In the ever-changing landscape of the property market, the decision to sell up and move house is both significant and timely, especially as we step into the New Year. And, with the recent good news of lowered fixed-rate mortgages showing a more positive outlook for 2024, it could be an ideal time to re-evaluate your living situation.
Here are 7 tell-tale signs that it’s time to consider a move:
- Outgrowing Your Current Space
The need for more space is a primary reason people move house. This could be due to an expanding family, the necessity for a home office, or simply a desire for a more spacious environment. If your current home feels cramped or lacks sufficient storage, it might be time to look for something larger. With the prevalence of remote and hybrid work in 2024, having a dedicated workspace is increasingly important for maintaining a healthy work-life balance. If you’re fortunate enough to still be on a fixed low interest rate mortgage, you may even be able to port this over to a new home. One of our in-house mortgage advisors would be happy to see what they could do for you.
Alternatively, you may have too much space causing wasted energy (in more ways than one) on space not needed. Either way, if space is your issue, it’s time to move!
- Changes in Commute or Job Location
The post-pandemic world has altered our work lives, with many now returning to office settings. If you’re facing a lengthy commute or your job location has shifted, moving closer to work can save valuable time and reduce stress. In the current market, with the added advantage of slightly lower mortgage rates, relocating for work purposes can be a strategic and financially sound decision.
- Seeking a Different Lifestyle
Your environment plays a significant role in your lifestyle. Whether you’re looking to escape the city for the tranquility of the countryside or seeking the hustle and bustle of urban living, a change in scenery can be refreshing. You may even be considering a move that aligns with certain school catchment for your children. In 2024, as we see more developments in community living and local economies, choosing a location that aligns with your desired lifestyle is key.
- Financial Considerations
Your financial situation is a critical factor in the decision to move. Whether downsizing for financial ease or upgrading to a larger property, the current market conditions, including the decreases in fixed-rate mortgages, should be considered. Assess property values, living costs in your desired area, and the potential for long-term financial growth. A move made with financial prudence can provide stability and security for the future.
- Changes in Family Dynamics
Significant life events such as marriage, divorce, or children moving out can greatly influence your housing needs. A house that was once perfect may now be too big or too small. Adapting to these changes is often a driving force behind the decision to move. In 2024, it’s important to have a home that reflects and accommodates your current family situation.
- You’ve Earned Equity
Property values have increased significantly in recent years. Many homeowners, like you, have seen their property’s worth grow by thousands of pounds in just the past two to three years. The equity accumulated in your home could be a substantial asset for your next property venture. It could serve as a deposit for another property, or even enable you to become a cash buyer, potentially allowing you to purchase your next home without the need for a mortgage if you’re thinking about downsizing.
- You’ve Lost that Loving Feeling
Last but not least, if the thrill of choosing colour schemes, embarking on home improvement projects, or landscaping once energised you, but now you find even basic tasks like lawn mowing or hanging a picture burdensome, it might indicate a loss of interest in your current home. This could be a sign of complacency or boredom with your house. Perhaps you’re seeking a low-maintenance home, or maybe you’re in search of a new project to spark your creativity. In any case, it might be the right moment to explore new properties that can reignite your inspiration.
Deciding to move house, requires careful consideration. Consider how these signs apply to your situation and remember that a house is more than an investment; it’s the foundation of your daily life.
With fixed-rate mortgages showing signs of further possible decreases and looking more positive in 2024, it could be an opportune time to make a change.
In addition, house prices are still at elevated levels, but we could see them trending downwards over the coming months, so if you’d need to sell your current property in order to move, it may pay to make the most of the tail-end of this recent house price boom.
By thoroughly evaluating your needs and the market conditions, you can make an informed decision to move when it’s most beneficial for you and your family. The goal in 2024 should be to not just change for the sake of it, but to improve your quality of life.
If you’ve decided it’s time to sell your home, contact your local Arden branch for an informal chat and a Free Valuation. We have offices in Barnt Green, Bromsgrove, Redditch, Rubery, Solihull and Worcester.
Our friendly team of experts are here to advise and help you every step of the way.