The Reasons People Move House
According to recent data made available by Dataloft, there are a few, main reasons people move house. Here we take a look at these and dive a bit more into the decisions behind them.
Reasons People Move House
Buying for the very first time is a no-brainer for many people. Most would rather buy than rent, especially when the monthly cost of doing so is roughly the same (or sometimes less). Moving tends to be a much more thought out decision. There is the emotional element of leaving behind your current property where you have created memories, the upheaval for those you’re living with and the fact life just sometimes gets in the way more. For movers, there are many pros and cons to weigh up and many different reasons for moving.
The main reason, with over a third of responders stating this, was simply wanting somewhere bigger. This is unsurprising as, generally, only retirees or separating couples want somewhere smaller. Most families accumulate belongings, children grow up and fights start over who gets to use the bathroom first.
In these situations, an alternative to moving home is to raise capital via a remortgage which could be used to build an extension. This happens a lot. Other options include converting the garage or the loft to create more space. This type of improvement can sometimes add a lot of value to your home. Which is worth keeping in mind if you’re planning to sell in the future.
Another popular reason for moving with 24% of respondents was looking for a better area. It could be that when they were First Time Buyers, options were limited due to budget. Now they are earning more, they want to live in a more affluent neighbourhood. Another major factor linked to the area people live in is the quality of schools available to their children. This is a particularly common reason for families with children who are about to leave school.
Finally, 17% of home movers are looking to move closer to friends or family. This often occurs when couples start a family. If both applicants work, then the chances are they would look to lean on their own close family for help with childcare. Private nurseries are so expensive, and in the early years, no free hours are available.
How can we help?
If this sounds like you 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 have a think about your next step.
Talking to a local Mortgage Advisor is a popular option because your advisor may have good knowledge of the local area and can share with you what options other clients have been taking recently, giving you an understanding of the market.