Knowing When to ‘Rightsize’: How to Make Your Decision
What do we mean by ‘rightsizing’?
Most people call it downsizing but it’s really more like finding the right property style that suits your needs at a particular time of your life. This does not necessarily mean you are ‘downsizing’, it may be time to move from a town-house to an out-of-town detached home with a large garden or from the country to town centre to be close to amenities and avoid car journeys. It’s what’s right for you at the time.
Is it time to rightsize?
Are you at that time in your life where priorities have changed and you’re thinking it’s time to rightsize? Moving from a larger property to a smaller one can make a lot of financial sense if the time is right.
The most obvious time to rightsize is for those approaching retirement when the extra space isn’t needed and the outgoings of a larger home become less feasible but rightsizing can be for when your circumstances and priorities change. Tailoring a home to your needs is what you should do.
If you are thinking of rightsizing your home, think about the following:
Like entering a new phase of your life like retirement, moving homes comes with a fresh start. This opportunity allows you to look at moving closer to friends and family and suit your new lifestyle.
Home maintenance costs
Is your current home high maintenance? A property that requires a lot of upkeep can be draining as your priorities change. Free up the time you would have spent maintaining your home into being able to focus on what matters more to you like a hobby or socialising.
Have the children all grown up and moved out? You probably have extra space and empty rooms unnecessarily sitting without a purpose. At a time like this, rightsizing can be the perfect move.
In your area, do you have all the local amenities you need now that your priorities have changed? It may be you want to be closer to healthcare services including the doctors and dentists or be within walking distance to the shops and more green open spaces.
Rightsizing can free up time and money, allowing you to enjoy the things you love to do. Whether it’s getting away frequently or continuing with your newfound hobby, you’ll be able to do a lot more of it than taking care and dealing with your larger property.
When circumstances change, it will probably affect your financial position. A larger home costs more to live in, in terms of household bills the heating costs during winter will be a lot greater so by moving to a smaller space it will be more energy-efficient.
Moving to a more manageable property comes with less stress, the smaller space requires less maintenance. Additionally, being closer to amenities or to an area where you have more support all adds up to better well-being.
It’s a good idea to think ahead and the advantages of moving to a smaller, manageable home as you get older. What you may have deemed important in the past like being close to schools may not be the case anymore. Collect the right information and take your time in finding the right place, this will save you from making rash decisions last minute.
Rightsizing can be beneficial to your mental and physical health. Making the right move is something we can advise on to help you make informed decisions. If you’re looking for specific financial advice, we have experts who can help give you tailored advice.
If you are thinking about downsizing in Worcestershire, it doesn’t need to be daunting or a big stress. At Nicol & Co, you can expect us to listen to your needs and offer guidance based on your circumstances. Whether you are looking for a quick sale or finding a home closer to your family, let us help.