The concept of rightsizing has been gaining momentum recently. It describes moving into the right property that’s the right size for you and your family.
Sometimes when looking for properties, you’ll find large properties with an excess of rooms and space. It can be nice to daydream what it’d be like to own and live in one of these magnificent properties, but if you don’t have the family or use for the space, chances are it would be too big for your needs.
In the UK the average household size is just 2.4 residents, and the average home in England and Wales has 3 bedrooms – Making an average sized property the right size for the average household.
However, according to recent census figures 1,100,000 households have fewer bedrooms than residents, leading to overcrowding.
Conversely, figures for households with more bedrooms than residents have hit an all-time high of 17.2 million, or 69.2%.
While some households may be using spare bedrooms for another purpose, such as a home office, there are a high number of aging couples, retirees and empty nesters who simply have extra bedrooms they don’t make use of.
According to 2019 data, 67% of older homeowners above the age of 65 have at least 2 spare bedrooms in their homes.
Older people tend to move home less frequently, but in the case of having spare rooms, rightsizing could be right decision in the long run.
Just last year, the amount of older people interested in rightsizing to a smaller property increased by around 30%.
Rightsizing to a property with less bedrooms frees up some money and time. Moving to a property with less bedrooms or that is smaller isn’t necessarily a ‘downgrade’ as many might presume.
It’s about making the right move to the right sized home to suit your needs. Chances are what you need from your property has changed in the years since you bought.
Having a spare bedroom does have it’s uses, such as being an extra place to stay for visitors, but when you’ve got a home that’s designed for more people than there are current residents, you’re left with oversized dining spaces, an excess of bathrooms to maintain, and more inconveniences.
Rightsizing isn’t just about downsizing. For example, a young couple may find after a few years they’re starting to think about starting a family of their own, leading to the need for more bedrooms.
We know that rightsizing is a bit of a buzz word, but it’s earned it’s use as it’s making more people think honestly about the size of their homes and if it’s really the right size for what you and your loved ones need.
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 Your Move Content Marketing Team
