Getting on the property ladder is a huge achievement nowadays. If you own property – whether it be a flat or house – you should be careful before taking the decision to sell. If you’re currently weighing up whether to stay or move, here are a few questions you should ask yourself first, the answer of which will determine whether or not you’re ready to sell.
Is your family growing or shrinking?
Having to make room for new children or moving in an elderly loved one could make your home no longer fit for purpose. You may have future plans to have children or may a relative who is likely to be in your care in a couple years. Size up your current home and if it is too small, this may be a good reason to move and find somewhere bigger.
Of course a shrinking family can just as much of a reason to move. If your children have moved out or members have left for other reasons, it may pay well to downsize. You’ll make a healthy profit from moving to a smaller property that could be used to fund other life pursuits you never thought you’d be able to afford.
Can you increase the value?
In most cases, property will naturally appreciate in price. However, there may be ways to further increase its worth by adding in an extension, refurbishing a room or even something as simple as changing the colour scheme. Before making such as adjustments you should always consult with your local planning department. Here are some ideas to increase your home’s value.
Is a mortgage elsewhere worthwhile?
Paying off your mortgage might seem like the perfect opportunity to move onwards and upwards. Depending on what your end goal is – or whether you have a goal at all – you should consider whether moving onto a new property is worthwhile. Interest rates are relatively low at the moment, but many companies are unwilling to offer a mortgage without a hefty deposit first. Other companies may offer tiny deposits but at the risk of a mortgage plan that lasts years and years and may never be paid off. Consider whether these extra costs and debts are worthwhile, or whether you should stick tight and save your money for other pursuits.
How happy are you where you currently live?
If you no longer like the area or the house that you live in then moving should be an easy decision. You should always feel comfortable in your own home and this should come before any financial perks. If however you love your home and neighbourhood, you should be careful before taking the decision to sell – it’s unlikely you’ll be able to buy that property back again. If you’re thinking of moving far away to a different town or country, it may pay to stay out there for a couple months so that you can get to grips with what it would be like to live there. This will make the transition easier and give you a clear idea of whether you should move out or not.