Should I stay or Should I go?
Thinking of selling but not sure if it’s the right move? Should I stay or Should I go?
They say moving home can be one of the most stressful things to do, so naturally most of us will ask ourselves is it worth the hassle? Can I afford to move? Or will the pros out way the cons? With so many things to consider it can be tempting to put it off. Here are 6 questions to ask yourself and some tips that will help to come to a decision that is right for you.
1. Location – Am I happy where I am? When choosing a location it’s important to prioritise accordingly to ensure you are making the right move. Is it more important to be close to family or skip that dreaded commute to work? Are you prepared to drive 20 minutes for that pint of milk to achieve complete privacy and serenity or is the convenience of having services on your doorstep more important? Think of your everyday life and how you will be impacted by this change of location. Consider what you may need or want to be near e.g. your job, local schools, train, bus, pub, leisure centre, church, creche, health care services, community etc its what’s important to you. Very few properties will offer everything in terms of location so remember the difference between what you need and what you want!
Tip! Time yourself travelling at the time you would normally travel, from the area you are interested in moving to. This can be anywhere you would regularly travel (work, school etc). It will allow you to know exactly how long it will take you to get from A to B.
2. The property – Does my current home suit my needs? Is it too big or too small, can it be renovated, extended or reconfigured to work better for me? If you are happy in your location it may be worth your while to renovate.
Tip! Check out what is available for sale in your area that matches your requirements and get a valuation on your home, this will give you a guide of what it will cost to move. Get a quote for works required and compare costs of both.
3. Affordability – Can I afford to move? Bearing in mind the obvious auctioneers and solicitors fee it is important to consider interest rates if you plan on borrowing to upsize or move to a more expensive location. What will my new mortgage rate be? how many years am I adding on to my existing mortgage?
Tip! Before taking the plunge make an appointment with your bank or mortgage broker who can advise on this.
4. Lifestyle – What’s important to me? Space, Convenience, Comfort, Privacy, Social activities, Peace, Outdoor space, Happiness, Security etc – the list goes on. Make your own list and ask yourself, Does my home offer this now? Can my home offer this in the future?
5. Timing – One of the main reasons people remain in a property that is not working for them is the inevitable question “Where do I go if I sell my home and I can’t find something else?” The dreaded time lag between selling your home and purchasing another scares us all! Most people, once sale agreed, will find the home that works for them, however it is important to consider realistic short term accommodation solutions. This may be with family, friends or short term letting NONE ARE IDEAL!!! And most of the time immediately put people off. The important thing to remember is that it won’t last forever and the sacrifice will be worth it, if it’s the right move for you.
Tip! Check out my blog on Selling and Buying at the same time
6. Future Proofing - Will this home work for me in 10 or 20 year’s time?