Why we should embrace rightsizing instead of downsizing

Amy Howard from Neilsons, one of our ESPC Chartered Firm, explains why we should be embracing ‘rightsizing’ in the property market instead of ‘downsizing’.

The language that we use has a huge impact on how we feel. That’s why we’re embracing RIGHTsizing as the correct terminology to replace DOWNsizing.

Downsizing can have connotations of loss, bereavement or limitation, with many of us viewing it as a depressing step in older age. However, moving to a home that better suits your needs can be an empowering, liberating and life-affirming opportunity to make your home work for you.

What does "rightsizing" mean?

You can rightsize your home at any life-stage, many of us do exactly that moving up the property ladder as our families grow. It’s about aligning your home with your goals, your lifestyle and your finances. Many are put off moving house in our retirement years because it is perceived as too stressful or tiring, but the reality is that rightsizing your accommodation can be an enjoyable and liberating process – short term pain for long term gain!

Rightsizing as a life transition

Moving home is never a decision to take lightly. Your home is often your biggest financial asset and the sale and purchase of it should be a time of careful consideration. There are lots of things to take into account when rightsizing and it can be a particularly huge consideration emotionally when you’ve lived in the same place for many years. Rightsizing is a life transition, not just a property transaction.

Financial considerations when rightsizing

There are wider financial implications to consider than just the cost of the property and it’s sensible to take the time to plan it all out. Sometimes the rightsize can be a financial upsize, and you should always consider the ongoing costs of the next property in addition to the purchase price, buying and selling and moving costs including taxes, factoring or management fees, utilities, repairs and maintenance etc to make sure you’ve got the whole picture. Speaking to a financial planner about making it all work for you is a sensible step, lots of things are possible!

Planning for accessibility and long-term living

Accessibility and long-term planning are important too. How will the move work for you in 5, 10 or even 20 years time? Consider whether single-level living, retirement-friendly homes, or lift access could become important to you. Do entranceways and bathrooms allow ample room for access with limited mobility, or is there scope for adaptation as time goes on? Consider ongoing maintenance of outside spaces, gardens etc and the importance of such spaces for your well-being.

When to speak to your ESPC solicitor estate agent

It’s never too early to speak to your ESPC solicitor estate agent about moving. There is seasonality to some sections of the property market to consider that might apply to your sale, purchase or both and we have our fingers firmly on the pulse of the market to guide you to the optimal timing specific to your circumstances. The advice in general is to sell first, but that can seem like a leap of faith when you don’t know where you’re going to move to.

Consider if you could go into temporary accommodation such as a rental property or live with family or friends between selling and buying. Or think about having your marketing materials prepared well in advance so if you find somewhere to buy quickly, you have your own property ready to sell.