The Main Reasons People Decide to Move House
Recent research undertaken by Dataloft has shown that there are a handful of main reasons homeowners decide to move to move house.
37% of responders just wanted somewhere larger size rooms, and this turned out to be the main reason. It makes sense, generally only retirees or separating couples want somewhere smaller. If we take into consideration a family of four, as the children grow, they will accumulate belongings that fill the home. They’ll get bigger, need their own space and the struggle of who gets the bathroom first. Then the children turn 17 and want a car (and somewhere to park it!).
Another alternative to moving home to create space would be to raise capital via a remortgage to build an extension. Very popular today. Other options would be to turn a garage into a home office or gym or convert the loft. This type of improvements can sometimes add much value to your home when you come to consider selling it in the future.
Dataloft had shown that 24% of respondents were looking for a better area. It could be that when they were First Time Buyers options were limited due to budget. Chances are they are now earning more money and would prefer to live in a more affluent neighbourhood. Another primary reason for the moving area is the choice of schools available to their children. People get particularly choosy about the schools on offer when their eldest child is due to move up to secondary school.
Finally, 17% of home movers are looking to move closer to friends or family. Often occurs when couples start a family. If both applicants work, then the chances are they would look to lean on their parents for help with childcare. Private nurseries are expensive and in the early years, no free hours are available.
Buying for the very first time is a no-brainer for many people. Most would instead buy than rent, especially when the monthly cost of doing so is roughly the same (or sometimes less). Moving tends to be a trickier decision though. There is the emotional element of leaving behind your first home and the pros and cons of moving versus extending your current property.
If you fall into this demographic, then you might benefit from a Free Consultation with one of our Mortgage Advisors, we can help you compare the costs of raising money for home improvements versus the costs of moving. We will calculate your maximum borrowing capacity and give you a quote on monthly payments so you can think about your next step.
Talking to a local Mortgage Advisor such as ourselves. Afterall were here for you. Also, we’ll also search the market for you, compare 1000’s of deals, answer your questions, and recommend the best deal for you, our Advisor have good knowledge of the local area and share with you what options other clients have been taking recently.
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