Rightsizing, also known as downsizing, is the process of moving to a home with fewer bedrooms.
According to a report by Barclays Bank, “Right-sizing Revolution: Unlocking Untapped Capacity in the Housing Market,” 85% of homeowners have one or more spare bedrooms, and this under-occupation decreases the availability of large homes for families.
There is an assumption that most people who downsize are older people whose family has grown up and left home, but 36% of owner-occupiers are aged between 45 and 64 and many of them could move to smaller homes. Obviously, many homeowners are reluctant to move to a smaller home as they have an emotional attachment to their family home.
The Barclays report recognises that persuading more people to downsize is difficult. Moving home is complex and stressful. Barclays recommends that the moving process should be made simpler and financial incentives be given for right-sizing.
The report argues that rightsizing saves money as smaller homes cost less to heat and maintain. The purchase price of a smaller home is usually less than the selling price of the existing home.
The Head of Savings and Mortgages at Barclays, Mark Arnold says:
“You have to be able to take an imaginative leap when you start thinking about moving your life into a new home, and consider the opportunities that are out there.”
If you’re looking into moving home and think rightsizing is a good idea, talk to Merseyside Movers & Storers. We are a leading Merseyside removal company, and would be happy to take care of moving your belongings to your new home.
