When Is It Time To Get Your Real Estate Affairs In Order?
Tags: downsizing, empty nest, Toronto, real estate
1 minute read.
The kids have gone off to school and you can almost see the light at the end of the tunnel! All families are different, but the fact of the matter is that more children return home from their post-secondary educations and STAY HOME much longer than ever before. Your nest may only be temporarily empty right now, but that is the perfect time to get those Real Estate Affairs in order. If you want to be one step ahead, here are a few items to put on your to-do list for while the kids are finishing up post-secondary.
1. Teach A Man To Fish And He Will Never Go Hungry.
Life does not have to be complicated and now with your kids learning how to become an adult, it’s the perfect time to let them fly. If you’ve got some joint bank accounts with the kids, now is the time to separate them. If the kids are working, it may also be a good time to put them on their own car insurance and speak to them about considering their own life insurance policy. This is an important time of transition for all parents. You have valuable lessons and teachings to pass on and unlike when they were 15, they may have faith that you now know what you are talking about.
2. Set a Five-Year Plan.
You’re never too old to have a short term plan. If you still have a mortgage on your home, you may want to sit down with your banker and see if there is a way that you can pay it off sooner or consolidate it with any other debts you may have (including the line of credit with the kid’s tuition!) By doing this, you’ll be in a much better spot come time for retirement.
3. Revisit Your Household Budget.
This is a biggie. With the kids off at school, you may find that you aren’t spending as much money on groceries or other items as you did before. Re-tooling the budget can give you more money to tuck away for a rainy day or help you to plan a small renovation on your home.
4. Really Consider If Now Is the Best Time to Sell.
As mentioned earlier, your young adult children may have just come back from school and you may need more space…temporarily! Although you may not need to sell right now, it is never too early to build a relationship with a Realtor you trust. If you are looking at consolidation or a refinance of your mortgage, you’ll need to know what your home is worth AND if you’re considering a renovation, your Realtor is the perfect person to ask.
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