do. If you are planning to have a part time business a spare room could easily be used as a home office. Even just as a spare recreational space, such as a music room can be very beneficial once you have the space available.
There Is Value In The Property, What About Cashing In?
You can always decide to cash in on the property and if you feel you don’t want or need to have the extra space you could always sell up and downsize to something that still meets your needs but then frees up some capital for you to enjoy your retirement. Another option to release cash in your property without having to sell up is to use the equity in your home to borrow, you can easily find out how much you could get by using Key’s free calculator.
Is The House Going To Be Suitable For Your Needs Long Term?
One thing to consider is whether or not the property you are in will be suitable for your long-term needs? Doo you have any mobility issues or do you anticipate the possibility of having such needs later on in life, if so you should consider property layout, stairs and access to the gardens and other areas in your property that might pose difficulties down the line.