Do you need to rightsize your home?

With more of us spending extra time in our homes, the way you use your home may have changed.

If you’ve discovered your cupboards are overflowing or you’re only visiting rooms to clean them, it may no longer be the right size for your current lifestyle.

So, what do you do if your home is suddenly too small, too large, or simply not the right configuration for your needs? You may want to rightsize.

What is rightsizing?

Rightsizing is about evaluating what you really need from your home and whether you need to make some changes, so that the space you work hard to maintain, works for you. You may want to consider:

• Does your home have enough space to accommodate your daily life?

• What areas of your home are often empty or unused?

• How much money and effort does it take to maintain your house?

• How much of the home is being used for storage and how much is actively used?

Making adjustments

You may find that your current home can still meet your needs with a little spring cleaning or renovation. And there may even be opportunities to make a little extra cash by clearing out and selling unwanted items.

If a renovation can adjust your home to lifestyle changes, it’s worth planning. Talk to a broker about how to finance it - You may be able to top-up your mortgage or get a personal loan to cover the cost.

Do I need to downsize?

If you’ve found that you really do have more space than you need, then downsizing could be an option. Selling your home to purchase a smaller property can have several benefits.

Smaller properties are more affordable, so you may be able to consider new areas you could not afford previously. In the current hot market, you may even make a profit on the sale – giving you more options when it comes to buying. Or you may wish to contribute these to your super under the government’s Downsizer Contribution Scheme.

Help is available

Whatever your home evaluation reveals, it’s worth speaking to a Liberty Adviser to help find a loan solution to resize or downsize your way to a home that works for you.