Right-Sizing

RIGHT-SIZING has really become the Buzz Word of the moment.

Whether downsizing or upsizing, it is the process of taking pro-active steps to achieve a home that better suits your needs & lifestyle, perfect for you & your family in whatever stage of life you are at.

Over time the way we live changes.

• Children can arrive, then grow up and leave the nest.
• Family dynamics can be affected by marriage, divorce or even death.
• Health implications or age concerns can quickly become a priority
• Work, educational & career opportunities can become a major consideration.
• Multi-generational living options can raise their heads, with elderly parents often joining the household or adult children remaining in the home longer due to financial pressures.

Everyone’s situation is different but with all these changes occurring & the implications they bring, the need to RIGHT-SIZE becomes increasingly important, and the place in which we live is clearly the vital piece in that puzzle.

Time to take a step back and look impartially at where you are.

• Ask yourself how your life or living standards could be improved in a new property. 
• Consider if your current home still actually meets your personal needs.
• Contemplate if your lifestyle choices are being delivered or are even achievable in your current location.
• Question if you could indeed benefit from RIGHT-SIZING your property.

The answer to these questions might surprise you, confirm what you have long-thought, scare you, or actually inspire you to take action. But as that picture becomes clearer, it also becomes easier to move forward and find a solution.

So today we are going to talk about Downsizing as part of the Right-sizing concept.

For a generation reluctant to change, it is important to take an overview of what is happening in Australia and the practical impact it is having on society as a whole.

The World around us is certainly changing and Australia’s population is becoming bigger & older. Data collected during the 2021 Census & published by the Australian Institute of Family Studies indicates our population has reached over 25million people, doubling in size since 1971.

With this population growth, the number of actual households has also obviously increased as well. However, it is interesting to note that while the number of dwellings has gone up, the average household size or people living in each home, has declined.

Statistics show that households have become smaller, with 25% being occupied by only one person and around 76% of them having more bedrooms than needed. This in itself raises the question of distribution at a time of housing crisis & makes the concept of downsizing all the more important, not just from a personal stance, but from a societal perspective too.

But what is causing this reluctance to right-size?

• For the older generation who have remained in the family home, it can feel like a watershed; the fear of finally admitting to old age; emotionally having to let go of a lifetime of memories: staying put just due to familiarity, or simply a task way too daunting to face.
• Likewise for the younger generation, wondering if it is too early to make that move; will we miss that pool or games room we rarely use; can we really afford the location we want to be in or will we really notice the benefit of being closer to our social network, workplace or friends.

It is a big question but one so worth asking, and you are certainly not alone in doing so.

So Why Down-size?

Down-sizing is a decision that can bring about a plethora of benefits, enhancing the quality of life while also addressing practical needs. Below, we explore a variety of reasons why individuals choose to downsize/right-size, each highlighting how this transition supports a more manageable & fulfilling lifestyle, better equipping you up for the future.

Tangible Financial Benefits

• Release of Equity: Selling a larger family home can free up significant capital, providing funds to bolster lifestyle options, travel, upgrades to vehicles, hobbies, retirement savings etc.
• Reduced Living Costs: Smaller homes typically have lower rates, utility and insurance costs, contributing to a more manageable budget & better cash flow.
• Asset Value: Many older homes also have larger gardens too and as we age it becomes harder to maintain the overall asset. Poor maintenance, lack of updating & dated presentation will all have a direct impact on long-term property values. It is better to sell before this becomes an issue, thus protecting your main asset.
  
  

Reducing Upkeep & Maintenance

• Reduced Upkeep: A smaller home naturally requires less cleaning and maintenance. This shift is especially beneficial as it frees up time for more enjoyable activities & lifestyle options.
• Health Impacts/Less Physical Work: A more appropriately sized property can reduce ongoing physical maintenance & gardening needs, meaning less impact on your body and health in general. 

