The main reasons people decide to move house
Statistics taken from Dataloft has shown that there are a handful of main reasons homeowners decide to move to move house.
Increase in Room Size and family members
The main reason that was ranked 37% of responders, stated that they just wanted somewhere larger size room. It makes sense, generally only retirees or separating couples look for somewhere smaller.
If we take into the average UK family, 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 get their first car (and somewhere to park it, but that’s a whole other dilemma!).
Expanding the Property
A good tip to raise capital via a remortgage is 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 into another bedroom. This type of improvements can sometimes add much value to your home when you come to consider selling it in the future.
Change of Scenery
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.
Closer to Family/ Friends
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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