Should I move house?
- Do you need to move house?
- How will the move affect your financial situation?
- What are your future plans?
- Will moving impact your work life?
- Are your family happy to move?
The allure of moving house can be exciting and daunting in equal measure. Whether you’re planning to upgrade, downsize, or just try something different, there are lots of reasons why moving house can be a good thing. However, before you commit to a move, you need to think carefully about whether now is the right time. Below are some of the things you need to consider before opting to move house.
Do you need to move house?
Your first port of call should be to decide whether you need to move house and what your motivations are for doing so. It could be for one of the following reasons:
- For a fresh start
- Out of necessity (for financial or professional reasons, for instance)
- To downsize in retirement
- To be closer to family
- For better education opportunities for children
- To access the equity in the house
You might be able to resonate with one or several of the above categories; it really just depends on your current circumstances. But rationalising the move and thinking about your motivations for switching homes will help you decide if you should proceed or not. If you don’t need to move right now, you could always put it off until you’re ready.
How will the move affect your financial situation?
Unsurprisingly, moving house is expensive. According to Halifax, the average cost of moving house in the UK is just over £10,000, but that doesn’t take into account things like mortgage, deposit, and stamp duty fees. While you will probably be using the equity in your current house to fund your move, you will need to think about what that means for your mortgage payments and how it will affect your current lifestyle. After all, you need to make sure you can afford to move house and that you don’t put yourself under unnecessary financial strain.
What are your future plans?
When you’re thinking about your next move, it’s helpful to look at the long term. Are you planning to start a family? If so, a one-bedroom flat in the city won’t be as suitable as a three-bedroom countryside home with a garden. No matter the stage of life you’re at, thinking five or ten years into the future will inform your decision about whether or not it’s time for a change of scenery. If you only focus on the here and now, you may end up moving into a place that won’t be suitable in a few short years.
Will moving impact your work life?
Finding the right location to move to can be really stressful, particularly if you need to commute to work regularly. You should think about transport links and the distance between your new place and your workplace, as moving can disrupt your commute and make things a lot more difficult for you. It’s also important to consider the distance between your proposed new home and your kids’ school, for precisely the same reasons.
Are your family happy to move?
While you might be itching to move out and have a fresh start, your family might not be so sure about leaving your current home behind. For the move to be a success, you need to all agree that now is the right time to look for a new home. The last thing you want is for your partner or kids to be deeply unhappy that you forced them to leave the family home.
If you’ve considered all the tips above and decided that moving house is right for you, then it may be useful to take out a personal loan to help with some of the associated moving costs. At Koyo Loans, we provide unsecured personal loans of between £1,500 and £12,000 that you can use to cover many of the costs associated with moving from one place to another. 24.9% APR Representative.
November, 21, 2022