Considering a move?

Moving house is a big decision. You have to consider moving costs, stamp duty, all the effort involved and the long search for a new perfect property. Hence, choosing to move house shouldn’t be a light decision.

By Steve Lowe

Here are the main reason people move houses.

The number one reason people move home is to downsize. This is most common for those reaching retirement age who have their children moving out of home. In this case, they have far less need for a big house and hence choose to sell and 'correct size' into something more suitable.

The other reason for this is the upkeep costs. Often, if people have been paying off a mortgage over many years, Selling can completely clear the debt and even put some cash in the bank providing financial freedom!

This is a very common and clever option for retirees. It allows for people to draw far more from life once they are free of work and mortgage repayments

The exact reverse of this is also very common. Have you got children on the way, or a few young ones growing up and needing bigger rooms or more rooms!

This is one that should come with a caution. If you are moving out because of an upcoming, expected or potentially unsustainable pay rise, do not move home. Only move home, if you can genuinely afford the higher repayments in the long term with whatever job you have. Housing debt is most definitely not something you want building up.