Empty Nesters | The $1M Decisions

There’s a certain scenario that Chris and I call the “million dollar decision.”

It comes up with a lot of empty nesters who are moving back to the city and downsizing from their suburban lives. The question is: how much space do you actually need? 

It’s challenging because you’re planning for the next stage of life and all its variables. What if all the kids come home at once? Do we need bedrooms for everyone? What about eventual grandchildren? 

This is when buyers can easily overbuy. Adding another bedroom or two can mean a major jump in purchase price, maintenance, and carrying costs, all for rooms that might sit empty most of the year. 

I almost always recommend choosing the higher-quality, smaller apartment than stretching for more bedrooms. 

That’s a photo of my family circa 1985…there’s no chance my parents could host all of us—6 kids, spouses, and 18 grandchildren.

Just like my parents, I’d rather my clients buy an exceptional one or two bedroom home than a three+ bedroom that compromises on the things they’ll appreciate every single day. 

And when the whole family comes to town? Note where the closest hotels are. That’s the beauty and convenience of NYC.