Empty Nesting and Boomerang Kids |
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Brought to you by:
Moving.com
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| A midlife couple packs their youngest child off to college. As they look at their empty house, they decide to move and start a new life somewhere else. Will it be a smaller place that's easier to maintain? Will it be someplace in the country with lots of land? The wants and needs of couples are so diverse. But there are a few things to keep in mind when trying to find that new home: |
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| - Make sure there's personal space for a home office, hobbies or interests. |
| - Room for family gatherings and entertainment. |
| - Enough room for visits from the kids. |
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| As a matter of fact, this last point has become very important. Studies have shown that more and more kids are moving back in with their parents. According to the U.S. Census Bureau, 18 million adults age 18 to 34 live at home. And 20% of college students plan to live at home for more than a year after they graduate. |
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| Just as you've gotten use to the idea of having your house to yourself again, the tide can change. The biggest culprits are college costs, soaring rent costs and credit card debt. A slowing economy that has hit the youth-oriented tech industry hardest doesn't help either. |
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| There are some positive aspects about having your adult kids live with you. They've grown up and can appreciate things more. You might even develop a closer relationship now that your role as parent is no longer telling them what they can or can't do. Some house "rules" will probably have to be established though. Decide how to share household expenses and duties. After all, you don't want to be a laundry service and personal chef for free - or even at all! |
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| Since having a child move back in with you can cut into those spared dollars pretty quickly, here are some other things to consider: |
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Tax ramifications - If your child is over 24 you can no longer claim them as a dependent. |
Insurance - Make sure all members of the family are protected on all vehicles in case of car swapping. You may also want to get additional homeowners insurance. Click here for a quote |
| Be prepared in case those chick lings come back to roost! |
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