The main reasons people move house have been revealed thanks to recent data made available by Dataloft, In this article, we take a look at these and dive a bit more into the decisions behind them.
First Time Buyers want to get on the property ladder as quickly as possible, especially if they’re already renting, so the process is quite quick and easy to get through. Moving Home tends to be 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.
With around 37% of people stating it as a reason for their move, wanting somewhere bigger is the top reason. When you think about it, it’s not surprising. Generally, only retirees or separating couples want somewhere smaller. Most homeowners are always after more space. Whether that’s to stop arguments over who gets the bathroom first, somewhere to store all the paraphernalia collected over the years or needing somewhere to park another car.
Instead of Moving Home, many people look to raise capital via a Remortgage which could be used to build an extension. This is quite a common occurrence. 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 always a welcome benefit.
24% of respondents said they were looking for a better area. When buying, budgets are a big factor. Often, once people have gained better jobs and been able to save more, they want to move to a more affluent neighbourhood. Another reason is that children may be coming to key points in their education, so people regularly move in order to give them the best chance of getting into the best schools.
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 help with childcare from close friends and family. This is generally down to the high costs of childcare.
If this sounds like you then you might benefit from a free mortgage 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 Mortgage Advisor in Coventry 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.