You’ve heard of downsizing, you’ve heard of upsizing – but what about right-sizing?
It’s very similar to downsizing, but while the latter implies that you are sacrificing or minimising something – space, location, mortgage payments – right-sizing implies you are making a move that just feels “right”; a move that suits you and your family’s needs.
Downsizing tends to carry quite negative connotations, and is often used for older people looking to move from that family home to a smaller property. The problem is that sometimes moving to a smaller property isn’t the answer. Instead, most people would be better off buying a property that is suited to their specific wants and requirements. And this may change throughout your lifetime.
Is right-sizing right for you?
It’s important to regularly take stock of your home and how it is used, and the first question is whether you truly use all the rooms you have in the house or if there are some that you never walk into because you simply don’t need to. It may be that the kids have moved out of home and their rooms have remained empty, or that the third bathroom never gets used anymore. Perhaps you prefer to use the smaller kitchen space for eating meals, and the guest room doesn’t really see a lot of use.
While there is nothing wrong with having some extra space (because let’s be honest, living on top of one another is never fun), it’s also about whether it is useful space, or wasted space.
Benefits of right-sizing your home
One of the big benefits of right-sizing your home is the financial side of it – if you do happen to move from a larger home to a smaller home, not only will you (likely) have additional funds from the sale of your home, but the ongoing expenses are likely to be lower, from maintenance and council rates to electricity bills and other running costs.
Right-sizing can also help to provide a sizeable contribution to your super account, and if you take advantage of the Government’s “Downsizing Contribution Scheme”, if you are 60 or older, you may be able to contribute up to $600,000 into your super from the sale of your home. As always, talking to your financial adviser about your particular situation.
Future proof your decision
One of the biggest factors when right-sizing is to future proof your decision. While we can’t always see what is going to happen in the future, it is good to take some time to consider all scenarios. What are the chances that one of your children could move home? How often do you have guests? Do you need a separate room as an office/craft room?
You then need to consider which amenities and facilities you need access to. Do you need to be close to public transport, shopping centres, medical facilities? Do you want an open-plan kitchen, swimming pool, gym? If you are a single or couple, you may find that moving from a house to an apartment or townhouse with a range of facilities may well suit your needs.
Much like you probably considered schools and sporting facilities when your children were younger and living at home, it’s time to consider what’s important to allow you to live the life you want.
Mount Gambier is continuing to perform well, and we are seeing a lot of people taking the opportunity to right-size their homes and their lifestyle. Buyers are seeing the benefits of living in a smaller city where you’re never far from anywhere (and it’s just under five hours drive to both Adelaide and Melbourne), with some pretty spectacular coastline close to home.
If you’ve been considering whether your home still fits your needs, perhaps it’s time to right-size. With the option to release equity, downsize your mortgage and start living the life you’ve always wanted, Mount Gambier is the perfect place to do so.
Get in touch
Interested? Come and speak to the team at Complete Real Estate about preparing your home for sale and finding your new home.