Lifestyle Enhancement

• Simplify & Consolidate: De-cluttering & letting go of the unnecessary “stuff” can be very liberating, allowing you to keep the important or sentimental, while eliminating the rest.
• A Fresh Start: Downsizing can be seen as an opportunity to start fresh in a new environment that better reflects current lifestyle preferences and life stage.
• Financial Stability: Puts you in the position to make choices, pay off debt or money to enjoy.
• Peace of mind: Lock & leave capabilities, more manageable & better suited surrounds or closer to family, friends or work.
• Time: Puts you in a position to make choices once again. More time to enjoy, relax, socialise, travel or rear children. Whether in retirement or at any part of life’s journey.
• Climate / Environment / Landscapes: Some choose to move to areas with more favourable weather or closer to natural landscapes like beaches, parks, or city-centres, enhancing their day-to-day life experience & delivering a better lifestyle of choice.
  
  

Better Location

• Closer to Amenities: Needs change, so many older downsizers will opt for locations that suit their current situation better, with closer access to health services, shopping centres, and transport links, thus future proofing their position. Similarly, for the younger demographic, catchment for specific schools can be high on the agenda or having leisure facilities & reliable childcare options close by.
• Proximity to Family, Friends or Work: Living closer to loved ones is a common motivation, as it strengthens support networks and enhances social engagement. Likewise, being closer to where you work, can have cost savings & deliver both time & lifestyle benefits, especially for CBD workers opting for Inner City living.
• Quality over Quantity: They often say it’s all about location, location…… reduce size, increase quality. Enjoy what you use, every day.
  
  

Facilities, Accessibility and Community

• Safety and Security: A down-size can allow you to focus on & seek a more manageable home that delivers better peace of mind for you and your family. A better location, modern security & alarm systems, off-street parking or newer design features can provide that lifestyle confidence.
• Accessibility: Similarly homes all on one level that eliminate stairs, deliver wider doorways or bathrooms with hob-less showers & handrails can reduce the need for costly renovations, enhance daily liveability & again future-proof the home. 
• Community: Downsizing to communities designed for seniors often provides access to amenities such as fitness centres, pools, clubs, and social gatherings, encouraging a vibrant community life & reducing isolation & loneliness.                                   Likewise for the younger generation, gaining more freedom to enjoy your lifestyle, can provide increased connections, greater community engagement & more general lifestyle benefits overall.

So rather than just seeing it as a new address or smaller home, downsizing or RIGHT-SIZING is a strategic choice, which delivers greater freedoms from both a lifestyle & financial stance, and generally adds to the balance, manageability & quality of your life.

So how can Opal Realty assist?

At Opal Realty, we understand what an emotional & sometimes stressful process it can be to decide the time is right to sell. Whatever stage in life you are at, reaching out for help & guidance is the first step and we are proud to have supported hundreds of local families just like you successfully through the process.

Where to Start?

• Pick up the phone & give our friendly team a call to organise an informal chat & appraisal. It is completely normal to feel overwhelmed at this time, but we are here to help & can provide a personalised, step by step plan to guide you through the initial decision-making process.
• Receive reliable information about the current market to give you a clear understanding on what your home is worth. Information about costs & fees will also help to construct the big picture, allowing you to make informed choices.
• Receive feedback & advice on how best to present your home for selling and any suggested works that would improve saleability & maximise sales outcome.
• Allow us to explain how best to succeed in the world of Subject-Sales, with our Prep & Hold initiative, ensuring you are launch ready when you find the One.
• Our professional advice will guide you through any paperwork, ensuring all legislative requirements are met & explaining each step to give peace of mind that nothing has been missed.

We Are Selling – What Next – Handy Tips to Succeed

• Once the decision is made, the fun really begins:
• Educate yourself – explore your location of choice to ascertain what is available & how much it will cost, to ensure how the plan will come together.
• Establish timeframes, taking into account preparation works to get sell-ready & any personal considerations that must be factored in.
• Seek finance advice from a Broker with regards borrowing capacity, options & the preapproval process or guidance from a professional Financial Planner.
• Get quotes for any works, reach out for professional recommendations & lock in tradies.
• Be organised & have a plan. Start the de-clutter process early & be ruthless, its liberating. This will not only help with the presentation of your own home but make the moving process easier too. Remember you are down-sizing so not everything will fit!
• Stay focused on the end goal, don’t become overwhelmed, work room by room, be practical. Remember your memories stay with you. They are not defined by your surrounds.
• And finally, don’t forget, the Opal Team are here to support you through the entire journey, so reach out at any point if we can advise, guide or simply listen.

So, what are you waiting for? Let go of what is holding you back and embrace the future with Opal Realty.