The Main Reasons People Decide To Move House
Dataloft have provided insight to the main reasons behind why homeowners decide to sell and relocate.
The main reason for why homeowners decide to move with 37% of responders, would be that people were after a bigger living space. Seeing as retirees and separating couples are the two groups who are more prone to settle for smaller homes, these statistics make sense.
It’s found that families decide to move into bigger homes for various beneficial reasons including:
- A higher number of parking spaces are needed.
- the build-up of belongings taking up vital space
- children growing up/additional children
- number of limited bathrooms for a growing family.
But if you do need more space, moving house is not the only option you have access to. Alternative options such as raising capital via a re-mortgage to build an extension are also available. This is a very popular option.
Further options can include conversion, such as making use of a loft or garage as an extra room. These types of renovations also create the possibility of adding a higher value to your home if you decide to sell.
The second factor showed that 24% of respondents were looking for a better area. Many First Time Buyers are often constrained to a certain budget when starting out. Although later on, many of the homeowners start to settle into jobs which offer them a steady income, therefore opening up further opportunities to move into a neighbourhood that better suits their needs.
Another reason for moving to a more secure area is the selection of schools available to their children. This can be a very important factor for parents, especially when for instance, if the eldest child is due to move up to secondary school.
Finally, 17% of home movers move to try to be closer to friends or family. In most cases, this is because couples start having their own families and reach out for additional support. If both parents work then this would mean that childcare services are needed, and many Private nurseries nowadays are seemingly expensive, meaning they reach out to relatives to help with childcare.
Buying for the very first time is the first option for many people. Most prefer to buy than rent when comparing the prices and finding that they are relatively the same. However, moving can be different to both buying or renting. This is because more personal elements are involved such as having to leave your first home whilst also trying to reason out the pros and cons of moving versus extending your current property.
If any of these seem relatable, then you might benefit from booking in a Free Consultation with one of our Mortgage Advisors. We can help you in many ways including:
- compare the costs of raising money for home improvements versus the expenditure of moving.
- 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 recommended option by many because your Advisor may have good knowledge of the local area and share with you what options other clients have been taking recently and also the more suitable recommendations tailored for your finances in relation to the surrounding areas.