Thinking about moving house? While a nice new home for you to decorate and make your own is exciting, it’s a huge decision and definitely not something to charge into headfirst. Spend some time considering when the best time to move is, and whether you’re in the right position to do so.
You need more space
One of the main reasons people decide they want to move house is that they need more space. Maybe you’re growing your family, or perhaps your kids are getting older and need their own rooms and more space. You might just crave a little extra room after spending years feeling cramped. It doesn’t always make sense to renovate or extend, sometimes the best option is to move and buy a home that’s better suited to your needs.
You’re able to utilize schemes like help to buy
There are lots of schemes out there that can help you to get onto the property ladder. Definitely do your research here, find out what’s available to you- it will depend on your situation (you’ll usually need to be a first-time buyer and earning a certain amount) and will also depend on your government and what kinds of initiatives they’re currently running. These schemes don’t last forever, and so if you do see that there’s a good one that you can sign up to then it could be the perfect boost you need to buy your first home.
The property market is favorable
It’s not always possible, but it makes sense if you can to buy at a time when the property market is favorable. If you’re buying for the first time with nothing to sell then a dip in the market could be a chance to snag a good deal. If you have a home to sell, an increase in property prices could be favorable because although you’ll pay more for your new home, you’ll get more for your current home too. If you’re not in a major rush to buy or sell, in some cases it could be worth biding your time as you may well get a better deal if you do.
Your finances are under control
Finally, moving house is something you should do once your finances are under control. If for example, you have lots of debt and arrears, it makes sense to get them paid off first. If you’re moving to a bigger or better place you’re likely to be paying more too, so wait until your finances are in order. When your money is well managed, that’s when it’s worth considering upgrading where you’re living as you’ll be in a better position to pay more.