These words may come to mind when the kids have all grown and flown the coop, and you are officially an empty nester. No stray sneakers jumbling up the foyer. No dirty laundry strewn across bedrooms. No crumpled, emptied bags of junk food under the couch. Heck, you may even get the TV remote to yourself.
But the best news is, after all these years, your home is probably worth more than it has ever been! And with interest rates starting to climb, now may be the right time to sell. Your home’s value may have peaked because if interest rate hikes cool demand, prices could flatten or even begin to fall. If you sell and cash out now, you may be taking advantage of the most opportune moment to do so in decades.
So, great, you sell and you get a bunch of cash, but what now? Some empty nesters buy in less heated markets, swapping the obligations of ownership in one place for those in another, often far from where they have lived, leaving behind friends and community. Others give up the lawn mowing and snow shoveling, the constant repairs and the cost of maintaining all that space, opting for a low-maintenance lifestyle in rental community that allows them to invest much of their cash windfall – all the while providing opportunities to follow some dreams that, until now, they may not have had time or money to pursue.
Take up golf. Travel the world. Learn to tango. Become a master chef! Whatever your dreams might be, cashing out when the kids are (finally!) gone, just might be the ticket.
Of course, if you’ve been living in the same house for a long time, odds are you have a local social network. But you’ve also probably noticed things changing around you; younger people moving in, homes being renovated or even replaced, that social network eroding as people you once called neighbours and friends move on with their own kids now gone. It can feel a little lonely.
Moving into a new building with great amenities that encourage socialization can be a fantastic way to build new relationships that can reinvigorate your whole attitude to life. 80 Bond in Oshawa is an example of one such building, offering a beautiful 5th floor terrace with bbq’s and seating areas, a party room with a spacious lounge, a dining area and fully-equipped kitchen, an even bigger lobby lounge with a double-sided fireplace, in addition to a 3,100 s.f. gym, a business centre and pet wash.
Right now, a lot of empty nesters are choosing 80 Bond, which offers brand new 1, 2 and 3 bedroom layouts right in the heart of downtown Oshawa. Suites offer state-of-the-art technologies such as View Glass which eliminates the need for window coverings, providing fabulous views night or day, all while enhancing your environmental control. Every suite at 80 Bond also comes with Atria Connected, an app that enhances security and convenience, allowing you to control key functions in your home from just about anywhere. Other features include 9’-11’ ceilings in most areas, ensuite laundry, Caesarstone countertops, stainless steel appliances and much more.
80 Bond is also located right next door to a YMCA facility with an indoor track, aqua facilities and great fitness classes. New tenants at 80 Bond get a 1 year complimentary membership, and a discount on membership thereafter. The new apartment building is also close to some great restaurants and retail, as well as cultural venues. Oshawa Hospital which is part of Lakeridge Health, the regional medical care provider, is a five-minute drive from 80 Bond.
But one of the many benefits of choosing to rent is that you do not need to make any long-term commitments. No mortgages, no property taxes, no upkeep. And if you decide that you want to try somewhere different next year, no problem – just pick your spot!
Empty nesters are perhaps unique in history, being the first generation in which so many can enjoy the benefits of a significant financial windfall thanks to the sale of their homes. It’s not the right choice for everyone, but for a rapidly growing number of people, it provides an opportunity to enjoy life in ways they once only dreamed of.