Monday, May 18, 2009
Category:
Personal Finance Tips
Your family has expanded but your property (unfortunately!) has not. Or perhaps you just feel that having larger home will benefit you in other ways. This may be the addition of a garden, off street parking or simply an extra bedroom for the many guests you have to stay.
You are not alone, 23% of homeowners who moved house in 2000 did so to move to a bigger property. And this is a trend which is unlikely to abate. Most singles and couples buy starter properties and upgrade when they feel they can afford to do so.
The reasons for moving
There are always pros and cons to each situation. Moving house is no exception. One of the biggest incentives to buy a new property is that it’s nearly always ready to move into and that you know what you’ll be getting. Research which house builders are offering incentives at the moment. Everything from a new car to a dream holiday to being mortgage free for a year has been tabled recently.
The reasons for staying put
How long have you had the property? It may not be worthwhile to sell after less than 5 years. Can you look to home improvements or internal modifications to create the space or added extras you desire.
Moving house is extremely stressful, not to mention having to find a buyer and negotiating price and entry. You may even have to rent for a while before moving into your new accommodation. Shop effectively, you could be looking at two moves rather than one.
If you love your neighbourhood, the chances are that plenty of other people love it too. This is great for selling as there’s good chance you’ll have plenty of interested buyers but could prove tricky if you want to move within the same area and you find that most of the residents are firmly staying put.
The downside to a larger property
- Heating and electricity costs could be more
- Council tax might increase
- Then could be more home maintenance to consider.
- You may need to buy more furniture
However, the old saying goes that home is where the heart is and if you’re happy where you are then why up sticks? You can improve the home you already love, in the place you already love. Opportunities for extending are endless, you can extend upwards and downwards as well as outwards. Why move when you can improve?
