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INSIDE THIS ISSUE 1 Create a Crisis Cushion 2 Credit Checks Beyond the Score Movie Tie-Ins That Tanked 3 Suspense and Self-Growth Creamy Braised Short Ribs 4 Downsize, Redesign, or Stay Put? Housing Tips for Empty Nesters
EMPTY NEST, FRESH START Smart Housing Moves for Your Next Chapter
Fall is a season of fresh starts for teenagers and young adults as they begin college or take a new job. But it brings different challenges for many parents, who may feel abandoned and forgotten in an empty house. A well-known clinical psychologist once said that your child’s life will be filled with fresh experiences, and it’s good if yours is, too! Figuring out what to do with all that space is a promising place to begin. Of course, there is no one right answer, but here are some factors to consider as you determine your best path forward. Lifestyle The letting-go stage often stirs deeper questions of personal identity for parents. How do you see your life as an empty-nester changing? Do you cherish the comfort and familiarity of your current home and community and enjoy having peace, quiet, and extra
space to welcome guests? Or have you been yearning for the freedom to travel without the responsibility of maintaining your house? If so, moving to a smaller home or remodeling your current one may best serve your needs. Health No one wants to think about potential declines in their health, but laying the groundwork now to meet changing needs can avert untold hassles and expenses in the future. Is your current home easy to navigate? Is it free of stairs, narrow hallways, or small bathrooms? If such obstacles would make it difficult for you to live there as you grow older, renovating your home or moving to an age-appropriate residence may be wise. Finances Any decision about keeping, remodeling, or moving out of your present home involves financial tradeoffs. Staying in place allows you to build more equity in your home, but
it bypasses the opportunity to cash out and invest the money elsewhere. Remodeling or updating your home imposes upfront costs but could increase its future value. And while trading down to a smaller home may reduce your utility, insurance, tax, and mortgage payments, it also may impose other unforeseen costs, such as homeowners’ association fees. As these tradeoffs show, every empty-nester’s dreams and circumstances are different. Only you can decide the right moves for you!
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