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Rightsizing The Family Home Vs Downsizing – Non Financial Considerations

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Rightsizing is a conscious choice to create a life and lifestyle that is more in line with your individual needs and values at every stage of life[1].

Now that the kids have left home or are getting close to doing so, the big house that was just perfect for a growing family may be starting to feel a little bit too big.  However, it holds a lot of memories, it still suits your lifestyle in so many ways, and the kid’s old rooms are perfect for when their kids stay over.

What are your options?  Do you rightsize or downsize?  Stay, or go?

Should You Rightsize or Downsize Your Home?

What’s the difference?

Rightsizing and downsizing are often used interchangeably to describe the process of reducing the size of your living space.  However, there are some key differences between the two concepts.

Rightsizing is a holistic approach that considers more than just the size of your home, and your financial affairs.  Rather, it takes into account a range of factors such as – the things you value in your life… your living needs overall… and your goals for your life.  Then evaluates whether your current home is providing these, or can provide them moving forward.

With rightsizing, you may end up re-purposing your current home to suit.  Alternatively, you may sell and move into a home that better meets your lifestyle needs.  Your new home may be smaller, or it may be bigger but the most important consideration is its ‘rightness’ for your lifestyle – current and future.

Downsizing on the other hand is just what it means, and is usually perceived as being driven by financial and practical considerations.  You are reducing something.  In this instance, it’s the size of your home and you’re doing it mostly to reduce the work and expenses associated with it.  You may factor in other things at some point but they’re not your primary reason for selling this home and moving to a smaller one.

Rightsizing Or Downsizing Your Home: Which Is Right For You?

Whether to rightsize or downsize really depends on what you want, or need, in a home.  If you only want to cut down the amount of work and time you have to spend on maintaining your current home, you would downsize.  Meanwhile, the rest of your life goes on largely unchanged.

On the other hand, if you’re at a stage in your life where you want to make some holistic decisions about your lifestyle in general then where and how you live is going to be a significant part of those considerations.  In which case, you’ll want to rightsize to ensure your home fits into those plans.

Either way, rightsizing or downsizing your home is a big decision that requires careful thought and consideration of both financial and non-financial factors.  We’re focussing on the non-financial ones here.

Non-Financial Considerations For Rightsizing Your Home

When it comes to making holism decisions about how and where you should live, the most important considerations should be:

  • Your lifestyle values,
  • Your lifestyle requirements (health and physical needs), and
  • Your lifestyle goals

Ask yourself:

Will Your Current Home Support The Lifestyle Values That Are Important To You?

What are the things you value about your lifestyle or can see yourself coming to value as you get older?  This will likely include factors like:

  • Being close to family and friends,
  • Having purpose and fulfilment for your life,
  • Achieving mental, spiritual, and physical well-being,
  • Proximity to good health care facilities,
  • Enjoying peace of mind,
  • Having the security of financial predictability,
  • Not becoming a burden on family or friends.

Does your current home allow you to align your life with these values?  Are you already close to family members or do you want to be closer?

How far away are the nearest healthcare facilities and shops, and is this a primary consideration?  If you have mobility issues, for example, it may be wise to consider living somewhere more accessible to the type of care you’re probably going to increasingly require.  It may even mean moving into a purpose-built home if your current one can’t be re-purposed to suit.

When you retire, you may want to take up certain hobbies or activities that will keep you busy and provide some purpose and fulfilment in your life.  Can you do all of what you want to do if you remain in your current home?  If you want to play some sport or take up volunteering for instance but the nearest facilities are miles away, getting there regularly may become a logistical (and expensive) headache.

Will Your Current Home Support Your Future Health And Physical Needs?

What are your physical and mental health needs, either currently or moving forward?  These include your:

  • Medical and physical requirements,
  • Mental health and well-being needs,
  • Family considerations,
  • Care arrangements,
  • Financial needs.

Think about things like getting in and out of your home, moving around it (inside and out), your ablution needs (shower rails etc), general maintenance and upkeep…  Even if these aren’t a primary consideration now, they’re looming on the horizon!

Can you safely and comfortably live in the home as it is now or will it need some modifications?  Are those modifications possible, or feasible?  Or would it be better to get a home that is already set up for ease of senior living, or can be more easily modified?

