According to recent data made available by Dataloft, there are a handful of main reasons homeowners decide to move house.
Here are some of the most common reasons that we come across for people wanting to move home:
37% of responders just wanted somewhere bigger and this turned out to be the main reason. This makes sense, generally only retirees or separating couples want somewhere smaller.
Most families accumulate belongings that fill their homes. Their children get bigger, need more space and who gets the bathroom first becomes an issue. Then the children turn 17 and want a car (and somewhere to park it!).
An alternative to moving home to create space would be to raise capital via a remortgage to build an extension. This is very popular. Other options would be to turn a garage into a home office or gym or convert the loft. This type of improvement can sometimes add a lot of value to your home for when you come to sell it in the future.
24% of respondents were looking for a better area. It could be that when they were First Time Buyers and their options were limited due to budget.
Chances are that they are now earning more money and would prefer to live in a more affluent neighbourhood.
Another major reason for a moving area is the choice of schools available to their children. People get particularly choosy about the schools on offer when their eldest child is due to move up to secondary 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 parents for help with childcare. Private nurseries can be expensive and in the early years, there are hardly any free hours available.
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 trickier decision though. There is the emotional element of leaving behind your first home and the pros and cons of moving versus extending your current property.
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 and remortgaging 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 will be able to share with you what options other clients have been taking recently.