Rightsize your life, whatever your age
If you’re of a certain age, you’ll no doubt be inundated with articles on downsizing. We often talk about downsizing – and the tiny house movement certainly gives the impression that everyone needs to move into a glorified caravan to be happy. However, we like to take a different approach and prefer to talk about ‘rightsizing’ that applies to any age group.
What is rightsizing?
Rightsizing is about having the space you need at the age you are that makes you happy and allows you to live comfortably. That might mean that you sell the family home that’s too large for your needs and finding a smaller home elsewhere, either closer in or out of the city. However, if what makes you happy is entertaining, and having family and friends visit, then you might look at a larger property with some acreage.
Once the family has left home and you start to change the way you live your life, cleaning a large home might not be your cup of tea (if it ever was). There’s a good reason minimalism took off over the last 10 years; it’s all those homeowners who wanted to make their lives more manageable.
Larger homes with loads of storage space encourage hoarding, and possessions can be a responsibility you might no longer wish to deal with. If this sounds like you, then it might be time to think about finding a smaller home that allows you to live your life the way you want to – without all the cleaning, mowing and repairs.
Young couples and first home buyers in this market can generally afford only a modestly sized property. Once children come along, they realise it’s worth investing in a larger home to accommodate a growing family and a more active lifestyle. Older couples, too, might choose to sell the suburban family home in favour of a larger property with a pool or a tennis court, and plenty of room to accommodate visitors and keep the grandkids entertained.
Especially given property prices and the need for emotional and physical support, there’s a greater tendency these days for several generations to pool resources and live together. While this might sound like each generation would lack the privacy they need, properties such as dual-key homes offer proximity and privacy.
If you aren’t familiar with the dual-key concept, a dual-key home is one with two homes on the same block. They tend to be apartments or townhouse-style, with separate entrances. Owners of dual-key properties can live separately but together, or rent half their property. Dual-key home designs tend to allow for future merging of the two properties into one as family needs change.
For those considering a new build for multigenerational living, creative architecture and interior design can also ensure comfort and privacy through zoning, subtle level changes and considered use of materials.
Top three tips for rightsizing your home and upsizing your life
While there’s no ‘right’ or ‘wrong’ way, if you follow these tips, you’ll end up in a better place.
1. Make a list of locations
You might have lived in the same area your whole life but that’s no reason to stay. Your current home might be out of a good schools catchment area, or far from medical facilities and shopping. Think about what you’ll need for the next ten years.
2. Make a list of must-haves
Whatever you’re doing – downsizing or upsizing – to find the right property, you need to be clear about what you want, what possessions you want to keep, and what lifestyle your new home needs to enhance.
3. Audit your finances
Rightsizing is about helping you live your best life and you can’t do that if you’re trying to service a mortgage you can’t afford. So take stock of your finances, talk to a mortgage broker you trust, and buy a home you can afford without stress.
Can we help you rightsize your home? Get in touch with us today.