Do you have any special care requirements?  Will you need to have someone check in on you regularly?  Who is that going to be, and is it feasible for them to do so in your current home?  Will you require accommodation for a live-in carer at some point?  Can you create a suitable space for that where you are?  Or again, should you consider moving somewhere more suitable, like closer to the family member/s – or professional carer – who are going to be supporting you?

Will Your Current Home Support Your Lifestyle Goals?

What are your goals for your life today, and for the immediate future?

  • What do you want to do with your time?
  • What will make your life more fulfilling?
  • What would you like to do if, or when, time permits?

Will your present home allow you to pursue these goals?  You may for example want to be close to the recreational pursuits you’d like to take up.  Maybe you want to see more of your grandchildren.  Live more sustainably.  Travel more.  Weigh up all the related pros and cons of remaining in your current home vs moving.

Do You Move Or Stay?

Once you’ve considered all these things, you should have a clearer idea of your options.  Maybe finding an already ‘right sized’ home is the right outcome based on these considerations.

Alternatively, perhaps you can modify and re-purpose your current home to create a living space that is right for your lifestyle and needs.  In fact, a surprising number of retirees and older people are now doing just that rather than moving or downsizing

After all, your home may already be close to family members, shops, medical facilities, and your favourite sporting complex!  All it needs are a few tweaks here and there to make it perfectly right sized for you.  As for maintenance – there’s always Airtasker!

Or Is Downsizing A Better Option?

Perhaps though you simply want a smaller home and property to manage because the kids have all moved out.  Beyond that you don’t have any particular requirements for your new home.  You’ve already reduced the ‘clutter’ by selling or throwing out unwanted items so your new home just needs to be big enough for what you have left.  And easier to maintain!

The Impacts Of Rightsizing Or Downsizing Your Home

Some of the main impacts of downsizing, or rightsizing if you move, include:

  • Lifestyle changes that would come with a move. Moving to a smaller house may mean less space for entertaining, fewer bedrooms, and less storage space.  Think carefully about how this will affect your daily life.
  • Potential impact to commutes. A smaller home may put you in a different school district, or further away from work and other important places.
  • Emotional impact of the move. Moving to a smaller home means saying goodbye to old memories, leaving behind familiar surroundings, and adjusting to a new home.

Moving And Downsizing, Rightsizing And Moving, Or Staying And Rightsizing?

Ultimately whether you rightsize or downsize your home is about what is ‘right’ for you at that particular stage in your life.  If you want your home to better suit your life style in general, you’ll rightsize, with all the holistic considerations that go with ‘rightsizing’.  If you just want a smaller, more manageable home and that’s it … no other considerations needed… you’ll downsize.

[1] Rightsizing—A SMART Living 365 Guide to Reinventing Retirement by Kathy Gottberg

At Chapters Retirement Partners- we help our clients with their decision making around their all important home and the impact on their lifestyle and finances. New clients can book a first call with a qualified financial adviser to discuss their property considerations and other pressing financial matters on the following link:

https://calendly.com/finishstrong/15min?back=1&month=2023-04

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Privacy Policy

Privacy Policy

1. Introduction

1.1 Count Limited and its related bodies corporate (collectively ‘Count’, ‘we’, ‘us’, ‘our’) respect your privacy and are committed to protecting your privacy. We understand the importance you attach to information that identifies you (your ‘personal information’) and we want to help you protect it.

1.2 We are bound by, and committed to supporting, applicable privacy legislation including the Privacy Act 1988 (Cth) and the Australian Privacy Principles (APPs). This Privacy Policy (‘Policy’) explains how we collect, hold, use, and disclose your personal information that we may obtain when you submit information to us in person, by mail or email, or by visiting our website.


2. How do we collect and hold personal information about you?

2.1 We collect personal information from you in a variety of methods. Examples of how we collect personal information include: 

  • Through communications between you and our representatives or your adviser or accountant;
  • Your use of our website;
  • Completing application forms in relation to products and services;
  • Other avenues, where required to meet regulatory requirements and comply with the law;
  • When you apply for employment with us;
  • Through marketing activities which request information from you, such as surveys.

2.2 Because our products and services are often offered by intermediaries such as financial planners, solicitors, or accountants, we may collect personal information about you from these third parties.

