If you’re considering a house move, you are most likely planning for a change; whether that’s extra space, a bigger garden, starting or growing your family or even downsizing. But putting your home on the market is a big decision, so we have compiled some helpful pros and cons to guide you in your decision making.
Pro – A new chapter
A house move is, in most cases, the marker of a new chapter in life. As we mentioned, it could be that you are looking for additional space to start or grow your family, buy a house that has office space so that you can run a business from home, or perhaps you’re looking for a change of location: moving closer to family or away from the city and towards the countryside. A house move is the start of a new adventure and can be an exciting step.
Con – Upheaval & Stress.
If you ask around, anyone who has moves house will tell you that the process isn’t always an easy one. While it certainly shouldn’t be the sole decision behind your motivations for or against a house move, it is definitely worth considering. Moving homes comes with an upheaval that you need to plan for. For example, a chain-sell, finding the right home, selling at the right price for you, having a plan B for circumstances which mean you have to vacate your existing property sooner than your new home is ready, and so on. You should also consider the weight of the move in itself, removals of all of your furniture and belongings, ensuring you have back-up storage for any inevitability, and a little extra in your budget for any unexpected hurdles. In order to help avoid the stresses that come along with mortgage exchanges, paperwork, legal requirements and the physical strain of the move itself, the key is to plan, plan, plan – and allow yourself flexibility for each outcome you can think of. Alternatively, research your options. Could you begin a new chapter in a different way? Perhaps via an extension or renovation that could offer an exciting new project and allow for some much-needed additional space.
Pro – Additional or less space.
If you are moving to upsize or downsize, you have the luxury of choice when it comes to a house move. Downsizing in particular will more than likely involve a move, as it is potentially the only way to lose unneeded space and lower your mortgage payments. On the other hand, if you are upsizing you have a number of different options. Of course, moving house will allow you to shop around and look for a home that already has the facilities and potential additional rooms that you are looking for – and could be your most straightforward option. However, adding space to your existing home could also be a handy consideration, so it is worth looking at your budget and perhaps getting a couple of renovation quotes before making your decision.
Con – Competition.
There is lots of competition on the housing market so, as soon as you put your home up for sale, you are in a bit of a race with all of the properties similar to your own. This can make it quite difficult to sell your house, and it can sometimes lead to disappointing results. However, there are certainly options when it comes to beating the competition. You can go for the fast sell, and cut out all the hassle of trying to beat the market at its own game, or you can refresh your property to a high standard and allow it to stand out from the crowd. This could be through an extension, a new interior design project, a conversion, or adding some outdoor features such as decking, new paving or lighting. The competition will always be there, but if you’re savvy – you can add value to your home and make it more appealing to buyers with a few DIY tricks.
Pro – Potential for Profit.
This ties in with our ‘con’ above. If you’re going to be ahead of the game, it is worth looking at all of the options you have within your current budget to bring your existing property up to a higher standard in the most affordable ways. Adding value to your property will mean that you come out on top if you decide to go for the sell, which will stand you in a great position – whatever decision you make. For example, extending your property or converting an existing space, refreshing your interior and doing a few home improvements will benefit you whether you decide to stay, or move – if you stay, you take advantage of all the hard work you put into your home, and if you move, your home will be of greater value. It’s win, win.
Whatever the motivation, moving homes is a big step. Most of the time, our decision to move is based on a desire for change and quite often, a new location and a change of scene can be just what we are looking for. Allowing yourself enough time to save, plan and research will help to cut down on the potential stress of a house move, and could lead to a smooth process from start to finish. Additionally, considering your options should be one of the first steps in your planning process – what alternatives are there and do they appeal to your circumstances? Whatever your decision, we hope this simple list has offered some food for thought.