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If you are in a post-children dilemma over your property, consider how to deal with these critical elements of the decision.
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downsizerentemptynester
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If you are in a post-children dilemma over your property, consider how to deal with these critical elements of the decision.
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If you are in a post-children dilemma over your property, consider how to deal with these critical elements of the decision.
Listen to Downsize, rent or buy by Jeremy Deedes MP3 song. Downsize, rent or buy song from Jeremy Deedes is available on Audio.com. The duration of song is 03:01. This high-quality MP3 track has 95.845 kbps bitrate and was uploaded on 9 Oct 2023. Stream and download Downsize, rent or buy by Jeremy Deedes for free on Audio.com – your ultimate destination for MP3 music.
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Empty nest parents often consider downsizing their homes after their children have moved out. Some choose to buy a smaller house or rent, while others find alternative uses for their space. This decision is emotional, practical, and financial. Two stories illustrate the implications of tying up wealth in property. Renting can provide financial freedom and minimal responsibilities. Alternatively, some parents choose to foster children and find a new sense of purpose. When facing the dilemma of what to do with their property, individuals should consider their long-term aspirations, the emotional meaning of home, practical issues, and the financial consequences. It is important to have good financial maturity and know one's current situation and future lifestyle costs. Hello, Jeremy Leach here, and welcome to the Insight Post for the 11th of October 2023 Downsize, Rent or Buy? So, your children have fled the nest, and you are rushing around in a house full of empty rooms. Now, the place is quiet, and even possibly a little sad. Unsurprisingly, empty nest parents consider downsizing at this point. Many buy somewhere smaller, or at a few rent. Some find alternative uses for their space. The decision is emotional, practical and financial, which makes it a dilemma, as two powerful stories from my days as a financial planner show. Asset Rich and Cash Poor I remember visiting a couple in Leeds at their request. I don't apologise for retelling this powerful story, by the way. They had spent their retirement lump sum and their investments on creating their dream house, and wanted help because they didn't even have enough liquid cash left to buy an airline ticket to see their daughter in Australia. In contrast, I looked after a retired couple who rented their home. They were not well off, but had enough income and investments to fund their unrushed lifestyle. They lived a contented life that suited them. I was reminded of these stories when I read property specialist Nicole Bremner's article A Renter's Utopia. Nicole asks her readers to imagine living in a country where property ownership is the exception, not the norm. She held out Switzerland, the wealthiest country in Europe, with the lowest rate of home ownership in the OECD. Renting in Vienna Nicole also shines a light on Vienna, which focused on housing supply after the war. Now, 80% of Viennese residents elect to rent, not buy, and benefit from low rents, minimal maintenance responsibilities and, quotes, the freedom of mind and money, unquote. Nicole stops short of making a direct link between renting and wealth, and I would not argue from my two stories that property ownership is detrimental to personal wealth. However, both stories illustrate the implications of tying up wealth in property. Of course, alternative ways of dealing with your half-empty, silent past exist. Fairways in Plymouth, UK, charity encouraging parents whose kids have left home to fill their rooms by fostering children, parents who take up the charity's invitation to foster, report a new sense of purpose and satisfaction by making a difference. Facing the Dilemma So, if you are in a dilemma over your property, consider how to deal with the three critical elements of the decision. Think about your longer-term aspirations and values. These will help you to deal with the emotional aspects. Consider what home means to you, rather than house. Decide on some of the practical issues. Are you happy to live in a half-empty house? Can you handle the hassle of moving? Where would you move to? What other ways could fill your space and bring life back to your home? Decisions about your home have financial consequences. The decisions will be easier with good financial maturity. Know where you stand in your life. If you are in a situation where you can't afford to live in a house, consider how to deal with the emotional aspects. Consider what home means to you, rather than house. Decide on some of the practical issues. Are you happy to live in a half-empty house? Can you handle the hassle of moving? The decisions will be easier with good financial maturity. Know where you stand now and how much your future lifestyle will cost. And know deep down whether you have enough and are enough.
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