2.3 You can deal with us anonymously or by pseudonym unless it is impractical for us to deal with you where you have not identified yourself or have used a pseudonym. We require certain personal information to provide you with services and information. If you do not provide us with certain personal information, we may not be able to provide you with access to those services or respond to your request for information.

2.4 We will only collect personal information from you where it is reasonably necessary for us to provide our services to you or to perform our functions or activities.

2.5 We will only collect sensitive information from you with your consent, except in permitted general situations which include:

  • The collection of the information is required or authorised by or under an Australian law or a court/tribunal order;
  • The collection is necessary to address a threat to an individual’s life, health, or safety; and
  • Permitted health situations.

2.6 We may hold your information electronically or physically and have in place appropriate data and physical security measures and protocols to protect that information from loss or from disclosure not contemplated by this Policy.


3. What type of personal information do we collect?

3.1 The type of personal information we may collect from you includes (but is not limited to):

  • Names, address, email, phone numbers, and job titles;
  • Information in identification documents such as your passport or driver’s licence;
  • Tax file numbers (TFNs) and other identification numbers such as Medicare number;
  • Date of birth and gender;
  • Financial information;
  • Details of superannuation and insurance arrangements;
  • Sensitive information (with your consent), such as health information or membership details of professional or trade associations or political parties;
  • Bank account details, shareholdings, and details of investments;
  • Educational qualifications, employment history, and salary;
  • Visa or work permit status;
  • Personal information about your spouse and dependants.


4. How do we use your personal information?

4.1 We will use the information you supply for the purpose of providing you with the service(s) agreed under our engagement and related services, such as accounting or business advisory services, or to meet obligations we may have at law, including in relation to health and safety.

4.2 We may also use the information we collect for our internal business and management processes (for example, accounting or auditing purposes), monitoring and improving our website, keeping you informed about our services and company news, and for any other purposes that would be reasonably expected by you and to allow us to comply with our obligations under the law.

4.3 We may also use personal information we have collected from you for the purpose of marketing our services. If you do not want to receive marketing material from us, you can unsubscribe by contacting us as detailed below:

  • For electronic communications, you can click on the unsubscribe function in the communication;
  • For hard copy communications, you can email us using the details in the ‘How to contact us’ section of our website informing us that you wish to unsubscribe http://www.count.au/Contact-Us.


5. How do we disclose your personal information?

5.1 Your personal information will only be disclosed:

  • To our employees, contractors, consultants, dealers, agents, or advisors as required to provide our services to you or for related purposes;
  • To suppliers and service providers (for example, accounting or auditing service providers or our website hosting service providers) in connection with our provision of services to you;
  • Where you have consented to the disclosure;
  • Where required or authorised to do so under an Australian law, court or tribunal order, or other governmental or regulatory body or agency;
  • In permitted health situations;
  • If we believe that the use or disclosure of the information is reasonably necessary for enforcement-related activities conducted by, or on behalf of, an enforcement body; or
  • In connection with an actual or proposed sale, reorganisation, or transfer of all or part of our business, including as set out in clause 16.1.

5.2 We may use, store, process, or back-up your personal information on servers that are located overseas (including through third-party service providers). The privacy laws in other countries might not be the same as in Australia. However, where we provide your personal information to third parties overseas, we will take such steps as are reasonable to ensure that your information is handled and stored in accordance with Australian privacy laws and this Policy. Currently, we use outsourced service providers in the Philippines, India, and Serbia.


6. Access to your personal information

6.1 You can request us to provide you with access to personal information we hold about you by sending us an email: privacy@count.au (no spam please) or writing to us at Level 1, 45 Clarence Street, Sydney NSW 2000.

6.2 We may allow an inspection of your personal information in person, or provide copies or a summary of relevant documents, depending on what is the most appropriate in the circumstances. Any charge we make for providing access will be reasonable and will not apply to lodging a request for access. Your request to access your personal information will be dealt with in a reasonable time.

6.3 Note that we need not provide access to personal information if a request is frivolous, or where to provide access would pose a threat to health or public safety, unreasonable interference with another person’s privacy, or be a breach of the law. If we refuse access, we will provide you with reasons for doing so.


