Picking The Right Size Home - August 2022
August 25, 2022 / Written by Rich Harvey
There’s nothing quite like finding a great fit. For example, choose a suit that’s too roomy and you’ll swim around inside it like a 1980s pop star. Select one that’s too small, and your friends will avert their gaze as you test the resilience of the seams and zippers.
But pick the right cut and you’ll be the picture of sartorial elegance. A vision casting a fine silhouette across the runway.
The same applies to your accommodation choices. It’s important to select the right size home for you and your family. You must also accept that as your needs change, so should your housing.
Most buyers will fall under the category of being either upsizers or downsizers. That is, you’re normally in the process of either looking for a larger home or seeking a smaller one. But the trajectory between these two will depend on your stage of life.
In addition, ‘sizers’ can be more nuanced than simply going larger or smaller.
Let’s have a look at some of the size categories homebuyers fall into.
These first-time buyers are normally younger, and often single (but not always) and are motivated primarily by their personal lifestyle wants and needs. Most first sizers aren’t interested in doing much in their home beyond sleeping, eating and chilling. This group are happy to take on apartment living. They want something cheap and low maintenance and a small floor area isn’t usually a problem if the home is within stumbling distance of bars, restaurants, clubs, and other pursuits. The smart first sizer might also be thinking about a future use for the property too. For example, ‘Could it accommodate two people comfortably if I become a couple?’ or, ‘Could it rent easily if I decide to keep it?’.
This group are looking beyond their next Frose Cocktail (that’s a frozen rosé for us older folk... I’m told its incredibly on trend) to discover an existence away from their single-life apartment.
Mid Sizers are seeking some space. They want room to grow a family – it could be a pet initially, but kids might also be on the horizon. Where would a nursery fit in the house? Is there a comfortable work-from-home space? Do we have room for entertaining?
Mid Sizers are mostly seeking a semidetached or detached residence. They still want ready access to good facilities, but their house price limit may see them compromise on location. It’s all well and good to desire a terrace house in Balmain, but if you have a Blacktown budget, then you’ll need to treat this mid-size upgrade as a steppingstone on your long real estate journey.
Also, the facilities they seek will be more childcare and parks as opposed to nightlife and brunch.
Full sizers are those heading toward the large family home. They may change accommodation across different locations depending on the shifting needs of their growing family, but many of the fundamentals will remain the same.
Full sizers want space to be together as a household, but also break away when required. The teenagers need somewhere to be noisy with their friends while mum and dad entertain a small dinner party. They want yard space for the kids and pets. They also want adequate car accommodation.
While budget will again vary the options, they still need to be near the basics in terms of facilities. Transport options or access to major roadways will be favoured, as will being close to retail and convenience infrastructure.
The full-sizer home is sometimes called the forever home. They can range for McMansions in the burbs to mega mansions on the harbour.
The above ‘sizers’ are all generalisations. There are, of course, subsets and variations among all these.
For example, there are the Mini-sizers. These are folks seeking bolt-hole accommodation usually in big city centres. Think remote workers who need somewhere to lay their head a couple of nights a week. Or even homeowners with very tight budgets but who don’t want to venture too far from the city and are OK with a small space.
Then there’s Reno-sizers. These people have ambitions to renovate their home and will select a property based on the potential to increase and adapt it in response to their needs. They might even want to have enough room to add a small studio structure that will house them or their adult kids in the future.
There are Dev-sizers. These buyers want to have a property they can live in now but develop in the future. They’re looking for appropriately sized and zoned real estate that gives them options to carry out a small future project that will boost their bank balance.
There are also Fun-sizers who are choosing holiday homes and apartments in their favourite destinations. These buyers might opt for using Air BnB or holiday accommodation providers to help them pay for their weekends away too.
We’re even seeing Anti-sizers. These buyers are the ones who should be downsizing or upsizing, but choose to do the opposite. Think empty nesters who decide to increase the scope of their next home substantially. They have more money in their pockets now the kids have moved out, and they want all the luxuries that life can afford in a prestige property. Even though the children have moved on, they want to wallow in the space and utilise all the flash fittings, fixtures and finishes.
What size are you?
The morale of this tale is that one size doesn’t fit all when we talk about housing.
Selecting the ideal property for your needs can be a challenge. Therefore, it’s imperative to explore the options with an experienced professional like a buyers’ advocate. They have the skills to work through your needs and unearth the options. They may even find a uniquely sized property solution that suits your needs perfectly
To have one of our friendly Buyers' Advocate's contact you, click here to:
call us on 1300 655 615 today.