EP. 1216 EMPTY NESTERS GONE WILD 🤯

When my father decided it was time to leave the family home for something smaller, the echoes of memories in those now too-quiet rooms resonated with both loss and anticipation of the future. Today's episode takes you through the emotional corridors of empty nesters as they step into a less encumbered, albeit poignant, chapter of their lives. With our guest Cleo, we traverse the landscape of property options available, from one-bedroom havens to studios that beckon with independence, all within the constraints of retirement funds and the longing for simplicity and ease.

Cleo's heartfelt stories illuminate the often untold narratives of bidding goodbye to the nests we've lovingly built. We celebrate the courage it takes to let go and how, in doing so, we open our hands to new adventures. Our conversation turns to the importance of savoring the present moment, even as we walk the path of change. Whether you're an empty nester yourself, or you love someone entering this season of life, this episode is a tender roadmap for navigating the shifts with grace and a heart full of gratitude.

Transcript

Speaker 1: 0:00

Empty Nesters gone wild. What are their property options out there in the marketplace? We're going to talk about it this morning. Stay tuned. I'm the ringleader, so let's go. Empty Nesters, Cleo, you wanted to talk about it.

Speaker 2: 0:33

Why? Well, it's something close to my heart at the moment because my dad's recently, you know he's downsized and just going through that whole process of moving, you know a parent into a smaller place, of moving you know a parent into a smaller place, has been, you know, quite trying and real actually. So I thought we'd talk about it because I know I'm not the only one that's doing this at the moment.

Speaker 1: 0:59

And it must be. I do have to say it must be. There's so many facets of the whole empty nesting. There's the financial side of it, there's the accommodation side of it.

Speaker 2: 1:12

You know, physically, mentally, it would be pretty demanding on a lot of your life Because I guess for 20, 30, 40 years you've sort of done the same thing and now everything's going to change for an empty nester yeah, I find that the, the people like the empty nesters as such, are excited for that new, a lot of them are excited for that new process where it's the children, you know, that might not have the family home that's been, you know, for 40 years, like you said, they're the ones that are more apprehensive, whereas the you know, you know someone like my dad, for example he was really looking forward to it, you know, not having to maintain as much and just, you know, having that next adventure, whereas we're all like, oh, this was my old room and you know you reminisce, but yet you've moved out, like you've moved on in your life. So it's yeah's, it's a bittersweet process, for sure so it's definitely a new chapter.

Speaker 1: 2:11

I can. I can see it for um, for dad and, you know, almost with us as well, like we've got um 18 year olds and 25, 25 year olds still living at home. But you can feel it coming on that they're out of there, they're out of the nest yeah they're out of the nest all that room to yourselves.

Speaker 1: 2:28

You at least can yeah, I don't know, I don't know if I want that and then you got. Then then they bring the grandkids. Five, ten years later they bring grandkids over. I guess they fill it, they fill it, they fill it up again. Something that shocked me that we spoke about was the level of where people's pensions are, and you were talking about the shopping trolley and I do have to say the first thing I thought was I think at our age, if you can be conscious for the empty nester and the sympathy to the empty nester, I think it makes life that little bit more easier for them. Like you know that pension sitting at four, I think you said $450 a week.

Speaker 2: 3:15

Yeah, that's around $450, $480. Sometimes, when they do a little increase per year, you think the government goes yes, they're increasing the pension, and it's like $10 or something more. Like what can you get with that at the shops, like nothing. And then rents going up as like 10 bucks or something more like what can you get with that at the shops, like nothing and then rents going up as well.

Speaker 1: 3:34

Morning, mr clinton. Wall clear to your legend. Um, okay, so moving that across to property options, how, how are you seeing that in the, you know, rental market, sales market, northern beaches at the moment with downsizes, what are they up to?

Speaker 2: 3:51

Look the one bedroom.

Speaker 2: 3:54

Yeah. So a one bedroom is attractive, definitely. There's not a lot of those available and I do find out of all my portfolio, the one bedders are usually rented to those, you know, semi-retired people from you know, semi-retired people from you know, anywhere between 50 and 80. When we do an increase for those properties with the landlords most landlords, those without the really, you know, high pressure of a really high interest rate, you know they do take the fact that their tenants are in that bracket and they modestly increase rent enough to keep them, you know, financial and to have their property still making money but also not squeezing as much as what you could if you were going to, you know, re-let it in the current market when it's vacant. So, um, we do take that into consideration for sure.