7. Accuracy and correction

7.1 To enable us to keep our records properly, please notify us if you believe that any information we hold about you is inaccurate, incomplete, or out of date and we will take reasonable steps, in the circumstances, to ensure that it is corrected. You can notify us by sending us an email: privacy@count.au (no spam please) or writing to us at Level 1, 45 Clarence Street, Sydney NSW 2000.


8. Our security procedures

8.1 We take your privacy and the privacy of our associated entities and their clients very seriously. We will take reasonable steps in the circumstances to protect any personal information you provide to us from misuse, interference, or loss and unauthorised access, modification, and disclosure.

8.2 We will also deidentify and destroy the personal information we hold about you once our legal obligations cease. Our security procedures are reviewed from time to time and we update them when relevant.

8.3 Please be aware that the transmission of data over the internet is never guaranteed to be completely secure. It is possible that third parties not under our control may be able to access or intercept transmissions or private communications without our permission or knowledge. We take all reasonable steps, in the circumstances, to protect your personal information. However, we cannot ensure or warrant the security of any information you transmit to us. Such transmissions are done at your own risk.


9. Data breach notification

9.1 We are required to give notice to the Office of the Australian Information Commissioner (OAIC) and affected individuals of an “eligible data breach”. This means that if we hold personal information about you, and there is unauthorised access to or disclosure of your personal information, and if you, as the “affected individual” would be likely to suffer serious harm from this access or disclosure, we must notify both you and the OAIC.

9.2 “Serious harm” could include identity theft, threats to physical safety, economic and financial harm, harm to reputation, embarrassment, discrimination, or harassment. The test is whether a “reasonable person” would expect you to suffer serious harm.

9.3 If you are likely to suffer serious harm from a data breach, we will notify you of:

  • The nature of the eligible data breach (i.e., how the information was accessed or disclosed);
  • The type of information that was accessed or disclosed;
  • The steps that we have taken to control or reduce the harm, and those that we plan to take;
  • Any assistance we can offer you, such as arranging for credit monitoring;
  • Anything that we can suggest you can do to assist yourself or mitigate the harm;
  • Whether the breach has also been notified to the OAIC;
  • How you can contact us for information or to complain; and
  • How to make a complaint with the OAIC.

9.4 We will notify you using the same method that we usually use to communicate with you. If it is not practicable for us to notify you personally, we will publish the notification on our website.

9.5 There are some circumstances in which we do not have to notify you of a data breach. These include:

  • Where we have taken remedial action before any serious harm has been caused by the breach;
  • If you have been notified of the breach by another entity;
  • If notification would be inconsistent with Commonwealth secrecy laws; or
  • Where the OAIC declares that notification does not have to be given.

9.6 Depending on the nature of the breach and the harm, we may voluntarily inform other third parties such as the police or other regulators or professional bodies.


10. Identifiers

10.1 We will not adopt as our own any government identifiers you may provide to us such as TFNs and will not store these identifiers on any information.


11. Links to other sites

11.1 We may provide links to other sites for you to access. You should be aware that these other sites are not subject to this Policy or our privacy standards and procedures. You will need to contact them directly to ascertain their privacy standards.


12. Cookies

12.1 Our website may deposit “cookies” on a visitor’s computer. Cookies are pieces of information that a website transfers to an individual’s hard drive for record-keeping purposes. Cookies are only sent back to the website that deposited them when a visitor returns to that site.

12.2 Cookies make it easier for you by saving your preferences while you are at our site. We never save personal identifiable information in cookies. Most web browsers are initially set up to accept cookies. You can, however, reset your browser to refuse all cookies or to indicate when a cookie is being sent.


13. Changes to our Privacy Policy

13.1 From time to time, we may vary this Policy for any reason. We will publish any changes on this website.

13.2 By continuing to use our website and continuing to provide us with your information, you confirm your acceptance of these changes.


14. Complaints resolution

14.1 We are committed to providing a fair and responsible system for the handling of complaints from parties whose personal information we hold. If you have any concerns regarding the way we have handled your privacy, please send us an email at privacy@count.au or write to us at Level 1, 45 Clarence Street, Sydney NSW 2000. We will address any concerns you have through our complaints handling process and we will inform you of the outcome of your complaint within a reasonable timeframe.

14.2 If after receiving our response, you still consider that your privacy complaint has not been resolved, you may refer your concerns to the Office of the Australian Information Commissioner at www.oaic.gov.au.