Research from Dataloft has uncovered a list of top reasons as to why people may choose to move home in York.
The main reason that people had stated in their answers was that they had been after more space. This makes sense as most of the time it’s normally only retirees and couples who are separated who are after somewhere smaller. When a family is living together they start to fill their homes with items they accumulate over the years and eventually the space gets too small. Not to mention that there’s the matter of children growing up and require more space and eventually parking spaces, etc.
Some people choose to go for the alternative popular option to moving home by raising capital via a remortgage in York to add extra space such as an extension or converting a space such as a garage into an office or gym. These types of improvements do well to add value to your home when it comes to future selling.
Another popular reason was down to relocating to a better area. A result of this could be that the buyers were First Time Buyers in York at the time and were limited due to a budget. It could be that they are now earning more money and would prefer to live in a neighbourhood better suited to needs which may have changed over the years such as choice of better-suited schooling for children which they didn’t have when they first moved in.
The final reason behind moving house in York could be to be closer to friends or family. This is often seen in couples who are starting a family and if both applicants work then this could be harder to manage between them. So to help with this, the couple would look to lean towards parents and friends who may be willing to help. Private nurseries can be expensive if the right income isn’t coming in and cutting hours to look after a child could also restrict the household’s income.
Being a first time buyer in York is most often a no-brainer for people. The majority would rather buy than rent, especially when the monthly cost of doing so is roughly the same although moving tends to be a bit trickier. There is an emotional element included in leaving behind your first home and the pros and cons of moving versus extending your current property.
If you’re struggling to make the decision and feel that talking about the situation may help clear your mind, then you may benefit from the Free Mortgage Consultation that our Mortgage Broker in York offers. When you come in for a consultation you’ll be able to sit down with one of our Mortgage Advisors in York to talk things over and they’ll be able to help compare the costs of raising money for home improvements versus moving. They will also help calculate your maximum borrowing capacity and give you a quote on monthly payments so you can have a think about your next step.
Talking to a Mortgage Advisor in York is a popular option for many because they usually have great knowledge of the area and can advise you on what options other customers are popular and whether they will help your mortgage application.