Speaker 2: 4:51

And a lot of these tenants have been in the properties for a long time too, like five, six, seven years, and that's their retirement. They plan on staying there and they're not, they're not buying into the market again. So, um, those kinds of tenants one, they're, you know, always quiet, you never get noise complaints. They pay rent on time, they look after the property. They're, you know, always quiet, you never get noise complaints. They pay rent on time. They look after the property, they're great tenants, um. But yeah, like I said, the pension's not a lot and you know whatever savings you have can get eaten not really quickly. So it's it's a tough balance for sure, so.

Speaker 1: 5:26

So, with an empty nester, are you seeing in that rental market? Are you seeing there more singles or more couples?

Speaker 2: 5:33

More singles actually, and you know there are some. You know we do have couples we're a tarry couples but I find that a lot of them are widows as well, which is a little bit dark for morning minutes, but they are. You know. They've lost hubby or wife and now you know their parent that they don't want to move in with the children.

Speaker 1: 5:54

They still want their own independence, so they rent a long bedroom on their own, you know and the um, the real property options, I guess for entry level, for people that don't know to buy and to rent. I guess probably the strongest entry level is a studio. But even studios we're renting I think our lowest studios $460, $480 per week and then to buy one of those it's about six to 650k. Um, how, if you're getting a 450 pension a week, how do you pay that rent? There's a four. Is there rental assistance?

Speaker 2: 6:38

there is there I believe they get rental assistance for sure. Um, they've got super. They might have sold their property and have got some savings, you know, behind them. Um, you can't have a lot in order to keep the pension. But at the same time, some of them are self-funded retirees as well. They just live off their savings and that's what pays their rent. We do have quite a few complexes that are for over 55s only and those rents are also. They're not capped, but they're below market value if it wasn't rented to someone over 55. I think I managed three or four of those. Yeah, yeah, they're great, but at the same time, yeah, the rent is a little bit lower than what you'd expect in the normal market.

Speaker 1: 7:32

I think if we're aware of the numbers, I think if we're aware of the situation. I googled it this morning. I didn't know how to spell nesters, whether it was O-R-S or E-R-S.

Speaker 2: 7:49

Spelling's not your strong point, mark, that's okay.

Speaker 1: 7:54

Anyway, I Googled it and up came empty nest syndrome, and what that refers to is the grief that many parents there it is, I'm reading it many parents will feel when their children move out of home. This condition is typically more common in women, who are more likely to have been or had the role of primary carer. So I just have to say, on finishing off this morning, empathy, a bit of compassion for the primary carers, acknowledgement, and it's a real thing. And if you do get a chance, watch I think it's called Live to 100 or the Blue Zones on Netflix, and it talks about all the people that live the longest in the world, the cities where people live the longest in the world, and it does a really good summation at the end of the series of what they all had in common. And one thing that I took away that I can apply to today's show was it was that sense of community. So when the kids gave time and support and the community gave and there was a community there for the person, they lived well, they lived longer.

Speaker 2: 9:19

So I think, uh, empty nesters, it's a big thing for sure, and we can't live without them either, like we do. We do need them definitely.

Speaker 1: 9:31

That's it. You know what. These guys were there, the oldies were there for us when we were young. So, yeah, go visit your mum or your dad and look after them. And for property, I think you know for me what stands out and it was funny because I was independently talking with Lisa about this this morning For me, what stands out and it was funny because I was independently talking with Lisa about this this morning I think just making sure that you are saving for a rainy day when you're in your sort of 30s, 40s, 50s and 60s, because that whole empty nest thing, you know does happen, and it's nice to have a bit of financial independence behind you, like your old man, you know example, you know he's um. You know he would be very uncomfortable, uh, in his situation if he haven't, um, you know, saved along the way for sure we.

Speaker 2: 10:17

We're not the generation for saving, that's true, and you know that rainy day, we're like what rainy day? And it's not raining today, today, sunny, who cares about tomorrow? But yeah, anyway. Anyway, respect to the empty nester.

Speaker 1: 10:28

Have a great day, cleo. Who cares about tomorrow? But yeah, if you want to anyway. Anyway, respect to the Empty Nest. Have a great day, Cleo.

Speaker 2: 10:34

Thank you, you too, thanks, mark.

Speaker 1: 10:35

Bye See you guys, thanks for watching Cheers, bye.