The Ultimate Guide to Saving Money with an Empty Nest
The kids have left home, and suddenly your house feels empty. Even though your children still treat it like their own house when they come to visit, their rooms aren’t really theirs anymore. It feels like you’re wasting money, or missing out on earning it, by letting their rooms sit empty. So should you downsize or find a new purpose for those empty bedrooms? You might enjoy having a little extra room – it’s great for guests or somewhere to do your hobbies – or you might feel that it’s a waste of space.
The first option when your house is too big is to downsize. Moving into a smaller house should save you money on bills and, if you own your house outright, could put some extra cash in your pocket too. If you have two spare bedrooms, you don’t have to move to a one-bed house. Keeping an extra room for guests, an office or a hobby room is fine too. Downsizing doesn’t have to mean moving to the smallest house possible. Many estate agents in Southend on Sea and elsewhere will be more than happy to help in your search for a smaller house. You can choose based entirely on what you want and need, without having to think about kids.
Renting Spare Rooms
If you’re too attached to your house, where your children grew up, another option is to take in a lodger (or several). In the UK, you can earn a certain amount from renting out spare rooms before you pay tax on it. You don’t have to have a permanent lodger if you don’t want to. You can have someone who’s only there are weekends or only during the working week, long term or short term. This is a nice option if you’re feeling a bit lonely too, as you can make sure there’s always someone around. Before renting out spare rooms, check with your mortgage provider if you have one, as well as making sure you’re complying with the law.
Set Up a Business
You have a lot of spare space, and you’re now retired. You might not have thought about it before, but now could be the perfect time to start a business. You have the time to dedicate as much or as little time to a new venture as possible. There are so many things you can do with a spare room or rooms. It might just be an office from an internet startup. Or perhaps you’ll use it as a workroom for anything from carpentry to sewing. For people who have several spare bedrooms, they might want to go one step further than a lodger and open a bed and breakfast.
Whether you choose to downsize or find a new use for your spare rooms, you should see the empty rooms as an opportunity for change. As your children move on in their own lives, make a change in yours.