In our blog posts, we talk a lot about downsizing in Sutherland Shire. That’s because most of our clients want to sell their home to find a property that’s more manageable. Often that involves moving to a smaller property.
However, adapting your lifestyle needn’t mean sacrifice. That’s why today we’re talking about ‘rightsizing’.
The term ‘rightsizing’ has been used more often in the context of companies and the number of their employees. However, when we talk about it, we simply mean a home that is the right size for what you believe you’ll need. That might mean adapting your current home, or selling it and finding a home that works best for you at your particular stage of life.
Remember, rightsizing isn’t necessarily about reducing the amount of space you have. We’ve had clients who’ve sold their comfortable three-bedroom home in Caringbah South and bought a five-bedroom home so they could accommodate children and grandchildren. Others moved from large suburban homes to smaller properties that overlook the water.
Wherever you choose, it’s all about considering how you want to future-proof your life. While we know ageing in place is the preferred option for most Sutherland Shire residents, your home might not be suitable without a great deal of work. It might be a distance from shops and public transport (and medical facilities) and if health issues might prevent you from driving in the future, you’ll want to be closer. In order to remain independent, it might be worth investigating what’s available that’s already age-proofed, with a walk-in shower, lift, single level, and in a walkable neighbourhood.
In this era of rising temperatures, we crave air conditioning – and not the window-rattler kind but split system that comes with most new apartments and townhouses. You might find that the work involved in installing air conditioning isn’t worth the effort when you could find a new rightsized home with air conditioning installed as part of the fitout.
You will want to consider home maintenance, too. Many of our clients have chosen villas and townhouses for this reason; they get plenty of space but without the responsibility of maintenance. Moving to a property where you don’t need to do any maintenance can save you thousands a year and with the right property, you could still have the benefits of a pool or outdoor entertaining area – but without the hassle.
Top reasons to rightsize
- Most of us don’t need the space we think we do.
- Moving to a less expensive home can free up equity to fund your lifestyle.
- Luxury in a small home costs less.
- Security buildings can offer peace of mind if you’re on your own.
Five tips to rightsize the right way
1. Don’t rush into buying a new home
Think about what you really need, what you might need in the future, and how the area suits your lifestyle.
2. Talk to a real estate agent
We’re familiar with all the good places in the district. Whatever you’re after, we have it or we can find it for you. When it comes time to sell your current home, we can help you achieve the best price for it without breaking the bank.
3. Don’t be afraid to try a new area
Maybe you’ve lived in the same suburb your whole life. That’s wonderful, but if you can’t find anything suitable, you might want to look further afield.
4. Consider renting in a new area before you buy
Of course, that would mean two moves but renting would give you a feel for the area without the commitment.
5. Buy a home you can afford
Let’s face it, at our stage of life, we don’t want to have a huge mortgage hanging over our heads. So don’t buy a home just because it’s big enough to store all your stuff. Most of it is stuff you don’t need and could give away.
Why the size of your home doesn’t matter in rightsizing
The key aspect of rightsizing is not how much space you have. What makes it “right sized” is it’s suitable for your life now and in the future.
Can we help with advice on rightsizing?
Having navigated the home sale and downsizing process not only for our real estate clients but also for members of our own family, it’s an area in which we’ve amassed a wealth of knowledge. So don’t hesitate to seek out our help – no obligations.