Housing Decisions of Empty Nesters
One of the major changes facing families will be when the kids move out of home.Often the parent or parents may be left with a large family home in the suburbs, designed for bringing up children.Will these empty nesters move to the country or the coast, or stay in the area where they currently live? Will they downsize to a smaller townhouse or unit? Will they keep the family home so the kids and grandkids can come back to visit?
Report Summary
Children leaving the parental home marks a time of freedom, spontaneity, time and satisfaction for empty nesters. Nesters don’t see the children departing as being a ‘life stage’ as such, but rather a natural progression, another step forward. There are other events which they believe will trigger real change, such as retirement, the loss of a partner or financial difficulties.
While a number of changes have been brewing over time, the reality is that they now have a house with no kids. The question is – are they ready to move on? To down-size? The answer, at this stage, is no. There are many empty nesters who have decided to remain in the family home. The reasons essentially revolve around emotional attachment, security and finances.
Some are happy to sell up, but, invariably want to stay in the same area unless there are compelling reasons to move to another area. Most can visualise their ideal new home and there is a strong consensus on the key features of their new home. It will be as maintenance free as possible, modern, on one level, with a small rear garden, three bedrooms, two bathrooms, a main open-plan living area plus a second smaller living area and good security. For most, an apartment is not in the consideration set, nor is a retirement village.
A ‘sea-change’ is not on the list for many – most simply cannot afford it as they would still like a second ‘town’ house.