Over this past 18 months, most of us have spent more time at home than we usually would. Some of us have even been working from home for the first time. This has given millions of people the opportunity to think and work out if their home is truly working from them. So, the question is, should you stay where you are? Or should you sell up and move?
The Current Housing Market
The current UK housing market is booming. According to rightmove, the average cost of detached homes is up by 10%, whilst flats are up by just 1%.
It’s thought that the price of detached homes has gone up, as people have decided that they required more space during lockdown. It’s thought that flats have only gone up by 1%, because city centre pads are less desirable, due to the rise of office home working.
The Price Of Borrowing
Another reason why the UK housing market is currently so buoyant is the low cost of borrowing. The Bank Of England has set the rate at 0.1%, which means that you’ll be paying a very low rate of interest back on your mortgage. There are tools available if you’d like to work out what the figures would look like if you moved house.
The Case For Moving
If you decided to move, then you could get more space, as well a new feature that you’ve always wanted. It could be that you’d like a bigger garden, or maybe you’d like a house with a drive. If you decide to move house, you can go back to your house wish list and start from scratch.
Myself and my husband have recently discussed moving house and we’d like a fourth bedroom if we did. This would mean that we could have a guest bedroom in our home.
Another advantage of moving house is that you won’t be saddled with lots of home improvement work. You could choose to move somewhere that already has the features you’d like.
The Case To Stay
Before you pack your bags, you need to ask yourself: could we create the home of our dreams with the property that we already own? If you can, then why go through the stress of moving?
It is a tricky decision to make, but if you do decide to stay, then you could re-mortgage to free up some funds to pay for the work. If this option appeals, you can figure out your payments to work out how much this will potentially cost you.
This decision to stay may mean that you have to complete renovations yourself. But by commissioning the work, you get to oversee the process and choose how you develop the property. Doing this may also add value to your property. So if you do decide to move in future, you might end up getting a better price.
You should also remember, that even if you do decide to move, you might still have work to do. So renovating your current property could be cheaper and cause less stress in the long run.
Making A Decision
You might be keen to make a decision on what to do soon, as the price of borrowing won’t remain low forever. But it’s important to think your options through. Moving house, or lending extra funds is a big decision to make, so you need to give it the time and the care it deserves.
Note: this is a paid collaboration.