What exactly is rightsizing? Rightsizing is a term to describe moving into a better sized home when your current home isn’t the right size for you and your loved ones anymore.
Your needs change, and sometimes the home you bought years ago just doesn’t meet you and your family’s current needs.
It’s likely that when you were searching for your current property you stumbled upon numerous large properties, some with as many as 10 bedrooms.
While it’s nice to dream about what it’d be like to own a mansion, the reality is if you don’t have the family or uses for the space, it was likely never the right size for you.
The average household in the UK is made up of 2.4 residents. Meanwhile, the average home in England and Wales has 3 bedrooms. This means that if the average household were to move into the average home, they’d be rightsizing.
According to recent census data, 1.1 million households have more residents than they do bedrooms. On the other side, the number of households with fewer residents than they do bedrooms is a massive 17.2 million, an all time high.
Having a spare bedroom isn’t too bad if you have a clear use for it, such as a home office for those who work from home, but it’s likely not being used as much as it should.
Rightsizing to a smaller property could even help you with the on-going cost of living crisis.
Older households such as aging couples or empty nesters make up a large portion of households who have extra bedrooms that aren’t in use.
In 2019, the majority of aging homeowners (aged over 65) have 2 or more bedrooms in their homes which are not in use.
We’ve found that older households are less likely to move house, but when you’ve got excess of space that is just gathering dirt, rightsizing would be the right decision for the future.
Rightsizing has been taking off in the last few years. There was an increase of 30% in interest in rightsizing to a smaller property for older households just last year.
While rightsizing to a smaller property is common, rightsizing isn’t just about decreasing in size. It’s about adjusting your home for what your current needs are, as they will have been likely to change in the years since you purchased your current property.
For homes that are now too big, having an extra bedroom could prove useful for guests, but you’ll also have to put up with communal areas being designed for more people than residents there actually are.
Conversely, a small kitchen designed for a couple may be the right size for now, but once the prospect of having kids and building a family enters the picture, you’ll likely need more space.
We understand that rightsizing is a term you may not have heard before, but it deserves to be highlighted.
Rightsizing is about making homeowners be honest about their current home and, while it would’ve been the right size for you at the time, if it’s still the right size for you and your loved ones needs.
If you’re considering rightsizing, why not reach out to your local branch today and talk to one of our trusted advisers? They’ll be able to help you in your property journey and explore what rightsizing options you have.
The Reeds Rains Content Marketing Team
