Upsize, Downsize.. Rightsize?

Property Jun 10, 2024

5 min read

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You’ve no doubt heard the concept of upsizing and downsizing, but how about “rightsizing”? When it comes to transacting in the property market, people often buy and sell as a result of need. Perhaps your family has outgrown the property and you need more space, as is often the case with young families. Or in older couples, the kids have moved out and you no longer need or want to maintain a large property so you opt for something smaller. 

What is Rightsizing?

Another less common concept is that of rightsizing. We first came across the concept in the Financial Review where Melbourne Businessman, Joe Gersch was quoted regarding the sale of his stunning Kooyong home. Joe is moving to a property that’s in no way a downsize and he said exactly that. He’s not downsizing, he’s rightsizing.

Rightsizing is about finding a home that perfectly aligns with your current needs, lifestyle, and aspirations without being constrained by notions of bigger, smaller or less amounts of money. It may potentially result in an upgrade, for example if you are moving from something older to something more modern or recently renovated – however this is not necessarily always going to be the case.

Why might someone be Rightsizing?

Typically we’re seeing rightsizing occur with clients between the ages of 50-70 where they still may be working, still have some kids at home or grandkids that regularly stay over. Therefore, the demand for space is the same but they need to tweak the layout. For example, a rightsize would be trading a double storey home and buying a house with the same amount of space and bedrooms but just on one level.

Relocation could be another reason for rightsizing, you’re after a comparable property in a different locale and not seeking to achieve anything other than the acquisition of a property similar to what you currently have.

We often see buyers have a great house that’s been renovated in the last 20 years and they can’t justify the time to further improve their property and want to get on with enjoying their lives. Alternatively, a buyer might be looking to create something of their own, seeking to to put their touch on a property to meet their needs for the next 10-20 years.

Achieving the perfect Rightsize

When it comes to buying and selling property, there are a lot of moving parts, even if you aren’t looking to make a grand relocation. 

It’s a challenge and an overwhelming task for most with the balance of securing the right property, and then selling, lining up on the settlements and so on. If finance is required (as is the case for most people) then the lender or broker will also need to be involved adding additional complexity to the transaction. Working with a property advisor is incredibly beneficial during this time to ensure acquisition and the sale goes smoothly for all parties. 

Rightsizing is really a novel way of classifying your next move. With the right support, what may seem like an overwhelming task is actually very achievable and we’re really loving working with our rightsizer clients.

Why should you Rightsize?

When considering adjusting the size of your property in the real estate sphere, the initial reaction might lean towards concerns about inconvenience and costs. Yet, upon closer examination, there are many compelling reasons why rightsizing your property can prove to be a wise decision, offering practical and financial advantages.

This can simplify your lifestyle, promoting a focus on experiences rather than possessions. Deciding to rightsize your property has great benefits such as aligning with sustainable living practices. A smaller home consumes fewer resources and reduces carbon footprint, contributing positively to environmental conservation efforts. Additionally, rightsizing often encourages a decluttering process, which fosters a mindset of conscious consumption and waste reduction.

Life is dynamic and always changing, so rightsizing your property enables you to adapt to evolving circumstances. From career advancements to lifestyle shifts and unexpected events, having a property that suits your current lifestyle needs ensures flexibility in the face of a new change. 

Deciding to rightsize your property is not just about adjusting square footage or having smaller bedrooms, it’s a strategic decision with far reaching implications. Whether you’re seeking financial flexibility, optimizing space, or embracing sustainability, rightsizing empowers you to create a living space that aligns with your values and aspirations. By embracing the potential for change, you can unlock new opportunities and embark on a journey towards a more fulfilling life.