Why Should you Move House?
Moving a house is a big decision and with ever rising stamp duty, it is becoming even bigger.
You have to consider moving costs, stamp duty, all the effort involved and the long search for a new perfect property.
Hence, choosing to move house shouldn’t be a light decision, here are a few good reasons to move home.
#1 Downsizing for Value
The number one reason people move home is to downsize. This is most common for those reaching the retirement age who have their children moving out of home. In this case, they have far less need for a big house and hence choose to move out.
The other reason for this is the upkeep costs. Often, if people have been paying off a mortgage over many years, downsizing can completely clear the debt or even put you into the positive. This means you can switch your financial position and set yourself for further financial freedom.
This is a very common and clever option for retirees. It allows for people to draw far more from life once they are free of work.
#2 Upsizing for Size
The exact reverse of this is also very common. Have you got children on the way, or a few young ones growing up and reaching past their cots. Maybe they now need their own private space in their bedroom and the need for moving is high. If you are looking to move with children I would recommend reading “how to know if you have found the right house“.
#3 Shared Living Space
The common college reason. You want your own space, away from family, with friends, cheap and close to what you need (usually university and bars). Hence, you move out to attempt to fulfil these quotas. Often this involves 2-5 people in small apartments with multiple bedrooms and decent living space (often with a small kitchen).
#4 Pay Rise
This is one that should come with a caution. If you are moving out because of an upcoming, expected or potentially unsustainable pay rise, do not move home. Only move home, if you can genuinely afford the interest repayments in the long term with whatever job you have. Housing debt is most definitely not something you want building up.
Avoid un-payable housing debt AT ALL COSTS.
Moving house is a big decision, to know more about the first step, selling you home take a look at the guide below.