Boomerang Kids – Did You Think It would Never Happen!?
College grads are moving home at an alarming rate!
what is a parent to do.. expand the house, upsize the villa, downsize the home…well certainly downsizing is not in order right now is it! Now perhaps in RI real estate you didn’t anticipate this homecoming (yes, it is not the prom kind) as parents but be honest with yourselves – it is a hard world out there for the youngsters. Anyway, you did see this coming for sure since it is a topic of conversation at all the get together’s I seem to attend with friends of graduating seniors. Plus wouldn’t it make sense to have your children stay (along with household responsibilities- your made to order landscaping service) a bit longer at home, build up a cash reserve after they get a job (you hope for that one), perhaps an apartment then or perhaps finally to be able to buy their first home.
The time frames are certainly not set in stone since each graduate has their own priorities at hand for moving in and moving out ( teach them that nails don’t have to be done weekly and save $25 or that drinking beer in the bars is not as cost effective as the 6 pack brought home). You have a chance to make that in-law apartment in the basement a festive place for the newbie boomerang kid- right?! Well maybe wrong. It may make much more sense with mortgage rates to find a house you see yourself in…at least for the next several or more years- with the extra room for the graduate.
The McMansion is not the future for most of the baby boomers (and you?) so why not consider this a blessing so gifted upon you at this time. Sometimes the impetus for change comes from the most unlikely places – our children. I for one was so blessed with both boys moving home until enough was enough. Patience is a wonderful virtue I work on fostering every day. So when I decided that a weekly charge for the cleaning out(did I mean consuming) of the refrigerator and pantry was in order, the boys began to see the light. Yes, that they had jobs, could move out of mom’s house and could pay their own rent. It is a welcoming site to experience and I relished it with gratitude and a good bottle of wine. Their first home has not yet come to be…it is best they are financially prepared.
But parents do consider your choices in homes for that new stage in life (now is that without the kids home or with them?) – renovate or buy. If buying a home is in order, please do not hesitate to give me a call. I have been there and done that with success and can give you assistance in your transition. Boomerang Kids – Did You Think it Would Never Happen?!
Ginny Lacey Gorman is your go to agent for homes in North Kingstown RI and beyond…knowing the geographic area, schools, happenings,important tidbits of information and businesses well. She’s the RI Real Estate agent with the Sparkly Red Shoes.
Waterfront, oceanfront, luxury and coastal RI homes for sale are her specialty but all of RI is her backyard. When you are in need of a good professional for your buying and selling needs and an internet savvy marketer who sells RI houses in this real estate market – call Ginny at 401.529.7849.